Risk Revolution Blog

A digital revolution is upon us! We are witnessing the greatest digital transformation since Y2K thanks to perpetual patch cycles within SaaS Applications. Organizations are ridding themselves of building and managing data centers by moving their legacy applications to hosted data centers. And thus moving many of their legacy applications to modern SaaS applications. Some […]

Managing vendor master data in NetSuite comes with its own set of challenges, especially when compared to other ERP systems who clearly separate entry and approval security objects. NetSuite doesn’t inherently have this segregation built into its standard functionality and permissions. As a result, it becomes crucial for organizations to design roles carefully, ensuring only […]

NetSuite’s System Notes feature provides a vital audit trail for changes made to records within the ERP system, ensuring comprehensive visibility into the modifications of both standard and custom records. This functionality remains enabled and captures extensive information, such as the change’s date and time, user, and role involved. It records the type of change, […]

Customer Invoicing in NetSuite is a streamlined yet multi-step process. It starts with the creation of a quote and moves through several stages—sales order, fulfillment, and finally, the generation of the invoice. For several organizations, it begins when a sales rep creates a quote, detailing the products or services and their associated costs to their […]

Role customization in NetSuite is a powerful tool for tailoring user access to align with specific job functions. It gives organizations the flexibility to control access based on their operational needs. Administrators can choose between copying and modifying existing roles or building roles from scratch. Each method offers distinct advantages depending on an organization’s situation.  […]

In NetSuite, revenue elements play a vital role in the overall revenue management system. Revenue elements are fundamental components within the NetSuite realm of revenue recognition. And represent individual line items in sales transaction records and their associated revenue arrangement records. As per NetSuite, Revenue Elements are “records that correspond to individual lines in a […]

To summarize the last couple of articles I posted on revenue recognition in NetSuite, revenue arrangements and revenue elements are essential components in NetSuite’s approach to revenue management, especially for businesses adhering to standards like ASC 606. In essence, revenue arrangements are records that capture customer obligations, while revenue elements represent individual line items or […]

Revenue arrangements, as defined by NetSuite, are “non-posting transactions that record the details of customer performance obligations for purposes of revenue allocation and recognition.” NetSuite automatically creates these arrangements when transaction records, such as sales orders, invoices (not created from sales orders), and cash sales, are created.  Let’s say you have a streaming service where […]

When it comes to managing customer invoices in NetSuite, enabling invoice approval routing is an important step in maintaining control over the billing process. First, navigate to the Accounting Preferences page in NetSuite and select the Approval Routing tab. Here, you can activate invoice approval routing, which enables organizations to build a customized workflow process […]