Top 7 features of NetSuite 2020.2

Oracle releases a new version of NetSuite twice a year. NetSuite 2020.2 will be released on a rolling basis between August and October. NetSuite 2020.2 has over 100 new features designed to help you do business better, seven of which we are highlighting below.

You can now import details from corporate credit cards to use for employee expense reporting. There are two plug-ins that are available — one is for AMEX corporate credit cards and the other can be used to configure any corporate credit card. Once the plugin is configured to automatically import corporate credit charges you can do the following:

• Validate expense lines daily
• Have corporate credit card charges automatically available so that employees can add them to expense reports
• Provide automatic email notifications to employees about their newly imported charges

NetSuite 2020.2 includes an Intercompany Framework which comprises of new functionality to help manage business workflows between subsidiaries. This new framework includes the following features:

• Intercompany Preferences: Intercompany preferences allows you to define default preferences and markup rates in addition to specifying a prefix for subsidiaries to make it easier to identify which subsidiary an automatically generated entry came from
• Intercompany Framework Subsidiary Configuration: You can define default cross charge classification preference for subsidiaries through the Subsidiary Settings Manager page which uses these preferences during cross charge automation
• Cross Charge Automation: You can select “Generate Intercompany Cross Charges” from the Period Close Checklist which will generate cross charges between subsidiaries that provide services to each other. This is useful if subsidiaries buy and sell items or services to one another. The cross charges will post entries to eliminate the open intercompany payable and receivable balances.
• Intercompany Netting and Netting Settlement: This feature allows you to settle mutual intercompany open balances across subsidiaries throughout the accounting period and automatically generate intercompany settlements. This reduces the number of open intercompany transactions which can help reduce manual effort and simplify the closing process.

NetSuite 2020.2 includes a new Supply Planning tool that can help your organization balance supply and demand to help optimize your supply chain. The new Supply Planning tool is comprised of the following:

• Planning Repository: The planning repository displays all items that are set up to be included in the supply plan and displays a consistent, up to date view of supply and demand. From here you can analyze scenarios and resolve any issues.
• Supply Plan Definition: This defines the supply planning criteria you which to use which will drive the scheduling process. You can set up different supply planning definitions for different locations or for the same location to compare and perform “what-if” analysis.
• Planning Engine: This is the engine that actually generates planning messages based on system setups, supply, and demand
• Supply Planning Workbench: The data that is generated by the planning engine is displayed in the supply planning workbench. From the workbench, you can review the data and firm orders, release orders, create planned orders, and create new supply change orders.
• Implement and Approve Orders: Once you have firmed, released, and changed orders in the supply planning workbench you can then implement the planned orders and approve the change orders using the Order Items and Mass Create Work Order function.

The new Required Deposit Workflow allows you to specify if a deposit is required on a sales order based on the amount of the entire sales order, a percentage of the entire sales order, or an amount of each individual item. The workflow will keep the Required Deposit Amount and Required Deposit Percentage fields in synch as the amounts on the sales order changes. These new options provide the flexibility to set up the required deposits in a way that matches your business needs.

Lot and Serial Number Trace functionality is a new SuiteApp which supersedes the standard Lot and Serial Number Trace functionality. The new lot and serial number trace functionality helps you trace components, semi-finished, or finished goods from suppliers through to customers. The feature enables complete visibility through both forward and backward trace functionalities.

NetSuite 2020.2 includes the ability to approve vendor prepayments. When this feature is enabled, the Vendor Prepayment page includes new “Approval Status” and “Next Approver” fields. Additionally, there is a new vendor bill approval workflow that authorized users can use to approve vendor prepayments.

NetSuite 2020.2 includes a new Invoice Groups feature which allows users to combine invoices for customers based on characteristics the invoices share. This enables the ability to have custom numbering on the consolidated invoice, customize the consolidated invoice form, and accept customer payment against the consolidated invoice. Note that the invoices within the group will still post to the general ledger as individual invoices.

NetSuite 2020.2 includes many new features and functions in addition to the ones listed above. If you would like to explore how any of the changes in NetSuite 2020.2 can benefit your organization, you can contact Rand Group today. We are an experienced NetSuite partner who can help you get the most out of your NetSuite solution.