NetSuite Changelog
CommerceRelease NotesNew FeatureRevenue RecognitionAccountingConfigurationInventory

Item Configuration for Advanced Revenue Management in NetSuite 2023.2

Item configuration for Advanced Revenue Management is updated in NetSuite 2023.2 for accurate revenue plans.

·2 min read·From NetSuite Release Notes PDF

Starting in NetSuite 2023.2, significant improvements have been made to the item configuration process for Advanced Revenue Management (Essentials) and Revenue Allocation. A common issue where running a prospective merge for revenue arrangements that included kit component elements with varying 'Create Revenue Plans On' types often led to inaccurate revenue plan amounts has now been resolved. This update ensures that the revenue recognition plan amounts are accurately reflected in the new revenue arrangements post-merge.

Key Changes

  • Accurate Revenue Plan Amounts: Previously, merging revenue arrangements could result in incorrect plan amounts due to discrepancies in kit component configurations. Now, the revenue plans are correctly calculated during the merge process.

  • Improved Kit Item Handling: This improvement particularly benefits users dealing with kit or package items, enhancing the reliability of the 'Auto-Expansion of Kit Items' feature.

  • Streamlined Revenue Recognition: The accuracy in revenue recognition not only impacts accounting but ensures better accuracy in financial reporting and compliance.

Who This Affects

This update is relevant to several key roles within your organization:

  • Administrators: Responsible for system configuration and ensuring that revenue arrangement settings are properly managed.
  • Accountants: Require accurate revenue recognition for compliance and financial reporting.
  • Finance Teams: Involved in monitoring financial transactions and planning based on revenue recognition.
  • Developers: May need to understand the implications of this change for any custom scripts or integrations related to revenue management.

Key Takeaways

  • The merge process for revenue arrangements with kit components is now accurate in NetSuite 2023.2.
  • Improves reliability in accounting practices, especially for revenue recognition.
  • Essential for administrators and finance professionals to adapt operations to these enhancements for better compliance and reporting accuracy.
Source: Item Configuration for Advanced Revenue Management (Essentials) and (Revenue Allocation). — NetSuite Release Notes PDF. This article was generated from official Oracle documentation and enriched with additional context and best practices.