Revenue Recognition Schedules in Multi-Book Accounting
Please contact your sales or account representative to find out how to get the Full Multi-Book Accounting feature. The assistance of NetSuite Professional Services or a Multi-Book authorized partner is required to implement this feature. You should consider contacting NetSuite Professional Services or a Multi-Book authorized partner for assistance in setting up the Adjustment-Only Books feature, even though it is not required.
Multi-Book Accounting, including the Adjustment-Only Books feature, is available only in NetSuite OneWorld.
This topic provides information specific to the NetSuite legacy revenue recognition features. For information applicable to advanced revenue management, see Book Specific Revenue Arrangements, Elements, and Plans.
Revenue recognition schedules are book-specific. They are derived from revenue recognition templates. You can create different templates to comply with different country and industry-specific rules.
The Revenue Recognition / Amortization subtab of the item record has an Accounting Books subtab so that you can select different templates for the item for secondary accounting books. The templates for the primary book are in the main Revenue Recognition / Amortization subtab. The templates selected on the item record are the default for the item. They may be changed when the actual transactions such as sales invoice or revenue commitment are created. The Hold Revenue Recognition box sets the default only for the primary book.
The Accounting Books subtab on the item record also includes a box labeled Same as Primary Book Rev Rec. It is checked by default and template values for the primary book appear as the values for the secondary books. To select different templates for the default for the secondary books, clear the box. This enables the lists for the templates in the Accounting Books subtab. You may choose not to associate a template by default by selecting the blank option in the list.
The Same as Primary Book Rev Rec setting applies only to the default values. If you change the revenue recognition schedule of a transaction in the primary book, the change does not apply to the secondary book values. For example, an item ABC has a primary book revenue recognition template value of 12-month and the secondary book setting is Same as Primary Book Rev Rec. When you add the item on a sales invoice, both the primary book and the secondary book values default to 12-month. If you change the primary book revenue recognition schedule to one time immediate, the secondary book revenue recognition schedule remains 12-month instead of changing to one time immediate.
Transactions that determine revenue recognition such as sales orders, invoices, and revenue commitments include a button labeled Manage Revenue Recognition. This button is available when you view a saved sales transaction record. On this page you can change the revenue recognition schedule name, its start and end dates, set the catch up period for held schedules, and check or clear the Hold Revenue Recognition box for any accounting book including the primary book. It is the only way to modify the schedules in secondary books. For more information, see Managing Revenue Recognition.
The setting of the Hold Revenue Recognition box is not passed to secondary book even when the Same as Primary Book Rev Rec box is checked.
When Chart of Accounts Mapping is used, the account source for mapping revenue recognition may be either the item or the transaction form. For details, see Revenue Recognition and Expense Amortization with Chart of Accounts Mapping.