What are the revenue recognition workflows?

AI generated answer (using internal Slack threads):

Revenue recognition workflows in NetSuite are typically used to manage the process of recognizing revenue from sales transactions over a period of time. This is particularly important for businesses that sell products or services on a subscription basis, where revenue is earned over the duration of the subscription rather than at the point of sale. In NetSuite, revenue recognition can be set up to occur at the time an item is fulfilled. However, this may not work for all businesses. For example, if a business recognizes revenue only when goods are received by their customers, they may need to use a different method. One possible workaround is to use custom revenue triggers, which can be set up for specific events such as "Customer Received". This does not necessarily require scripting, but if there is a large volume of transactions, scripting may be necessary to automate the process. It's important to note that revenue is typically not recognized on a Sales Order in NetSuite. A Sales Order is a non-posting transaction that expresses a commitment to ship goods and/or perform services. It has no accounting impact until items are shipped and an invoice or cash sale is created from the sales order to bill the customer for the items. For businesses that need to recognize annual subscription revenue, this can be done through journal entries. However, if full IFRS compliance is required, a bundle may be necessary as auditors often like to see reclassified revenue. Automating this process can be complex and potentially error-prone, particularly if it needs to be done at a granular level for individual sales. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******