This topic applies to the Revenue Recognition feature. Revenue Recognition is the key feature of NetSuite classic revenue recognition. Classic revenue recognition features are not available in new NetSuite implementations. Classic revenue recognition (also called legacy revenue recognition) is still supported for customers who previously enabled it. NetSuite currently offers the Advanced Revenue Management (Essentials) feature to automate revenue deferral and recognition. For the equivalent information for Advanced Revenue Management (Essentials), see Setup for Advanced Revenue Management (Essentials).
Complete the following tasks to set up the Revenue Recognition feature:
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Enabling Auto-Numbered Revenue Recognition Schedules (optional)
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Defining Expense Categories for Billable Expenses (if you want to recognize revenue for billable expenses)
After you have set up the Revenue Recognition feature, the next step is to create the revenue recognition templates used to generate revenue recognition schedules for item sales. See Creating Revenue Recognition Templates.
The Revenue Recognition feature is a prerequisite for the following revenue-related features: Revenue Commitments, VSOE, and Sales Order Revenue Forecasting. To use any of these features, you need to complete additional setup tasks. See Setting Up the Revenue Commitments Feature,Setting Up the VSOE Feature, and Using Sales Order Revenue Forecasting.