The client is selling a package that can be redeemed within a year. Any option we can use for revenue recognition upon redemption or and the unredeemed portion upon expiry.

this is not a NS matter, this is an advisory issue. in other words, the company needs to decide a policy around redemption and how to recognize revenue. Once they do they will be able to put the dates in and set rev rules on items (i.e. what triggers, likely on fulfillment).

It sounds as of the policy has already been determined - to recognize revenue upon redemption during the year, and then to recoginze the unredeeme portion at the end of the year. I'm reading the question as "How do we approach that policy in NetSuite?" That being said, I agree that recognition on fulfillment is the answer and to fulfill the unused portion at expiry of the year.