Pleasanton, CA, Sep 6, 2024
NetSuite has been one of the most widely adopted cloud ERP solution across diverse industry verticals and companies of all sizes, thanks to its industry-specific capabilities, superior customization, and scalability and flexibility advantages. NetSuite released NetSuite 2024.1 on April 13, 2024, that introduced a series of enhancements. These included CSV updates, Account Set Up and Maintenance, Bill Capture enhancements, NetSuite WMS, Materials Requirement Planning, and Revenue Recognition, to name a few.
Within a few months, NetSuite has launched its new 2024.2 Release, scheduled for rollout between August 16 and October 26, 2024, bringing impactful enhancements across the platform to elevate user experience and functionality.
Let’s look at a glimpse of new features and updates in NetSuite 2024 Release 2. Do go through the release notes that summarizes the changes between NetSuite 2024 Release 2 and the previous release here.
- 1. NetSuite SuiteBilling
- Fulfillable Items with SuiteBilling helps you consolidate the billing and fulfilment processes for subscriptions that have accompanying fulfillable items, for example, companies providing modems with internet service
- 2. NetSuite SuiteAnalytics
- You can now export most Workbook pivot tables to an Excel XLSX file. This export capability enables you to export pivot tables to a standard spreadsheet format with no modifications and open them in a spreadsheet application
- 3. NetSuite Bill Capture
- You can now upload PDFs of more than 5 pages. For best performance, limit files to 30 pages
- Both drag and drop and emailed files that failed to upload can now be deleted. This makes it easier to locate files on the Scanned Vendor Bills Page and reduces space used in your File Cabinet
- In Review Scanned Bill Page Improvements, scanned bill information is now overwritten with content from a Purchase Order (PO) when a PO is linked. A new preference is available to select whether the content requires your review or if the bill should be created automatically
- 4. NetSuite Payment Automation
- Support for the Multi-Subsidiary Feature: If you have a OneWorld account and have multiple US subsidiaries, you can now apply for HSBC accounts in each US subsidiary and can process payments from each US subsidiary
- Vendor Prepayment Support: You can now create and process vendor prepayments through the Payment Automation SuiteApp
- Payment Status Tracking: The Bill Payment record now includes a visual status tracker which you can use to check the status of the payments
- Automation of recording of Monthly fees and charges
- Ability to Reprocess Payments
- New partnership with a 3rd party financial aggregator to provide a wider coverage of supported financial institutions to the US and Canada, which allows connections to over 14,000 financial institutions and Open Banking connection to over 700 banks
- 5. NetSuite SuiteTax
- Starting from 2024.2, you can record payments of tax liabilities to tax authorities using a new tax liability payment transaction type. This was not possible in SuiteTax before the Tax Liability Payment Transaction feature
- 6. Transaction Line Distribution
- This feature allows the user to distribute revenues from Sales Orders, Customer Invoices, and Cash Sales to multiple subsidiaries, departments or other divisions on-the-fly or based on pre-defined templates without having to create manual distribution journal entries
- 7. NetSuite Rebates and Trade Promotions
- Allows rebate managers to assign forecasted tiers for each tiered rebate. Accruals are then based on these forecasted tiers
- Users can create and manage rebate agreements on purchase transactions
- 8. NetSuite Compliance 360 (audit documentation)
- Track and audit user interactions to customer records within NetSuite
- Perform a search when a user creates, deletes, edits, searches, views, prints, reports, or exports customer records, including logs produced by the SuiteApp in the last 12 months
- Access user activities, key performance indicators, and dashboards in real-time for monitoring system usage
- 9. Supply Chain Management (SCM) Mobile (for enhancing user experience)
- SCM Mobile provides the following enhancements:
- Highlighting Table Rows with Colors
- Assigning Printer Groups to Printers available through Print Nodes
- Attaching Images and Files to standard transactions and records, you can now attach them to custom ones. When you set up image capture or file upload on a mobile process, you can choose from the supported custom records
- You can now export and import standard mobile processes to other accounts that use the same mobile app. For standard processes, you can export any changes made to page elements through Mobile Configuration
- 10. Manufacturing
- With the release of NetSuite 2024.2, Manufacturing Bills of Materials (BOM) are no longer included in copied assemblies
- Currently, BOM are rarely used when creating new assemblies. Copying a BOM that has similar assembly attributes and then updating the BOM content to suit the assembly produces a different BOM. Since this behaviour is inefficient and prone to human error, NetSuite no longer supports creating separate/new Bills of Materials for copied Assemblies
- Bill of Materials Revision Defaulting on Work Orders
- Default BOM Revision Dates on Assembly Build/Unbuild
- Correct Work Order Operation Start and End Dates
- Actual Production Start Date Completion Transactions
- Correction of Work Order Operation Remaining Hours Calculation
- 11. NetSuite Warehouse Management System (WMS)
- In NetSuite 2024.2, you can view the time in the following date fields on wave transactions:
- Created Date
- Released Date,
- Completed Date
- Using both date and time, you can prioritize orders as you process them on the app and view reports
- To display the time in these fields, NetSuite WMS follows your time zone and time format preferences
- The updated Wave saved search now includes the Printed Pick Ticket filtering criteria. You can set this filter to generate a list of waves with or without printed pick tickets
- Renaming of the WMS Limited Access Role
- Cycle Counts Updates
- Scheduling Bin Replenishment
- Lot Autonumbering for Work Order Assembly
- Bar Code Scanning for Bulk Serial Numbers
- Changing Bins During Order Picking
- 12. NetSuite ShipCentral
- Automatically select the most cost-effective shipping method
- Print return labels with same or different carriers
- Print labels for shipment of hazmat items for USPS and DHL
- Support of advance options and additional fields for international shipping
- Wave based orders grouping and packing
- 13. NetSuite Supply Planning
- Remove a Supply Order from the Repository
- Combine Minimum Order Quantity with Lot Sizing Options
- Planning Workbench Filter Action Messages for Firm Supply Orders
- Extend Limit for Demand Plan Horizon and Purchase Lead Time Beyond One Year
- Plan Definition Pre-Check to Report Cycle Errors
- 14. NetSuite Quality Management
Enhanced Inspection Capabilities
- More control with parent transaction on inventory inspections for “Item Receipt” and “Item Fulfilment” triggers
- Perform on-demand inspection by providing the inventory quantities in decimals
- Compliance control and visibility of inspection results at transaction level
- Quick navigation between the NetSuite inventory transactions and it’s inspection queue in quality management tablet
- 15. New NetSuite Suite Apps
Cost Variance Analysis, Supply 360, Available to Build
- Cost Variance Analysis: Analyzes actual cost versus planned cost for a work order
- Supply 360: Review levels of component inventory for upcoming work orders by location and date
- Available to Build: Provides visibility into what assemblies can be built with current inventory on hand
Why is this important?
NetSuite 2024 Release 2 is a big deal because it brings a range of enhancements that can make a real difference in how businesses operate. Whether you’re dealing with finances, inventory, supply chain, or HR, this release offers capabilities that can help you work more efficiently. It’s all about staying ahead of the curve by consistently establishing operational excellence and driving ongoing process improvements.
As a trusted Oracle NetSuite Alliance Partner, dotSolved has successfully delivered over 500 NetSuite projects globally, spanning a wide range of industry verticals. As a leader in the US in select verticals, we specialize in covering the breadth-and-depth of NetSuite services that include, advisory and value consulting, SuiteSuccess implementations, administration and optimization, managed support, APIs and integrations, application development and distribution, process automation, SuiteScript customizations and reports, custom workflows, data migration, and data warehousing and analytics.
Our approach is rooted in establishing process excellence, is hands-on and collaborative, focusing on delivering solutions that drive real value, from streamlining operations to enhancing visibility and control. With a proven track record across handling customers of all sizes, we combine technical know-how with relevant functional expertise to help you maximize your NetSuite investment, ensuring your business scales efficiently and effectively.
Reach out to us today to learn how we’ve helped our customers achieve success or to find out more about our services and solutions.
Hemendhira M
VP, Marketing
