Recognize Revenue with Netsuite

overview nue offers multiple netsuite integration options to support different financial operations depending on your business needs, you can choose to enable one or more of the following distinct use cases manage accounting with netsuite enabled by default as part of the netsuite integration automate the flow of financial transactions to support general ledger reconciliation and reporting collect payments with netsuite synchronize payment data and manage collections across systems recognize revenue with netsuite leverage arm (advanced revenue management) in netsuite to automate revenue recognition workflows additional documentation to set up netsuite and nue for this integration is available at the following links netsuite integration setup docid\ lhvgw9xp626esvkvekf53 netsuite connector fields mapping docid\ fwqncvvwlu0lp5ykwenj6 about this use case this document details the revenue recognition checkbox used specifically for customers who want to leverage arm in netsuite and have the " revenue status " be reflected in invoices and credit memos in nue with this integration, nue seamlessly synchronizes accounts, products, orders, change orders, invoices, and credit memos data to netsuite in real time this comprehensive sync unlocks the following powerful capabilities automate revenue recognition ensure compliance with asc 606 and ifrs 15 by integrating billing and subscription data, enabling accurate and timely revenue schedules troubleshoot via revenue status ensure proper clarity on whether your invoices were transferred for revenue reconciliation purposes via "revenue status" column in invoices overview of synchronization nue's netsuite integration supports the synchronization of the following objects nue object netsuite object direction customer customer one direction sync from nue to netsuite product item one direction sync from nue to netsuite order and order product sales order and return authorizations (for negative change orders) one direction sync from nue to netsuite invoice and invoice item invoice and items one direction sync from nue to netsuite payment application payments and refunds one direction sync from netsuite to nue credit memo and credit memo item credit memo and items one direction sync between nue and netsuite docid 05692a402d32680aeaa61825e4d06f0b6c5356d2 docid 05692a402d32680aeaa61825e4d06f0b6c5356d2 key capabilities the netsuite arm connector offers the following key features asc 606 revenue recognition active sales orders, change orders, recurring invoices, and credit memos are transferred to netsuite in real time as sales orders, return authorizations, invoices, and credit memos these transactions are carefully orchestrated to enable the creation and updating of revenue arrangements, ensuring compliance with asc 606 fulfillment active orders, including change orders, are transferred to netsuite to manage fulfillment processes efficiently transaction hub transactions in netsuite are carefully orchestrated to maintain a clear relationship between nue and netsuite for example, an invoice generated from multiple orders in nue can be grouped into multiple invoices in netsuite, with this linkage preserved in the transaction hub record this record is accessible in nue and salesforce for easy visibility and traceability docid 05692a402d32680aeaa61825e4d06f0b6c5356d2 docid 05692a402d32680aeaa61825e4d06f0b6c5356d2 integration flows the following diagram illustrates the data flow of nue’s netsuite arm connector , enabling advanced collections use cases and revenue recognition key components include accounts and products accounts in salesforce are synchronized with netsuite as customers products in salesforce are synchronized with netsuite as items quotes and orders quotes and orders created in nue are transferred to netsuite as sales orders , which remain open for the lifetime of the subscription both initial orders and mid term changes are seamlessly integrated into netsuite arm revenue recognition (netsuite arm) sales orders, invoices, and credit memos are used to create revenue arrangements and revenue plans in netsuite automatically generates revenue recognition journal entries (revrec jes) for compliance with asc 606 and ifrs 15 standards transaction orchestration transactions in nue and netsuite are carefully linked, ensuring accurate synchronization and visibility across both systems this integration flow ensures seamless data flow between nue and netsuite, enhancing financial management and enabling businesses to scale efficiently revenue recognition integration step by step setup follow these instructions to enable and configure revenue recognition via netsuite in nue if netsuite isn’t connected, select “add integration” and follow the prompts to authenticate you can also click on the netsuite integration row to view or edit existing configuration in the netsuite integration module, you’ll see available integration types as checkboxes payments/collections and revenue recognition accounting is available out of the box for the connector choose revenue recognition as the integration type by setting this checkbox, you will allow the system to set the "revenue status" you do not need to set up additional manual workflows—nue automates the sync based on your configuration for every invoice or credit memo, nue displays “revenue status” under transaction details, with values like not transferred, transferred, or error/failed—updated in real time from netsuite any sync errors are surfaced within the invoices page as well as transaction hub for quick troubleshooting