ANS-0485 · REVENUE RECOGNITION
How to Manually Override Project Percent Complete for Revenue Recognition
This guide explains how to configure NetSuite accounting preferences to allow manual input for project percentage of completion, impacting revenue recognition schedules.
Short answer
To manually control project percentage of completion for revenue recognition in NetSuite, navigate to Accounting Preferences. Ensure that the 'Use System Percentage of Completion for Schedules' checkbox is cleared. This configuration allows users to input the percentage complete directly on the project record, enabling precise revenue recognition adjustments.
Scenario
Organizations often require the flexibility to manually determine the percentage of completion for projects, rather than relying solely on NetSuite's system-calculated values. This is crucial for accurate revenue recognition, especially when project progress needs to be adjusted based on specific operational milestones or client agreements.
Solution
To enable manual control over project percentage of completion for revenue recognition, follow these steps:
Navigate to the Accounting Preferences in NetSuite.
Within the Accounting Preferences, locate and ensure that the 'Use System Percentage of Completion for Schedules' checkbox is cleared. This setting allows for manual input of the percentage complete.
Once this preference is configured, users can then utilize the 'Percent Complete Override subtab' on the project record to manually specify the project's percentage of completion, directly influencing revenue recognition.
Expert NetSuite Support
Need help with this NetSuite issue?
Revenue Recognition consulting and configuration support