With the swift evolution of technology, businesses require an adaptable ERP system capable of effectively managing essential processes. NetSuite, a cloud-based ERP solution, enhances your business's operational standards by providing software that facilitates Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), E-commerce, Professional Service Automation (PSA), and Human Capital Management (HCP). Furthermore, it offers various NetSuite services to support the implementation, customization, and integration of its solutions. To respond to evolving technological needs, NetSuite refreshes its features biannually, reinforcing its position as a leading, robust ERP solution. The latest NetSuite release, 2020.2, will roll out in three phases starting in August 2020.
Let’s explore the main enhancements included in the 2020.2 NetSuite release:
Banking Enhancements:
The creation and matching of transactions with bank-imported data has been automated in this latest release. Transactions like deposits and fees for ledger accounts or credit card accounts will now be generated and matched automatically.
Account Configuration and Maintenance Features:
Users previously granted full access roles will no longer see this option in their list of roles. They are now required to operate under alternative roles.
Scheduled maintenance routines can now be reconfigured if the original timetable is incompatible with your business hours or other obligations. This can be achieved through: Setup -> Company -> Planned Maintenance Schedule.
The Google OpenID SSO feature is no longer available. Customers utilizing it must now seek a different SSO solution.
Accounting Improvements:
A variety of currency exchange rate types is now accessible. This allows you to maintain multiple exchange rates for each currency and date combination, a shift from the prior single-value setup. Once activated, the existing exchange rate will serve as the default for the currency exchange rate type.
Inventory Management Updates:
Subscriptions can now be established without connecting them to a specific billing account. Billing details can be added at a later time, allowing you to draft subscriptions and associate them with various billing accounts as needed.
A new Invoice Group feature is now available, enabling the creation of invoice groups for customers. These groups can be configured for unique numbering, customization of the invoice group form, and accepting customer payments. This feature can be enabled via: Setup -> Company -> Enable Feature.
The 2020.2 update introduces a new supply planning tool designed to help determine criteria for meeting demand plan requirements. This tool allows you to balance supply and demand effectively to fulfill organizational goals and financial objectives. Supply planning commences when any single or combination of purchase orders, transfer orders, or work orders is initiated.
E-commerce Enhancements:
The latest release now allows the option to hide "Add to Cart" buttons for specific customer groups. Visibility settings can be adjusted through the customer segment manager, enabling either Full Display, granting customers full access to all items for purchase, or a disabled purchase option, where customers can view items but cannot add them to their carts.
Smooth Upgrade to Your NetSuite Instance:
Customers should conduct a thorough review of the release preview account for their specific NetSuite instance. This step is vital for ensuring a seamless upgrade to the new version. Additionally, it's essential to validate all functionalities that may be impacted by the upgrade. A thoroughly tested system prior to transitioning to the upgraded live account can facilitate a smooth migration.
