Advanced Revenue Management Period Close Checklist
Tasks Enhancements
The Period Close Checklist now contains two new tasks:
- Recognize Revenue - This task enables you to create revenue recognition journal entries.
- Reclassify Revenue - This task enables you to create revenue reclassification journal entries. You can mark both tasks as complete if you do not want to run these processes. When using the Period Close Checklist, accounts receivable and accounts payable must be locked before recognizing and reclassifying revenue. When accounts receivable and accounts payable are locked, the revenue recognition and revenue reclassification journal entries are posted to the same period you are closing. To access the Period Close Checklist, go to Setup > Accounting > Manage G/L > Manage
Accounting Periods. For information about completing Period Close Checklist tasks, see the help topic
Using the Period Close Checklist. The Advanced Revenue Management (Essentials) feature must be enabled to see the revenue recognition and revenue reclassification tasks in your Period Close Checklist. For more information, see the help topic Enabling the Advanced Revenue Management (Essentials) Feature. The Edit or Full level of the Manage Accounting Periods permission is required to set up, edit, lock transactions for period close, or reopen periods. For more information about permissions, see the help topic Accounting Period Management. You can run the revenue recognition and revenue reclassification processes at any time. You should run these processes at the end of the period. For more information, see the help topics Revenue Recognition Journal Entries and Reclassification of Deferred Revenue. Enhancements to Carve In/Carve Out Adjustment Journal
Entries
This release includes enhancements to how NetSuite handles revenue arrangements when the carve in/carve out adjustment for the reclassification process exceeds 1,000 lines. Previously, when the reclassification process exceeded 1,000 journal entry lines, NetSuite split a single revenue arrangement across multiple carve in/carve out adjustment journals. Now, NetSuite does not split a single revenue
Change
arrangement across multiple carve in/carve out adjustment journals. This enhancement makes the carve in/carve out adjustment journals more readable.
Line limitations on reclassification journal entries have not changed. When a journal entry for the
reclassification process exceeds 1,000 lines, multiple reclassification journal entries are created. For more information about line limitations on reclassification journal entries, see the help topic Creating Reclassification Journal Entries. For more information about carve in/carve out adjustments, see the help topic Carve In/Carve Out Adjustment.