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TIP 3:

Revenue recognition rules define how revenue recognition plans are generated when an item is sold. The Create Revenue Plans On field on the Revenue Recognition/Amortization subtab of the item record determines when the plan is created. Take note that amount source should be compatible with the create revenue plans on field in the item.

One of the reasons why revenue plan is not generating is either the Create Revenue Plans On field is blank or the combination of Amount Source and Create Revenue Plans On values are invalid. When the combinations are invalid, an error message is logged in the Revenue Arrangement Message subtab for the revenue element. A link to the error message is included in the Revenue Recognition Errors portlet on the Revenue page. Valid combinations are shown in the following table:

Yes, it is mandatory. However, sometimes users with the Period Closing Management permission, when the Allow Quick Close of Accounting Periods preference is enabled, tend to close the period without redoing the tasks because it allows them to close one or more accounting periods with a single click. 😊

Enabling this feature does not significantly impact your current setup, however, please note the following important considerations:

Before enabling Multiple Calendars, if you have any open, standalone adjustment periods, you must modify them to overlap with existing non-adjustment periods.
 Review the guidelines below to determine if changes are needed for other standalone adjustment periods:

• Future adjustment periods – Recommended
• Open adjustment periods – Required
• Historical, closed adjustment periods – Optional 

You can disable this feature only if you have not yet assigned any new fiscal calendars to any subsidiaries.

Before enabling Multiple Calendars to Production, I highly suggest that you test it first in your Sandbox account.

For more information about the function of Multiple Calendars and Fiscal Calendars, please refer to SuiteAnswer articles below:

• ID 30618: Enabling Multiple Calendars
• ID 24131: Fiscal Calendars

TIP 2:

If you’re on Advanced Taxes and the transaction isn’t picking up the right tax code, here are some of the steps you can check to troubleshoot:

1) Start with the Customer record

- Confirm whether the customer is marked taxable (for US nexus).

- Check if there’s a tax item assigned to the customer. If there is, this is the highest hierarchy in the lookup, so it may be what’s getting pulled onto the transaction.

2) Verify the shipping address is complete

- Make sure the customer has a valid shipping address, check if country, city, state, and zip code fields are populated. Missing values here can prevent the correct tax determination.

3) Confirm tax lookup is enabled:

- Go to Setup > Accounting > Set Up Taxes

- Check that ENABLE TAX LOOKUP ON SALES TRANSACTIONS is set to True

4) Check Nexus setup for the Subsidiary

- Make sure the correct nexus is associated with the transacting subsidiary: Subsidiary record > Nexuses tab (add it there if it’s missing).

Hi Nickey,

When you reopen a period, you may need to redo checklist tasks to close the period. Any later closed periods are automatically reopened and checklist tasks for those periods may need to be redone as well before you can close them.

Best practices when you reopen a period include:

• Avoid backdating transactions.
• Don't close an accounting period until the cost recalculation is complete. This includes the standard month-end closing.
• If you backdate a transaction to a date within a closed period, you should first open the closed period before saving the backdated transaction.
• If you post a Transaction in foreign currency and/or intercompany impact, you should re-run the following tasks:  Revalue Open Foreign Currency Balances, Calculate Consolidated Exchange Rates & Eliminate Intercompany Transactions to make sure that the balances are correct for the period.

Hope this helps! 😊

Thank you for your question, Nickey! Do you have Multiple Calendars enabled? If yes, you can create a fiscal calendar then assign it to the Subsidiary. If this is not your case, and you will be changing your Fiscal Year Structure, it would entail deleting some of your Accounting Period and Fiscal Quarters.

Requests involving change of an Accounting Period that already have historical transactions should be coordinated with our NetSuite Professional Services Team.

Change in an Accounting Period most especially those which already have records in it would involve modifying child accounting periods and clearing of associated transactions. The impact of such modifications should all be considered first before proceeding with the change. 😊

TIP 1:

If you want to pull allocation details from a Revenue Arrangement (Revenue Elements tab > Allocation Details subtab), the easiest way is to build a Transaction Saved Search. Here’s how you can do it:

1. Go to Lists > Search > Saved Searches > New.

2. Choose Transaction

3. On the Criteria tab (Standard subtab), set:

- Filter: Type: Revenue Arrangement

4. Then switch to the Results tab and look for the joint field Allocation Detail Fields…

5. When the pop-up opens, select the allocation detail columns you want to show in the search results, then Save.

Hi Robert,

This feature is handled by our Order to Cash Team, however, I also checked your concern internally and noted that as confirmed by our Product Management team, the new feature will not be made available in the Release Preview environment. This is due to current AI infrastructure limitations that prevent the feature from being supported in that environment.

Hope this clarifies your concern 😊