Issue: A revenue recognition discrepancy was identified in NetSuite for certain sales orders. Changes made to the quantity and rate of specific items were not properly reflected, causing NetSuite to recognize revenue based on the original entry instead of the updated values. Cause: This happened because the Revenue Arrangement and Revenue Plan were created before… Continue reading Revenue Recognition Discrepancy in NetSuite
Tag: revenue recognition
Revenue Recognition
As per SAID: 49183 | Revenue Recognition Rules, When the source transaction includes a posting discount, all elements in a revenue arrangement use Default One-Time Direct Posting rule. This is standard behavior and currently logged under Enhancement 480902 | ARM: Sales Transactions with Posting Discounts > Discounts are immediately recognized upon billing while for non-discount items Create Revenue Plans… Continue reading Revenue Recognition
Proposal For Custom Revenue Recognition
Proposal Summary This proposal outlines the development of a custom Revenue Recognition Reporting system for Growire, with the goal of improving their financial reporting process. The core of this solution is the creation of specific records and scripts that allow for accurate revenue recognition forecasting, especially at the line-item level for Invoice transactions. Requirement Growire… Continue reading Proposal For Custom Revenue Recognition
Rev Rec End Date Source: Recognition Periods vs Term in Months
Rev Rec End Date Source: Recognition Periods vs Term in Months
Revenue Recognition Method: Straight-line, by even periods
Revenue Recognition Method: Straight-line, by even periods
Create Revenue Plans On: Fulfillment Create Actual Revenue Plans based on Item Fulfillment of SO
Create Revenue Plans On: Fulfillment Create Actual Revenue Plans based on Item Fulfillment of SO