Easy Advance Revenue Management Implementation

Did you buy NetSuite’s Advance Revenue Management bundle? Do you want the easy guide to implementation, or need a consultant on the matter? DataOngoing is here to help!

Steps to Implementation:

  1. Enable the feature. Setup > Company > Enable Features > Accounting
  2. Create a new rule:
  3. The rule described below shows a pro-rated rule with dynamic start and end date /app/accounting/revrec/revenuerecognitionrulelist.nl?whence=
    1. NAME Pro-rated Time Based Rule
    2. RECOGNITION METHOD Straight-line, prorate first & last period
    3. AMOUNT SOURCE Event-Percent based on amount
    4. REV REC START DATE SOURCE Revenue Element Start Date
    5. REV REC END DATE SOURCE Revenue Element End Date
    6. END DATE CHANGE IMPACT Update All Periods
  4. Create all new items & Apply new rule to all new items where it will be needed
  5. Add “obsolete” to all old items.
  6. Set date in which we now use only NEW items that need ARM
  7. Create custom fields for start and end:
  8. Custom Line Field > Sales Item > Date
    1. “Rev. Rec. Start Date” “Rev. Rec. End Date
  9. Setup rev. Rec. field mapping:
    1. /app/accounting/revrec/revrecfieldmapping.nl?whence=
    2. Here select your new custom fields and matching start end date for Rev. Rec.
  10. We will use the custom fields created in Point 8.
  11. Create invoice via standard process.
    1. Add Rev. Rec Start and End Date values to line items on invoice.
  12. After saving Invoice, run this process:
    1. /app/accounting/bulkprocessing/managearrangementsandplansstatus.nl
    2. Click Update Arrangements
    3. Click Update Revenue Plans
    4. This process will automatically run every 3 hours regardless of manual intervention.
  13. Confirm that Invoice from point 12, has a revenue arrangement. (Related Records > Rev. Arr. on Invoice).
  14. For Rev. Arrangement in Point 12. You will Force Journal Creation:
    1. /app/accounting/transactions/createrevrecje.nl?whence=
    2. In the image below set your filters as seen.
  15. Find your Customer Arrangement from Point 12.
  16. Select the Arrangement 
  17. Click Create Journal Entries
  18. Check the GL Impact via a Report.
  19. Once validated you can run a Saved Search on Revenue Plans based on Revenue Rules to create Journal Entries automatically in production.

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