EITF 08-01 Revenue Recognition Feature

EITF 08–01 Revenue Recognition is part 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) and Advanced Revenue Management (Revenue Allocation) features to automate revenue deferral and recognition. For information about the current feature, see Advanced Revenue Management (Essentials) and (Revenue Allocation).

EITF 08-01 Revenue Recognition is a managed SuiteApp available from NetSuite. This SuiteApp automates the complex pricing calculation and revenue allocation processes required to comply with the new Financial Accounting Standards Board (FASB) rules for Emerging Issues Task Force (EITF) Rule 08-01. This rule requires companies selling products and services with multiple elements to report both recurring and non-recurring revenue items based on estimated selling prices.

With this feature you can set and track multiple selling prices by transaction line. Use EITF 08-01 Revenue Recognition to:

• Track multiple estimated selling prices.

• Establish a range of ESP prices for each item

• Calculate allocations based on item category formulas

• Support contingent revenue handling

• Use Emerging Issues Task Force Rule 08-01 and Statement of Position No. 97-2 pricing rules together

• Analyze price allocation with real-time data on your dashboard

• Generate EITF 08-01-compliant revenue recognition schedules

For a description of how the EITF 08-01 Revenue Recognition feature works, see Understanding EITF 08-01 Revenue Recognition.

General Notices