NetSuite ARM Revenue Reallocation Automation
Advanced Revenue Management “ARM” in NetSuite automates revenue forecasting, allocation, recognition, reclassification, and auditing through a rule-based event handling framework. NetSuite ARM is also compliant with the ASC 606 revenue standard. With Advanced Revenue Management, a business can defer revenue across future periods according to the rules you configure.
While this is standard functionality in NetSuite, there are times when a business needs to execute a reallocation of revenue. This often occurs if the business creates revenue and then realizes that the allocation utilized the wrong Fair Value Statement or needs to reallocate the revenue on a given contract.
Having the ability to fully automate this process will greatly improve productivity of your team.
Normally a user would have to navigate to the Revenue Arrangement record in question. Once the record is loaded Select Edit, uncheck the “Compliant” box, and Click Save.
Finally, ensure that all revenue Fair Value Statements are updated, then click “Allocate” on the Revenue Arrangement record. With native NetSuite, this process must be completed on every Revenue Arrangement record individually and can become quite tedious with large data sets.
Scripted Solution to Automate
To automate this process, take advantage of the N/action module and its list of executable actions on certain supported record types. A list of record types and their supported action operations at the time of this writing are as follows:
(To find a full list of currently supported record types and actions, please refer to SuiteAnswers or the NetSuite Help Center documentation under the “N/action Module” and “Supported Record Actions”.)
Using the Revenue Arrangement’s “allocate” action within a script allows for automation of the process.
The code below is a snippet from the User Event deployed to the Revenue Arrangement record.
This code automatically runs the Revenue Arrangement’s allocation function after submit on record save. This function runs on every record save to ensure that any changes made to the arrangement will impact the FV allocations.
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