What’s New in the NetSuite 2023.2 Release
The NetSuite 2023.2 release is underway, and it brings with it some great new enhancements. The specific date for your scheduled upgrade can be found in the “New Release” portlet in your NetSuite dashboard.
What Is a NetSuite New Release Feature?
Twice a year, NetSuite releases scheduled updates that enhance the functionality of the ERP platform. These updates may include enhancements to existing features or the addition of new functionalities, which affects all NetSuite users but does not disrupt your customizations or integrations. It’s important that you request the Release Preview account (a copy of your production account) to test and verify all your critical processes to ensure that this works as expected in the new release version. You can check the version number at the bottom of your home page to see which NetSuite version you are using.
Here’s how you can prepare your company to take advantage of the latest NetSuite release:
- Read through NetSuite’s 2023.2 Release notes.
- Request your release preview account (see instructions below).
- Contact the Withum team with any questions or concerns that may arise in your review process. We can also help to optimize and streamline your business processes to incorporate the newly released features.
- Make sure your NetSuite Administrator (or any user with the admin role) has opted into the Release Preview. (Go to Setup > Company > Release preview)
- Request a Release Preview account with your desired production or specific sandbox account.
- You can access your Release Preview account from the same URL as your production account.
- When you log in to NetSuite, select Release Preview from either the Change Roles list or My Roles page to access the Release Preview account.
NetSuite 2023.2 Highlights
Some of the highlights of the NetSuite 2023.2 release include:
- NetSuite Account Reconciliation: A new paid, licensed add-on module that helps you manage the GL account reconciliation processes, including inter-company transactions, credit card and bank transactions, accounts receivable and payable, accruals and fixed asset accounts. This standardizes the reconciliation process by using an intelligent auto-match system to simplify the matching process for zero-balance and low-risk transactions.
- NetSuite Bill Capture: Enhanced machine learning capabilities to help categorize expenses and suggest subsidiaries based on your date and bill histories. Multiple vendor bills can be scanned and uploaded at once.
- NetSuite AP automation: A new approval routing feature allows users to submit, review, and approve payments in batches, ensuring only authorized transactions get paid.
- Item360 SuiteApp: We’re excited about this one! Item360 SuiteApp is a great new feature that shows you everything about an item record through a customizable report. In this release, we can see the addition of a button on the item record to take you directly to the Item360 dashboard for this specific item.
- NetSuite Guided Learning Tool: A new icon will now appear on NetSuite pages to guide you through the data input on the screen you are on. This will help the user adoption and increase the confidence level to contribute to a positive system change management.
- WMS and Manufacturing: A new feature called Costed BOM helps you calculate the total cost of an Assembly Item and view the cost breakdown, providing more details to the manufacturing accounting team. The ability to create Work Instruction and Travelers is now available to help you customize printed forms to be used on the production floor. Lastly, the WMS module allows you to create custom Wave criteria to define the orders you want to include in wave transactions.
Take Me to the Cloud Episode 51: Powering Up Your Business With New NetSuite 2023.2 Release Features
Tune into our podcast episode and get even more insight into the NetSuite 2023.2 release.