The top 5 compelling and useful features
As NetSuite rolls out it’s biyearly Release, a lot of exciting features have been added to NetSuite’s ever expanding ecosystem. Our goal, as NetSuite consultants, is to stay on top of our game and provide to you, what we feel, is a glimpse into the most handy features in this new 2022.1 Release.
Below you will find the top 5 compelling and useful features that NetSuite users will surely benefit from.
1. Tax Localization Improvements: WKR
There are a number of Tax Localization SuiteApp updates in Release 2022.1, helping you to properly keep track of and administer the tax requirements in several countries. We will zoom in on the Dutch Tax Localization updates, especially for the WKR:
- First, to configure WKR, you will have the ability to set up different WKR Categories and Rules, allowing you to conveniently keep track of the WKR components.
- You can add the WKR Categories to Transaction Lines (highest priority), Items/Expense second highest priority) and GL Accounts (lowest priority), allowing for a quick rollup of these WKR costs and making these easy to monitor during the period and report them at the end of the Period.
- Reporting and forecasting of the WKR related costs is made easy using a number of new standard reports, including abilities to drill down to the underlying transactions.
In addition to the Netherlands Localization Tax SuiteApp updates, there are a number of updates to SuiteApps for Tax Localizations, for the UK, Italy, Norway, Belgium and other countries.
Before 2022.1, the Tax Localizations were part of SuiteBundles, but these will have to be uninstalled with Release 2022.1 and you will need to make the switch to SuiteApps for these Tax Localizations. NetSuite will inform you when you make use of these Bundles and how to make the switch. If you have questions, please reach out to us and we will be able to help.
2. Inventory Management
A number of useful Inventory Management features are included in NetSuite Release 2022.1:
- New popup windows are available on the Supply Chain Snapshot for Supply and Demand Allocation, showing more details of the underlying order lines.
- Vendor Performance insights: The Performance of Vendors can now be tracked, allowing users insight whether the Vendors’ previous deliveries were on-time or not. This performance can be tracked using saved searches and list views and can be shown on Purchase Orders. On the Purchase Orders, you can let NetSuite calculate a late delivery prediction on new orders with that Vendor.
- Supply Planning Enhancements: An Item Description is now included on all Workbench Detail Panels. The Vendor’s name appears on the Supply Detail panel source field. A new Safety Stock line has been added to the Workbench Date-Based Grid view.
- Warehouse Management Enhancements: Several small but useful additions to your Warehouse Management options.
3. Electronic Bank Payments
The new release will also include improvements on one of the most used bundles in Europe: Electronic Bank Payments. You can now exclude more transactions from Bank Payment processing using a new checkbox field, which allows the exclusion of certain transactions from Bank Payment processing. This is very useful for many of our existing customers, for example if you use a custom Vendor Credit approval flow and you want to exclude unapproved credits from further processing.
With NetSuite Release 2022.1, you will be able to select either the Primary or Secondary Bank Account on transactions going forward. This means you will be able to select the a Secondary Bank Account added to a vendor on the transaction record when paying bills. Before this change, you could add a Secondary Bank Details record to the Vendor, but you were unable to pay to that Bank Account unless you made it the Primary Bank Account. With this NetSuite Release, these inconveniences are put behind us.
With Release 2022.1, processing certain custom Payment Transactions in locked Posting Period is only possible with the Override Period Restrictions permission, specifically:
- – Bill Payments Processing or Invoice Payments Processing
- – Payment Reversals
- – Rollback and Reprocess
- – Batch Processes
- – EPAPI
From the 2022.1 Release going forward, two budgets will be available with Projects: a Baseline and a Estimate at Completion budget. They both can be compared to the actuals and to each other and have separate subtabs on the Project Record. These budgets are more in line with project managers’ needs, since the Baseline budget might need revision over the project lifecycle, which you are now able to do using the rolling Estimate to Completion budget.
The new Project 360 dashboard brings together all aspects of a project into a single workspace within SuiteProjects and gives project managers visibility into all project-related information – including all of the data needed to manage clients, project, resources and financials, helping project managers who oversee multiple projects deliver them on time and on budget. The dashboard includes crucial project information and KPI monitoring, and the ability to drill down further into the projects’ KPI details.
In addition, NetSuite 2022 Release 1 includes the Cash 360 dashboard which enables you to effectively manage cash flow by providing a real-time view of their cash position and generate fast and accurate near-term cash flow forecasts.
The Workbooks, which have been introduced in Release 2019.2 and have expanded in previous Releases, are being expanded again in 2022.1. The following features have been added to the Workbooks:
- Dataset linking: allows you to combine two datasets to add to the analyzing possibilities with Workbooks.
- Record Types: a number of Record Types can now be used as the basis for Datasets, allowing allowing them to be included in the Workbooks.
Expect NetSuite to further update the Workbook feature in the coming Releases, making it a better and better analytics tool embedded in NetSuite.
Beyond the improvements mentioned above, further changes are introduced in 2022.1 which are relevant for customers using these features:
- Connector: A new consolidated Connector menu for all Connector pages and new security improvements for the API secret IDs.
- Fixed Assets: A FAM Diagnostics scanning ability, allowing you to detect possible errors in Fixed Asset records.
- Intercompany transactions: With Release 2022.1, Intercompany CM & VC pairing is being enabled.
- Expense Report Requisitions: Upload via CSV is now enabled.
NetSuite 2022.1 update is on the way!
Like you have seen above, the 2022.1 update adds promising new features that continue to improve in critical areas for NetSuite users. With so many new features, you may be wondering where to start, what you can do to prepare for NetSuite 2022.1, how you should test the latest Release and more to ensure that your organization and system are ready for the upgrade.
If you need any help testing and validating your current processes or would like to improve or create new processes using the new features, including customizations, scripts, workflows, and integrations for NetSuite 2022.1 or any future Releases, please reach out!