One-Time Project Recognition

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After implementing NetSutie for serveral companies, I realize that NetSuite isn‘t perfect in project recognition, especially in service industry.

Here‘s the simple workflow for your reference. Basic concept is that before a project is closed, all the related expense/cost/revenue should be booked under deferred expense/revenue.

After the project is closed, all the deferred amount should be transferred to recognized amount.

The expense/cost/revenue amount will be reflected on P&L, balance sheet report.

Note: this solution won‘t work if the project is done through intercomapny transactions.

How to use it?

NetSuite bundle ID:

Please let me know if you want to intall this APP.

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