NetSuite 2024.2 Release: Hot Topics for Nonprofits

The latest NetSuite 2024.2 release has arrived, bringing a host of new features and enhancements tailored to meet the unique needs of nonprofits. Here’s a look at the hottest topics in this release that are set to empower nonprofits like never before.

Accounting

Advanced Revenue Management (Essentials) and Revenue Allocation together automate and enhance revenue processes, ensuring accurate forecasting, recognition, deferral, and allocation across multiple performance obligations using fair value pricing and specific formulas.

• Advanced Revenue Management in Configuration Mode: This new update allows you to set up ARM without impacting your current revenue recognition process, ensuring everything is correctly configured before fully implementing the changes.
• Prepay with Drawdown Feature: This update automates the billing and allocation processes for both prepaid and usage-based services, ensuring that revenue is recognized accurately throughout the subscription lifecycle. Non-profits often receive advance payments for services or programs, and this feature ensures that revenue is accurately tracked and recognized as services are used, providing a clear financial picture.

Transaction Line Distribution SuiteApp enables organizations to allocate expenses across various subsidiaries, classifications, custom segments, departments, locations, and accounts.

• The new update allows you to print transactions and handle transactions over 1000 lines. Additionally, it makes three classification sections optional: Department, Class, and Location. This update allows non-profits to process larger transactions more efficiently.

Account Setup and Maintenance

The new Read Only User Role allows users to view and approve reports but prevents them from performing more advanced tasks. This is particularly useful for roles that do not require advanced NetSuite capabilities, allowing them to focus on more value-added missions of the organization.

SuiteAnalytics in NetSuite is a powerful tool for creating customized workbooks. It allows users to combine datasets, tables, pivot tables, and charts into tailored workbooks for comprehensive data analysis.

• SuiteAnalytics now allows users to export most workbook pivot tables to an Excel XLSX file.

Banking

The Payment Automation SuiteApp enables organizations to seamlessly automate all vendor payments directly within NetSuite. It supports various payment methods, including checks, virtual cards, and ACH, allowing non-profits to choose the most convenient option.

• Payment Automation SuiteApp Version 4.0 introduces multi-subsidiary support, vendor prepayment processing, payment status tracking, automation of monthly fees, reprocessing of payments, and various enhancements to improve efficiency and user experience. This update allows non-profits to have more streamlined and efficient financial management across different subsidiaries, improving transparency and accountability.

New AI Tools for Nonprofits

The new NetSuite Constituent 360 Page aggregates comprehensive information from across the organization, including constituent interactions, recent transactions, year-to-date contributions, and all-time contributions. Additionally, the page features an AI-generated list of product/contribution type recommendations tailored to each constituent.

• Non-profits can now tailor their strategies to their donors based on prior interactions.

Text Enhance is a generative AI feature that enables users to create and refine content, adjusting the length to meet their specific needs.

• The new update added this feature to nearly 200 fields, enabling non-profits to streamline text-based tasks and reduce the need for routine administrative work.

Vendors, Purchasing, and Receiving

Bill Capture allows users to email or upload vendor bill files to create NetSuite Vendor Bills. This feature automates data entry and reduces errors that can occur when entering vendor bills.

• The new update allows scanned bill information to be overwritten with Purchase Order (PO) content when linked and introduces a preference for review or automatic bill creation. It also adds features like direct file deletion, custom segment filtering, type-ahead functionality, and improved mapping logic for better accuracy. This allows non-profits to efficiently manage purchasing, approvals, and bill processing, reducing administrative workload and freeing up resources to focus on their core mission.

SuiteProcurement SuiteApp allows organizations to streamline and automate indirect procurement processes, including creating purchase orders, managing approvals, and processing bills.

• This enables non-profits to efficiently manage purchasing, approvals, and bill processing, reducing administrative workload and freeing up resources to focus on their core mission.

As technology continues to evolve, staying updated with the latest tools and features is essential for nonprofits striving to maximize their impact. The NetSuite 2024.2 release is a significant step forward, offering nonprofits the resources they need to manage their operations more effectively and continue making a difference in their communities.

For any questions please contact our NetSuite Nonprofit team here.

Shea Grourke

Shea Grourke is an Oracle NetSuite Consulting Intern based out of the Philadelphia office. Throughout his engagements this summer he gained critical skills in data analysis, nonprofit organizational process workflows, and overall NetSuite functionality.