NetSuite 2024.2 Release at a Glance: What You Need to Know About System Changes

The upcoming NetSuite release contains many exciting features, but you need to know the details to maximize the new capabilities.



Stand-Out Features

Every feature in a NetSuite release improves user experience. However, a few always seem particularly exciting—the kinds of capabilities customers can’t wait to try.

SuiteDynamics CEO Jake Kleiner has identified three 2024.2 features he believes will thrill our clients the most.

1.  Advanced Revenue Management and Prepay with Drawdown Integration

This feature integrates prepay and drawdown capabilities with Advanced Revenue Management (ARM), allowing users to recognize revenue for prepay and usage. Customers can pay a set amount before using services outlined in their contracts and get refunds for their remaining balances after services conclude.

“This feature has been missing within NetSuite's ARM module up to date, and it will allow you to more accurately manage things like installment plans and installment payments, as well as usage and prepay elements,” Kleiner says. "So, managing that within the ARM module is going to be a huge improvement just for more detailed forecasting, cash application, and revenue recognition.”

2.  New CRM Limited Access User Role

The 2024.2 release includes a role option offering new CRM system access. Companies can use it to provide employees with sales, CPQ, marketing, and support access while still controlling permissions for various tasks. 

“Instead of needing a General Access User role, you can leverage a Limited Access User role, which is lower in cost,” Kleiner explains. “But it'll still allow your staff or others to interact with sales functions like CPQ and/or sales and marketing campaigns. That’s going to be a huge improvement.”

3.  Payment Automation Enhancements

The new release also provides payment improvements to the Payment Automation SuiteApp version 4.0, including:

• Support for the Multi-Subsidiary Feature
• Vendor Prepayment Support
• Payment Status Tracking
• Automation of Recording of Monthly Fees and Charges
• Ability to Reprocess Payments

Kleiner feels particularly excited about the new feature allowing users to check payment statuses at a glance. He also believes payment reprocessing will be a game changer.

“If and when you have an error or an ACH payment gets returned due to an error status, the system will reprocess it automatically,” he says. “It doesn't require you to reissue the payment; it'll try to mitigate the issue itself. That's another huge lift.”

The SuiteDynamics team can implement any of the modules and SuiteApps associated with these features so your company can enjoy the full impact of the 2024.2 release. Let us know what you want your system to do, and we’ll design solutions that fully equip your business for success.

What’s Brand New

The NetSuite 2024.2 Release includes three new SuiteApps designed to help manufacturers manage costs and mitigate supply shortages.

1. Supply 360: This SuiteApp sorts work orders by location and date and compiles the data in a table so you can compare it to stocked and ordered inventory. You can organize the information by assembly, component, or work order.
2. Available to Build: This application sizes up final assembly and subassembly manufacturing components so users can determine what they can offer customers with available stock.
3. Cost Variance Analysis: This SuiteApp generates a report highlighting lower-than-expected expenses in green and higher-than-expected expenses in red so you can quickly compare planned and actual costs for work orders. It also shows variances in dollars and percentages.

Module Upgrades

The release will also impact several modules, equipping users with various tools, from new automated tasks to extra data collection fields. Each upgrade is designed to make your operation more organized, streamlined, and efficient.

1. SuiteBilling: The NetSuite 2024.2 Release includes new features for this module that improve subscription billing.
2. Prepay Functionality—Charge and collect prepayments in advance for services, creating a credit balance that the system can replenish automatically.
3. Integration with CPQ – Include subscription items for products or services in your price configurations.
4. SuitePeople: The module will now feature a new platform for providing employee health insurance. It automatically takes deductions from employee salaries during payroll and posts costs to the general ledger.
5. AP Automation: You can now automate vendor payments for each U.S. subsidiary and drop those payments directly into vendor accounts. You can also automatically capture banking fees with a default expense account.
6. Bill Capture: This module is changing so you can upload bills of up to 30 pages to the scanned vendor list bill page and delete failed uploads. It also has upgraded matching technology and additional subsidiary, vendor, and location mapping logic.
7. Analytics Warehouse: The NetSuite update is giving this module additional dataset collections so analysts can build business process visualizations and identify issues. These collections include:
8. Order-to-Cash: Combines customer refund, customer payment activity, order fulfillment, and return authorization datasets.
9. Procure-to-Pay: Combines item receipt, vendor payment activity, vendor bill, and vendor return authorization datasets.
10. Account Analysis: A user-configurable dataset that compiles accounting information of all transaction types for regulatory, statutory, and multiple subsidiary reporting.
11. Warehouse Management System: New features allow you to incorporate stock replenishment into employee schedules automatically. Your managers can filter restocking requests by item, item family, item group, item classification, or saved search. Employees can also perform a single scan and record serial numbers for each product in a pallet. Additionally, managers can identify failed picks with new reporting capabilities.
12. Account Reconciliation: The 2024.2 Release offers a new interactive task management feature that supports creating, assigning, managing, and monitoring your financial-close checklist. Calendars will also automatically switch to new-year reporting, eliminating manual intervention.
13. Quality Management: The NetSuite 2024.2 Release has given this module advanced controls so only specific employees can complete inspections. It also allows quality managers to choose transaction types and parent transactions that signal inspections. The module features a new Quality subtab for monitoring inspection progress, allowing you to incorporate products sold by quantity into your inspection schedules.

Schedule a free consultation with SuiteDynamics experts to discuss any modules you want added to your NetSuite ERP system. We’ll ensure your company has access to all the NetSuite 2024.2 release upgrades you need to create a better, faster business operation.

SuiteApp Upgrades

The 2024.2 update will also feature improvements to many of NetSuite’s applications. Some expand a tool’s capabilities, while others hone software functions with extra data fields or additional options.

1. Bank Feeds: Connect to more U.S. and Canadian banks. NetSuite has partnered with a new financial aggregator so you can work with more than 14,000 financial institutions using cloud accounting software.
2. Transaction Line Distribution: As of the NetSuite 2024.2 Release, this SuiteApp will now distribute accounts receivable transactions—like sales orders, customer invoices, and cash sales—on the fly or with predefined templates.
3. SuitePeople Workforce Management: This mobile app’s time clock will now include a break completion reminder. It will encourage employees to take full breaks by preventing them from clocking back in until the break ends. The module will also feature new data fields for items such as job, project, task, and location.
4. SuiteTax: The latest updates allow this SuiteApp to record taxes between subsidiaries and tax liability payments to the government.
5. Cash 360: This SuiteApp will better support AR and AP forecasting by including installment schedules on invoices and vendor bills.
6. Rebates & Trade Promotions: You can now assign forecasted tiers for tiered rebates, thanks to the 2024.2 release. It also supports rebate agreement calculations for purchase transactions. Previously, the SuiteApp had only offered those calculations for sales.
7. Compliance 360: This application will offer more forms for audit documentation and findings. It will also support customizable activity portlets, file attachments, and audit result exportations. 
8. Ship Central: This application will now automatically choose the cheapest shipping option that can deliver an order on time. It will also feature expanded label printing, allowing customizations for sending hazmat items and alcohol, collecting cash on delivery, and more. You can also print a return label using a shipping method different from the original delivery.
9. Warehouse Management Mobile App: The NetSuite 2024.2 Release allows you to complete a planned cycle count from start to finish using this app. No desk trips necessary.
10. Supply Chain Management Mobile: You can now color-code data tables based on production status and organize printers into groups for streamlined printing management. This SuiteApp also allows you to upload files and images to any custom record.
11. Manufacturing Mobile: This application will automatically populate lot and serial numbers when scanning GS1 barcodes. It can also integrate with the Lot Auto Numbering SuiteApp to generate lot numbers automatically. Additionally, this application can enforce badge swiping at the start and end of each manufacturing step.
12. Material Requirements Planning: The 2024.2 Release adds the ability to combine minimum order quantity and lot size for supply planning, providing supply chain managers with more flexibility. It has also extended the limit for the demand planning horizon and purchase lead time beyond one year.
13. Supply Planning Workbench: This SuiteApp now includes separate filters for firm and unfirm supply orders.

SuiteDynamics experts can help your company install any of these SuiteApps in your current system and ensure they work with your customizations. Schedule a free consultation with the team and discuss your company’s goals and the technology you need to rise above them.

Please note that these lists are not exhaustive. The NetSuite 2024.2 Release has many more helpful features to boost your company’s productivity. For more information, dig into the 2024.2 Release Notes.

Revolutionize Business with the Latest NetSuite Features

The NetSuite 2024.2 Release offers new tools for beating the competition with more efficient, higher-quality operations. Yet, you can’t use them at all if you don’t have the necessary modules, SuiteApps, and mobile applications.

We don’t want you to miss out on features that could revolutionize your business and simplify your work life. The SuiteDynamics team can integrate any modules or SuiteApps into your system, including ones impacted by the 2024.2 release.

Schedule your free consultation today and tell us about the solutions your company needs to succeed. We know you can rise in the marketplace, and we’re ready to help your business operate at its best.

Disclaimer From NetSuite: The preceding is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, timing, and pricing of any features or functionality described for Oracle’s products may change and remains at the sole discretion of Oracle Corporation.