Scheduling Revenue Recognition Journal Entries
When the Advanced Revenue Management (Essentials) feature is enabled, you can schedule the creation of revenue recognition journal entries. To schedule the process, you create a named schedule based on a revenue recognition plan saved search. As part of the schedule, you select the frequency and the next time to run the creation process. If you have uncompleted revenue recognition schedules from classic revenue recognition, you can include them in the same schedule. A separate field enables you to select a revenue recognition schedule saved search. For information about adding saved searches to the lists, see Guidance for Saved Searches.
For NetSuite OneWorld accounts, you must select a subsidiary. Each subsidiary needs a separate schedule, but you may use the same saved search for all subsidiaries.
When Multi-Book Accounting is enabled, the schedule is book specific. To process all your revenue recognition plans and schedules, each subsidiary and accounting book combination must have its own schedule.
You can review and edit existing schedules for revenue recognition journal entry creation. For information, see Editing Existing Schedules.
To schedule revenue recognition journal entries:
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Go to Revenue > Revenue Recognition Journal Entries > Schedule Revenue Recognition Journal Entries.
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On the Schedule Revenue Recognition Journal Entries page, complete the following in the Primary Information section:
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Enter a Name.
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If you have a OneWorld account, select a Subsidiary, and if Multi-Book Accounting is enabled, select an Accounting Book.
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Select a Revenue Recognition Plan Saved Search or a Revenue Recognition Schedule Saved Search or both. See Guidance for Saved Searches.
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Complete these additional optional fields as desired:
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Description – Include a description of the revenue plans that are intended for this schedule.
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Inactive – Check this box to make the schedule inactive. Inactive schedule do not run, but they are listed on the Scheduled Revenue Recognition Journal Creation page.
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Include Prior Periods – Check this box to recognize revenue for all periods prior to and including the posting period when the schedule is run.
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Exclude Current and Future Periods – Check this box to post eligible journal entries to the prior period. Journal entries for the current and future periods are not eligible. If the prior period is closed, the journal entries post to the next open period. When this box is clear, all eligible journal entries post to the current period. The accounting preference Default Revenue Recognition Journal Date To determines the posting date.
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Approve Journal – Check this box to create journal entries that are automatically approved. Clear this box to require later review and approval of the journal entries. This box is displayed only when the accounting preference Require Approvals on Journal Entries is selected.
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In the Schedule section, complete the following:
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Select a Recurrence Frequency. The schedule may not recur more frequently than every 6 hours.
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Select a value from the Repeat Every list. This field is not available for all recurrence frequencies.
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Enter or select the Next Date to run the journal entry creation process.
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Select a time from the Next Time list to populate the field to the left, or type directly in the field. Time Zone Considerations.
The Last Executed field is automatically populated after the scheduled process has run except when the Recurrence Frequency is One Time.
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Click Save.
Time Zone Considerations
When setting the date and time, your preferred time zone influences the resulting execution time because it is converted to Pacific Standard Time (PST). For example, assume your time zone is set to GMT (UTC+00:00) on the Set Preferences page. If you set the Next Date field to December 1 and the Next Time field to 1:00 pm GMT (UTC+00:00), the revenue recognition journal entries run at 5:00 am Pacific Standard Time (PST) (UTC-08:00) on December 1.
Guidance for Saved Searches
NetSuite provides several ways to create saved searches. For example, click the Search crosslink in the header of the Revenue Recognition Plans list page to open the Revenue Recognition Plan Search page. Then click Create Saved Search.
You can save the search without selecting a filter. The revenue recognition journal entry creation process automatically ignores revenue plans that are on hold.
If you share the saved search, be sure to check the Public box in the header of the Saved Revenue Recognition Plan Search page.
Saved searches for classic revenue recognition can be created in the same way from the Revenue Recognition Schedules list.
For additional information, see Saved Searches.
Editing Existing Schedules
To edit saved schedules, go to Revenue > Revenue Recognition Journal Entries > Schedule Revenue Recognition Journal Entries and click the List crosslink in the page header. A page called Scheduled Revenue Recognition Journal Creation opens with a list of the schedules that have been created. Click the Edit link to the left of the schedule you want to edit.