Revenue Recognition Journal Entries
In Advanced Revenue Management (Essentials), revenue recognition plans provide the information required to recognize revenue. You must generate the appropriate journal entries to post revenue to the general ledger. Creation of revenue recognition journal entries is part of month-end processing, but you can run the process any time and multiple times in a month. The Related Records subtab of revenue arrangements includes links to associated revenue recognition journal entries.
Revenue recognition journal entries post in the subsidiary base currency. NetSuite permits these system-generated journal entries to link to foreign currency customers. However, you cannot link foreign currency customers to journal entries in the user interface unless the customer also uses the base currency. If a custom workflow edits the record, the system treats that edit like an edit in the user interface. Consequently, foreign customers may be dropped from the journal entry.
Journal entry approval is an example of a common workflow that may edit an existing journal entry record. If you use workflows for journal entry approval routing, you should create a custom form for your system-generated revenue recognition journal entries. You can then exclude the custom form from your workflows. In your accounting preferences, select the custom form for the Default Revenue Recognition Journal Entry Form. For general information about journal entry approvals, see Journal Entry Approval Overview
To create revenue recognition journal entries in a reopened period, you must revert any prospective merges to unlock the locked revenue arrangements.
For information, see the following: