Discussions
Stay up-to-date with the latest news from NetSuite. You’ll be in the know about how to connect with peers and take your business to new heights at our virtual, in-person, on demand events, and much more.
New AI Community Guidelines. Please review and follow them to ensure AI use stays safe, accurate, and compliant.
Update: Narrative Insights has been restored and is now available.
Narrative Insights is Temporarily Unavailable due to an Infrastructure Issue. Learn how This Impacts Your Account and What to Expect While the Feature is Disabled.
Narrative Insights is Temporarily Unavailable due to an Infrastructure Issue. Learn how This Impacts Your Account and What to Expect While the Feature is Disabled.
AE: Converting Accounts Receivables to Investment Account
I was tasked to convert a client's A/R to Investments, but upon doing so cash-basis revenue is being recognized. It was suggested that we first:
- Create a JE (Debit: Investment | Credit: Accounts Receivable) to re-allocate the A/R balance to Investments.
- Apply the JE to the open invoices being converted (using the Payment function) to close the invoices ultimately removing them from A/R Aging.
From here, revenue is recognized on the accrual basis, but even if cash is not received cash basis revenue is being recognized through this non-cash transaction.
Any help on how to account for these types of transactions would be greatly appreciated!
0