Scheduling Reclassification Journal Entries

You can schedule the creation of reclassification journal entries for Advanced Revenue Management (Essentials).

To schedule the process, you create a named schedule based on a revenue arrangement saved search. As part of the schedule, you select the frequency and the next time to run the process. If you have uncompleted revenue recognition schedules from classic revenue recognition, you can create schedules that use sales order and return authorization saved searches. For information about adding saved searches to the lists, see Guidance for Saved Searches.

Only approved invoices and credit memos are processed for reclassification. Unapproved billed amounts are excluded from calculations. When you create reclassification journal entries, you will receive a warning if the current or prior periods have unapproved invoices or credit memos. Any unapproved invoices and credit memos are ignored for purposes of reclassification. Revenue arrangements are included in the reclassification process only if they are approved and the Compliant flag is checked.

You can create multiple schedules for a single saved search. Individual schedules are required in the following cases, but you can use the same transaction saved search for each:

For NetSuite OneWorld accounts, you need a schedule for each subsidiary.
When Multi-Book Accounting is enabled, you need a schedule for each subsidiary and accounting book combination.

You can review and edit existing schedules for reclassification journal entry creation. For information, see Editing Existing Schedules.

Note:

If the accounting preference Require Approvals on Journal Entries is checked, ensure that all journal entries related to revenue recognition are approved prior to reclassification. If revenue recognition and prior period reclassification journal entries are not approved in advance, the reclassification adjustments will be incorrect.

To schedule reclassification journal entries:

Go to Revenue > Revenue Recognition Journal Entries > Schedule Reclassification Journal Entries.
On the Schedule Reclassification Journal Entries page, complete the following in the Primary Information section:
1. Enter a Name.
2. If you have a OneWorld account, select a Subsidiary, and if Multi-Book Accounting is enabled, select an Accounting Book.
3. Select a Transaction Saved Search.
4. Complete these additional optional fields as desired:
  - 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.
  - Description – Include a description of the revenue plans that are intended for this schedule.
  - 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.
In the Schedule section, complete the following:
1. Select a Recurrence Frequency. The Monthly option is often used for reclassification journal entries.
2. Select a value from the Repeat Every list. This field is not available for all recurrence frequencies.
3. Enter the Next Date to run the journal entry creation process.
4. Select a time from the Next Time dropdown list to populate the field to the left, or type directly in the field. For more information about time zones, see Time Zone Considerations.
  
  The Last Executed field populates automatically after the scheduled process has run except when the Recurrence Frequency is set to One Time.
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 reclassification 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 open the Transaction Search page.

On the Saved Transaction Search page, set the Filter to Type is Revenue Arrangement. To include transactions from classic revenue recognition, you can set the Filter to Type is any of Sales Order, Revenue Arrangement, Return Authorization. No other filters are required.

To share the saved search with others, check the Public box in the header of the Saved Revenue Recognition Plan Search page.

For additional information, see Saved Searches.

Editing Existing Schedules

To edit saved schedules:

Go to Revenue > Revenue Recognition Journal Entries > Schedule Reclassification Journal Entries.
Click the List crosslink in the page header.

A page called Scheduled Reclassification Journal Creation opens with a list of the schedules that have been created.
Click Edit to the left of the schedule you want to edit.