What is new in the NetSuite 2021.2 Update?

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What is new in the NetSuite 2021.2 Update?

Every year Oracle | NetSuite releases two major upgrades to improve and enhance the functionality of their NetSuite enterprise resource planning system, here is some insight on the second release for the year 2021, NetSuite 2021.2.

Twice a year, NetSuite gives access to Release Preview accounts to its customers to let them test and navigate through the new changes and to ensure they do not negatively impact existing workflows and customizations. These Release Preview Accounts are made available to every NetSuite Account in staggered approaches to help companies determine if the new changes and updates that NetSuite brought in 2021.2 will be suitable for their financial operations, accounting preferences, supply planning process, etc.

Therefore, at ERP Buddies, we like to encourage our clients to take the opportunity to use these Release Preview accounts (Sandbox Account) so that they can test existing customizations against the new changes introduced by NetSuite in 2021.2 before NetSuite pushes the upgrade in the Production Account. Businesses can also take this opportunity to optimize current processes to enhance them furthermore. These testing opportunities will ensure that the implementation of updates is a successful project for business operations.


What do leaders and managers need in their NetSuite ERP systems?

Business leaders and project managers alike always will need improvements in their systems for them to be operating at full capacity. Operations fluctuate with trends, supply and demand therefore, leaders need more timely and more accurate data as they optimize their operations for success. They require the need to continue becoming more efficient in maintaining expenses down, productivity high, and customers satisfied in their business units.

NetSuite, therefore, introduced several updates all tailored to the needs of business owners and to support their business processes. The updates include online invoice payment options, flexible inventory allocation, easy bank payments management, and automation that allow for retirement plan management. This satisfies the need for greater insights and detailed control over inventories to better supply planning capabilities to automation that speeds and eases payments and improves benefit management.

Get an Insight of the NetSuite 2021.2 Release

Practical Financials

NetSuite introduced a new method for customers to pay. This feature highlights, payment link, customers can pay invoices online. An example can be seen in the case of emailed invoices, they can now include a link to a secured payment portal, where customers can view then proceed to pay their bill via credit or debit card, PayPal, or other online payment methods. Payment plans can even be set where customers may pay in full or partially, then the payment is automatically recorded.

This addition will make it easy for customers to make electronic payments through an eCommerce site or emailed invoices. There are many options for customers to make payments which include debit/credit or PayPal, existing SuiteCommerce customers can opt to use ACH and SEPA payments directly from their MyAccount. NetSuite records the purchase transactions processed which automates parts of the matching process, this ultimately boosts efficiency for the finance departments, allowing them to bank with expertise.

Autonomous Supply Chain Functionality

In a warehouse setting, workers can now quickly ship pallets from a handheld mobile device due to the enhancements to the NetSuite Warehouse Management module. Cartons can be added or removed from pallets which will, in turn, offer flexibility when packing several orders that are headed towards the same destination to reduce project-based transactions. NetSuite WMS will lower expenses for business owners through optimization and holding pallets until they are full.

When handling lots, users can now automatically generate lot numbers in addition to the addition of custom fields for extra lot information, this would include data such as supplier lot number, manufactured date, expense reports, or any other specifics.

Higher Efficiency in Automation

With automation between bank reconciliation and imported bank continuing payments, there is an automatic matching process to open invoices. allows for matching to open invoices. It is now possible for multi-entity organizations to consolidate purchase requisitions in one single purchase order. NetSuite creates transfer pricing automatically once the correlating journals are received. Lastly, NetSuite has improved accuracy in foreign exchange rates, through an FX rate integration to HSBC.

Harmonious Inventory Management

This feature functionality will allow planners to benefit from new allocation options. They can automatically prioritize inventory allocation to sales orders through gross profit or revenue. These additional inventory details will allow for a better understanding of the impacts reallocation will have on other transactions at the company level.

Employee Interactions

This new feature involves the SuitePeople modules, which will now determine calculations for 401(k) plans, with rules-based formulas that will calculate employer match amounts. When an employee changes their contribution amount the match amount will automatically update.

Likewise, employees over 50 can decide to make annual contributions to different types of retirement plans, and the system automatically follows IRS rules around the contributions made. This new feature will automate age matching calculations for the catch-up amounts which when giving the ability to manage the contribution limits per employee.

Unified Customer Experiences

Optimized eCommerce experience for wholesale distributors, which will allow ease when implementing a SuiteCommerce eCommerce website. It was once lengthy to set up but now it has been reduced to a single click, then meanwhile the setup will run in the background and notify when it is complete. For those users with third-party sales channels, NetSuite Connector now provides integrations to 3Pls, marketplaces, POS systems, and eCommerce platforms through the entire company.

The Benefits

Our client’s successful NetSuite customization project ensures that their business is operating in a healthy and efficient state. They can now utilize the customizations and automation implemented to decrease manual processes and have the ability to focus on other pressing tasks. Now with the manual process of tracking commission automated via NetSuite, the company saves on average 4 days each month all due to process automation. These types of automation track purchase dates and sold dates of inventory and products.

2 major NetSuite updates happen every year and while we mentioned most of the features, some can be tailored to your specific industry. But there are a lot more additional features in the NetSuite 2021.2 upgrade. Like previous releases please keep in mind that this is a compact debrief of the new features. At ERP Buddies we recommend scheduling a call with our experts to get a full grasp of how the updates will add to your value and benefit your operations. As these updates are done to elevate your business objectives we recommend them to full advantage.

It is also recommended to request a Release Preview test account, it will give you a hands-on insight into the updates and how they would work with your business Check out our NetSuite 2021.2 Upgrade FAQs to know how you can request your Release Preview Account. Once you receive access to yours, ERP Buddies will help you improve your company workflows and operations with the addition of these updates, and allow you to continue on the road to digital transformation.