Revenue Arrangement Approval Routing
When you use approval routing, revenue recognition and reclassification journal entries cannot be generated until the revenue arrangement is approved. There are three ways to incorporate approval routing into revenue recognition processing:
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Approval Routing accounting preference – This option is the most basic. When you use this option, two fields are added to the revenue arrangement:
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Approval Status – The default is Pending Approval. The other options are Approved and Rejected. By default, all users who can edit revenue arrangements can change the approval status.
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Next Approver – By default, this field is blank. Users who can edit revenue arrangements can select any user in the system as the next approver.
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Revenue Recognition Approval Workflow SuiteApp – This managed SuiteApp is available to all users of the Advanced Revenue Management (Essentials) feature. It manages the validation and approval routing of revenue arrangements. For information, see Revenue Recognition Approval Workflow.
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Custom SuiteFlow workflows – You can create a custom workflow using SuiteFlow to manage approval routing for revenue arrangements in your account. For information, see SuiteFlow Overview.
All three approval routing options require the following feature and accounting preference:
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Feature – Go to Setup > Company > Enable Features.
On the Accounting subtab, check the Advanced Revenue Management (Essentials) box.
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Accounting preference – Go to Setup > Accounting > Accounting Preferences. On the Approval Routing subtab, check the Revenue Arrangements box.
If you use Approval Routing for Journal Entries, do the following:
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Create a custom form for your system-generated revenue recognition and reclassification journal entries. See Creating Custom Entry and Transaction Forms.
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Exclude this custom form from your workflows. See Using SuiteFlow for Journal Entry Approvals.
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Select the custom form in the accounting preferences Default Revenue Recognition Journal Entry Form and Default Reclassification Journal Entry Form. See Setting Advanced Revenue Management (Essentials) Preferences.
Related Topics
- Setup for Advanced Revenue Management (Essentials)
- Enabling the Advanced Revenue Management (Essentials) Feature
- Advanced Revenue Management in Configuration Mode
- Mapping Revenue Recognition Fields
- Setting Advanced Revenue Management (Essentials) Preferences
- Creating a Custom Revenue Recognition Event