- Approved Transaction: A revenue source such as a sales order, cash sale, return authorization, credit memo, cash refund, invoice, project, custom event, subscription (when SuiteBilling is present) or a journal entry.
- Revenue Arrangement: A non-posting transaction that represents a revenue contract. It contains the details on how revenue is going to be recognized.
- Revenue Element: A revenue element is a line on the revenue arrangement that represents a line on the source transaction and stores the details of how the revenue from that line item will be recognized. Each revenue element has a forecast revenue plan and one or more actual revenue plans that control revenue posting.
- Fair Value: A value assigned to an item for revenue recognition purposes that may be different from its sales price.
- Revenue Allocation: A process that distributes revenue from a sale across its elements in proportion to their fair value amounts.
- Forecast Revenue Plan: The forecast revenue plan is used only for forecasting and in forecast reports. It is created when the revenue arrangement is created to facilitate reporting before the actual revenue plan kicks in. Can be recalculated as revenue is recognized on the actual revenue plan.
- Event Triggers: The event set up in the item record that will set revenue recognition activities in motion when it occurs.
- Actual Revenue Plan: Created only when a triggering event occurs. Controls the posting of revenue. Indicates the posting period that revenue should be recognized and the amount to be recognized in each period.
- Revenue Recognition Journal Entry: Generated from the actual revenue plan. Contains the revenue information for posting to the General Ledge during month-end processing.
- Revenue Reclassification Journal Entry: A journal entry that reclassifies deferred revenue for multi-element revenue arrangements after revenue recognition journal entries have been posted.