Working with Revenue Recognition Schedules
This topic applies to the Revenue Recognition feature. Revenue Recognition is the key feature of NetSuite classic revenue recognition. Classic revenue recognition features are not available in new NetSuite implementations. Classic revenue recognition (also called legacy revenue recognition) is still supported for customers who previously enabled it. NetSuite currently offers the Advanced Revenue Management (Essentials) feature to automate revenue deferral and recognition. For equivalent information about the current feature, see Revenue Recognition Plans.
Revenue recognition schedules are generated for sales transactions containing items that have associated revenue recognition templates. For details, see Creating Revenue Recognition Templates and Associating Revenue Recognition Templates with Items. Each schedule indicates the posting periods in which revenue should be recognized, and the amount to be recognized in each period, for an item sale.
The point at which a revenue recognition schedule is generated for an item sale depends on the type of sales transaction and enabled features and preferences set in your account. The schedule could be generated when a transaction is first saved, when it is approved, or when it is billed.
See the following for information about working with revenue recognition schedules:
Revenue recognition schedules determine the journal entries that need to be generated to record the impact of item sales. For each posting period, NetSuite provides a list of journal entries required to recognize revenue. See Working with Revenue Recognition Journal Entries.
Revenue recognition schedules and the journal entries generated from them are subsidiary specific in NetSuite OneWorld. You can view and edit only revenue recognition schedules and journal entries for subsidiaries to which you have access.