NetSuite 2020.2 Release: Our Top 10 Features

It’s that time of the year again - time for NetSuite to unveil and roll out their second upgrade for the year 2020. The highly anticipated 2020.2 release for NetSuite promises to enhance the platform that we already know and love. With brand-new features, upgrades to existing ones or bug fixes, the half-yearly upgrade aims to improve the depth of functionality of this ERP solution. With the release slated to roll out in August extending all the way into October, preparation is key. To help you get the most out of NetSuite’s 2020.2 upgrade, we’ve rounded up our top 10 picks from the features included in this release below:

Accounting

1.Multiple currency exchange rate types: The Currency Exchange Rate Types feature lets you store multiple currency exchange rates for a currency pair and date. Unless you enable this feature, you can have only one exchange rate for each currency pair and date combination. When you enable the Currency Exchange Rate Types feature, NetSuite assigns your existing exchange rates a currency exchange rate type called Default Currency Exchange Rate Type. Currency exchange rate records gain a new required field called Exchange Rate Type. NetSuite automatically sets the value of the Exchange Rate Type field to the default on all existing currency exchange rate records. You cannot disable the Currency Exchange Rate Types feature after you enable it. NetSuite permits up to three active currency exchange rate types, including the default. You can rename the default type, but you cannot make it inactive.2.Define balancing segments: All balancing segments preferences and setup processes are now on the Balancing Segments subtab in Setup > Accounting > Accounting Preferences (Administrator). You can now select which custom segments are balancing segments in this subtab, and the Balancing checkbox on custom segment forms has been removed.

Account Setup/Maintenance

3.Ability to schedule maintenance periods: As of 2020.2, NetSuite provides the ability to reschedule some of the planned maintenances performed on your NetSuite account. Over the next several releases, many maintenance types will be made available for rescheduling, starting with the Oracle Database Update maintenance in 2020.2. When you receive a notification that your Oracle Database Update maintenance has been scheduled, you can reschedule the date and time of the maintenance if the original date and time do not work for your business needs. To reschedule your Oracle Database Update maintenance, go to Setup > Company > Planned Maintenance Schedule.4.Full access role is deprecated and will be inactivated for all users: The Full Access role has been deprecated since NetSuite 2019.1 and is targeted to be disabled as of 2021.1. As of 2020.2, this role has been inactivated for all users. The Full Access role no longer appears in the list of roles available for users who had this role assigned. Before your account is upgraded to 2021.1, make sure that any customizations in your account that are running under the Full Access role work under another role without causing any errors.5.Deprecation of Google OpenID SSO and NetSuite InboundSSO Features: As of 2020.2, Google OpenID SSO is deprecated and you cannot use it anymore. As of 2021.1, the NetSuite proprietary Inbound SSO feature is targeted for deprecation. Partners and customers with solutions based on these features must update these solutions to use an alternative inbound single sign-on feature.

Banking

6.Auto-Create Account Transactions from Bank Import: In this release, you can automate the process of creating and matching account transactions with imported bank data. Auto-create rules enable you to automatically create and match the following transactions:

• Deposits and charges for general ledger bank accounts
• Charges and refunds for general ledger credit card accounts
• Consequently, you no longer need to manually enter an account transaction for every imported bank line that does not have a corresponding transaction in NetSuite.
• If you import bank lines with a recurring Payor/Payee or Memo, auto-create rules look for imported bank lines with the transaction type and Payor/Payee specified by the rule. If the imported bank line has no Payor/Payee, the rule looks for the Memo that was specified.
• You do not need to manually create an auto-create rule, because the system generates one provided that certain criteria are met.

Inventory/Order Management

7.Billing Account Flexibility with Draft Subscriptions: You can now create subscriptions without creating or specifying a billing account for the subscription. You can add invoice details later in your business process. You also can change the billing account until you activate the subscription or set its status to Pending Activation. This feature enables you to select a different billing account instead of recreating a subscription when changes are required.8.Invoice Groups: Use the Invoice Groups feature to combine invoices for your customers. Combine invoices into groups based on characteristics the invoices share. A customer can have multiple invoice groups based on the different criteria for each group.An invoice group is not a transaction, but it functions similarly to an invoice. You can use an invoice group to complete the following tasks:

• Set up custom numbering
• Customize the Invoice Group form
• Accept customer payments

Invoice groups work with SuiteFlow, they appear in searches and in reports, and they can appear on customer statements. Invoice groups do not post to the general ledger. Invoices within the invoice group post to the general ledger. After an invoice group is created, you can add or remove invoices from the group.Enable the Invoice Groups feature by going to Setup > Company > Enable Features. On the Transactions subtab, check the Invoice Groups box.9.Supply Planning: NetSuite 2020.2 introduces a new Supply Planning tool that can help supply planners determine how to best establish criteria to fulfill Demand Plan requirements. Supply planning takes sales order details to generate dependent demand for work order components. The tool enables you to balance supply and demand to achieve your organization’s financial and service objectives.NetSuite 2020.2 Supply Planning is built on several processes and steps.The NetSuite Supply Planning process starts when one transaction, or a combination of transactions (Purchase Order, Transfer Order, or Work Order), are created or initiated. The Item Demand Plan records the expected future demand for an item based on previous or projected demand, and inventory supply is matched to demand sources. All this information is stored in the Planning Repository.

Commerce Platform

10.Ability to Hide the Add to Cart Button in Web Stores: If you use Personalized Catalog Views on SuiteCommerce or SuiteCommerce Advanced 2020.2 or later, the Add to Cart button in your web store can be hidden for one or more customer segments. To configure the button’s visibility, use the Website Visibility Level options available in Customer Segments Manager. There are two visibility options:

• Display Fully - members of customer segments with this visibility level are able to see all items in the item segment and are able to add them to their shopping carts.
• Disable Purchase - members of customer segments with this visibility level are able to see all items in the item segment but they cannot add them to their shopping carts.

A third visibility option, Hide Fully, is available only for the Unmapped Items item segment. This item segment contains all items that are not mapped to a customer segment. You can use the visibility options to define whether these items should be displayed to or hidden from all users.(Read the full list of features on NetSuite's 2020.2 Release notes)Do you need help preparing your business for the upcoming release? Tvarana's expert QA services can make this transition stress-free. Set up a consultation today to learn more.