About Installing EITF 08-01 Revenue Recognition

Important:

EITF 08-01 Revenue Recognition is a managed SuiteApp (Bundle ID: 29321).

Contact NetSuite Professional Services for assistance in installing EITF-08-01 Revenue Recognition.

After you install the EITF 08-01 Revenue Recognition feature:

Determine the dimensions you'll allocate prices by. You can define as many dimensions as you need to effectively track estimated selling prices, but each dimension you add increases the size of the pricing matrix. Use fewer dimensions to reduce the number of dimension combinations possible for each item and reduce the number of estimated selling prices that must be entered and maintained.
Review your historical selling information to determine estimated selling prices. Then review that information with your auditors to determine the estimated selling prices by dimension combination to use to determine allocations for revenue recognition.

Note:

After you begin using EITF 08-01 Revenue Recognition, review your sales and estimated selling prices periodically to determine if you're accurately complying with EITF 08-01 reporting requirements. Adjust the estimated selling prices as needed. See Working with Estimated Selling Prices.

EITF 08-01 Revenue Recognition provides a setup assistant to guide you through the implementation steps. The setup assistant creates custom records and associates the item category allocation formulas with the records. These are used to calculate and track the estimated selling prices per transaction line item. You can access the EITF 08-01 Assistant only one time.

The setup assistant creates three custom records:

Multiple Allocation Prices
EITF 08-01 Item Category Formulas
EITF 08-01 Preferences

For information about changing formulas, dimensions, or preferences after implementation, see Modifying Implementation Settings.

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