Updating revenue arrangements and revenue elements can be done either automatically or manually. In this guide, you’ll learn the step by step procedure for updating NetSuite revenue arrangement and the items that will be affected for the preferences selected.
The following sections will be covered:
I suggest you watch the video. It’s easier to understand if you are a visual/audio learner. The content below is the same as the video. It’s for those who learn by reading.
Revenue arrangements and revenue elements can be updated automatically or manually depending on the setting of the accounting preference Revenue Arrangement Update Frequency. The options available are:
- The system updates revenue arrangements every 3 hours.
- The update incorporates changes to sources that affect revenue management.
- Create and Maintain Revenue Element upon Closed Order
- Revenue elements created from closed sales orders or sales order lines are not updated.
Now, you’ll see where to find these options and preferences.
- Step 1: Go to Setup → Accounting Preferences.
- Step 2: Click on the General subtab, and then go to Revenue Recognition, and find the following fields:
- Revenue Arrangement Update Frequency – Select Automatic preference
- Revenue Plan Update Frequency – Select Automatic preference
- Create and Maintain Revenue Element upon Closed Order – Enable this preference
Each time revenue arrangements and elements are updated, the following happens:
- A line is added in the Revenue Arrangement Message subtab for each revenue element.
- The value in the Process column shows ‘Auto Update.’
- Step 1A: Go to Financial → Other Transactions → Update Revenue Arrangements and Revenue Recognition Plans.Click on the Update Revenue Arrangement link on the Revenue dashboard.
- Step 1B: Go to the Revenue menu
- Step 2: Change the Source From and Source To dates, if desired.
- By default, Source From is blank and Source To is today’s date.
- With the default settings, revenue elements and arrangements are created and updated for all revenue sources created or updated as of the current date and time.
- Step 3: Click the Update Revenue Arrangements button.
- Step 4: Click the Refresh button until status is Complete.
- Step 5: Click the Complete link under Submission Status column.
- Step 6: Click the number link under the Arrangement Number column to open/view the Revenue Arrangement page.
You just completed the procedure of updating revenue arrangements.
To recap the guide, just click on the links below.