NetSuite 2017.1 delivers many enhancements to the Advanced Revenue Management feature. The enhancements are in the following areas:
- Custom Revenue Recognition Events
- Options for Foreign Currency Adjustments
- Usability Enhancements for Advanced Revenue Management
Custom Revenue Recognition Events
To increase the flexibility of revenue processing, you can now create custom revenue recognition events. Revenue recognition events trigger the creation of revenue recognition plans.
To create a custom revenue recognition event, you first create a new revenue recognition event type at Lists > Accounting > Revenue Recognition Event Types > New. The Revenue Rule permission controls access to the revenue recognition event type record. The text you enter in the Revenue Recognition Event Type field on the record is displayed as an option in the Create Revenue Plans On field. The Create Revenue Plans On field is on item records on the Revenue Recognition/Amortization subtab and also on revenue elements.
You can access this record in the NetSuite application at Lists > Accounting > Revenue Recognition Events > New. The purpose of the revenue recognition event record is to provide enough information to create a revenue recognition plan. The necessary information consists of a sales contract source, a value that aligns with the revenue recognition rule, and three additional required fields. The other required fields are the event type, purpose, and date.