How to learn Revenue Recognition in NetSuite

Hi, 

Many of you ping me about learning more about Revenue Recognition in Netsuite. Adding some of the points to learn more in details. 

1. Understand the Basics of Revenue Recognition
• Accounting Principles: Get familiar with ASC 606 (IFRS 15) as NetSuite aligns with these standards.
• Key Concepts: Understand terms like performance obligations, transaction price allocation, and revenue recognition schedules.

2. NetSuite Revenue Recognition Module Overview
• Advanced Revenue Management (ARM): Focus on how ARM automates revenue allocation, forecasting, and recognition.
• Revenue Elements: Learn how NetSuite breaks down revenue transactions.
• Revenue Arrangements: Understand how arrangements group multiple elements.

3. Core Features
• Revenue Recognition Schedules
• Revenue Rules (event-based, time-based)
• Revenue Plans
• Contract Modifications and Adjustments
• Revenue Forecasting

4. Practice

Already discussed Implementation here. Click to open
• Setup: Learn to enable and configure ARM features in NetSuite.
• Customisation: Understand custom records, workflows, and scripts that interact with revenue data.
• Transactions: Create Sales Orders, Invoices, and Contracts to see how revenue gets recognised.

5. More Online Resources
•• SuiteAnswers: Search for topics like “Advanced Revenue Management” and “ASC 606.”
• Documentation: Review ARM-specific guides in Netsuite Help Center.

6. For Advanced Learning
• Scripting & Customization: If you’re into SuiteScript, explore how to automate revenue-related processes.
• Integrations: Learn how revenue data integrates with billing, financial reporting, and analytics.

Please note: This is very big module and require support from whole team to make implementation success. 

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