Top 5 NetSuite Release 2020.2 Features
With rapidly changing technology, every business needs a dynamic ERP system that can support key business processes in an efficient and effective manner. Netsuite, a cloud-based ERP system, can help you upgrade your businesses quality standard by offering software that supports Enterprise Resource Planning(ERP), Customer relationship management(CRM), E-commerce, Professional service automation(PSA) and Human capital management(HCP). Also, it offers various NetSuite services to assist in the implementation, customization and integration of the NetSuite solutions.
To keep up with the technological and other changing requirements, NetSuite upgrades its features twice a year. It helps NetSuite to keep up its relevance and maintain its status of being the most robust and powerful ERP solution. The latest upcoming NetSuite release 2020.2 is expected to update its customers in three phases starting from August 2020.
Let’s look at the major updates that NetSuite is offering to its customers with 2020.2 release:
1. Banking Features:
- The process of creation and matching transactions with bank’s imported data has been automated in this release. Hence, transactions such as deposits and charges for ledger accounts or transactions for ledger credit card accounts can automatically be created and matched now.
2. Account Setup and Maintenance Features:
The full access role has been removed for all the users and it is no longer visible in the list of roles for the users who had full access roles previously. They are required to work under a different role now.
- The planned maintenance routine can now be rescheduled if the original schedule doesn’t suit your business hours or other requirements. This can be done via path Setup ->Company ->Planned maintenance schedule.
- The Google OpenID SSO feature has been deprecated and not available for use anymore. The customers using it are now required to find an alternative SSO feature.
3. Accounting Features:
- There are multiple currency exchange rate types available now. You may enable this feature to store multiple exchange rates for each currency and date combination which was just one value previously. Once this feature is enabled, the existing exchange rate becomes the default currency exchange rate type.
4. Inventory Management Features:
- You can now create subscriptions without linking it to a specific billing account. The invoice related details can be added later on. Hence you can draft subscriptions to add different billing accounts when required.
- A new Invoice group feature is now available that allows you to create invoice groups for your customer. The invoice groups can be used for setting up the custom numbering, customization of the invoice group form and accepting payments from the customers. You can enable this feature via : Setup -> Company -> Enable Feature.
- With 2020.2, a new supply planning tool has been added that can help you determine the criteria to address the demand plan requirements. It allows you to balance supply and demand to achieve your organizational goals and financial targets. The supply planning starts when any one or combination of the purchase order, transfer order, or work order is initiated.
5. E-commerce Features:
- With the 2020.2 release, the “Add to Cart” buttons can now be hidden for selected customer groups. The visibility can be set through the visibility level option under the customer segment manager. You may either set Full Display that allows customers a complete view of all items and they are able to add them in their carts or you may disable the purchase where customers are able to view the items but unable to add them in their carts.
Upgrade Your NetSuite Instance Smoothly:
Every customer needs a thorough look up into the release preview account for their specific NetSuite instance. It helps to upgrade your instance to the newer version smoothly. Also, you must validate all the functionalities that are expected to be affected by the upgraded version. A thoroughly tested system before starting with the upgraded live account can help you in trouble-free transition.