Revenue/Expense Reclassification by Region Overview

NetSuite Revenue Expense Reclassification by Region provides features and capabilities needed to reclassify revenue and expenses according to geographical location. This allows companies operating in the European Union to automatically reclassify these transactions as required.

The following describes the features of the Revenue Expense Reclassification by Region:

Define multiple child revenue or expense accounts based on subsidiary, region, item, item category, or tax rate.
Batch processing of account reclassification based on region per transaction.

Revenue Expense Reclassification by Region works with the following transactions:

Transaction Types:
- Bill
- Bill Credit
- Invoice
- Credit Memo
- Cash Sale
- Cash Refund
- Journals
Revenue posted from revenue recognition plans. If Revenue Recognition is enabled and used. Only recognized deferred revenue are reclassified using region or rate.
Expenses posted from amortization plans. If amortization schedules are enabled and used. Only recognized expenses and cost of goods sold will be reclassified using location or rate. If amortization feature is enabled, support is limited to the following:
- Non-inventory Item for Purchase/Resale
- Other Charge for Purchase/Resale
- Service for Purchase/Resale
Only transactions with items are used.

To use the features of the Revenue/Expense Reclass. by Region, you will need to configure the following:

Install the Revenue/Expense Reclass. by Region SuiteApp. See Installing the Revenue/Expense Reclass. by Region SuiteApp
Enable and configure the Revenue/Expense Reclassification By Region feature in your subsidiary. See Enabling Revenue/Expense Reclassification by Region on the Subsidiary Record.
Set up roles and permissions for revenue expense reclassification. See Roles and Permissions in Revenue/Expense Reclassification by Region.
Set up VAT Category in your tax codes. See Setting Up VAT Category for Tax Codes.
Set up Item Rev/Exp category in your item records. See Setting Up Item Rev/Exp Category for Reclass. in Items for Revenue and Expense Reclassification.
Set up your reclassification by region rules. See Setting up Reclassification by Region Rules.
Customize the European Union countries list. See Customizing the European Union Country List.

After configuring the required setup, you can use the features of the Revenue Expense Reclassification by Region SuiteApp:

Create reclassification by region journal entries. See Creating Reclassification by Region Journal Entries.
View reclassification by region journal entries and status. See Viewing Reclassification Journal Entries and Process Status.

Related Topics: