NetSuite Version 2014 Release 2 features new revenue recognition functionality to improve the financial close process, strengthen relationships with auditors and reduce delays and manual work.
New Deferred Revenue Rollforward Report.Successful audit preparation and planning are essential to maintaining a good rapport with your auditors and setting the tone for a collaborative relationship. Revenue accounting continues to receive significant scrutiny from auditors, who in many cases ask for specific documentation regarding internal controls that exist in the close process, as well as detailed support for sales transactions and their projected revenue streams. With NetSuite Version 2014 Release 2, accountants will be able to provide auditors with a deferred revenue rollforward report, out of the box, which will present the flow of deferred revenue between beginning and ending balances. Faced with higher audit standards and complex reporting requirements for managing revenue recognition, accountants will be able to continue building strong relationships with auditors while needing less time to prepare, create and provide audit support documentation.
Improved journal entry exception handling and posting. One of the biggest culprits stifling your financial close process is the time and effort spent investigating errors and exceptions, especially under tight deadlines. NetSuite Version 2014 Release 2 introduces new features that will streamline revenue recognition journal entry postings. Whenever facing potential exceptions (e.g., uncertain invoice collectability), accountants will have the option to temporarily postpone revenue recognition journal entries by flagging a line item on a transaction until an investigation is completed. Afterwards, accountants can remove the pause and proceed with the postings. As a result, accountants no longer have to spend unnecessary time creating manual journal entries or editing sales orders to adjust for revenue recognition postings that are still being investigated. Simply post the entry when it’s time to post the entry.
Journal Summarization. We are also excited to introduce a new feature that can summarize revenue recognition schedules by the following attributes for journal entry postings:
- Accounting book
- Posting period
- Class / Department / Location
This feature is particularly useful to accountants who have to post large volumes of revenue transactions that don’t require detailed reporting and would otherwise require a lot processing time to post individually. With new summarized journal entries, the line item detail is still available on demand, which will significantly shorten the amount of time needed to post revenue recognition activity and generate financial reports. Close your books quickly and confidently while maintaining compliance with revenue recognition accounting standards. Additional fees may apply for these features.