Fixing ARM (Advanced Revenue Management) Configuration NetSuite is incorrectly categorizing all billing as Accounts Receivable and Deferred Revenue, treating every grant project the same way. Instead, revenue should be recognized appropriately as Accounts Receivable and Revenue where applicable. We need a finance professional to collaborate with IT and RSM to correct the revenue recognition workflow in ARM.

AI generated answer (using internal Slack threads):

****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ****** Based on the conversations, it seems that the issue you're facing with Advanced Revenue Management (ARM) in NetSuite is a common one. The system is incorrectly categorizing all billing as Accounts Receivable and Deferred Revenue instead of recognizing revenue appropriately as Accounts Receivable and Revenue where applicable. Here are some steps you can take to correct the revenue recognition workflow in ARM: 1. Assess the Current ARM Configuration: The first step is to evaluate your current ARM configuration. This includes understanding how your items are set up, how revenue recognition rules are applied, and how transactions are processed. 2. Test in Sandbox: Before making any changes in the live environment, it's recommended to test the changes in a sandbox environment. This will allow you to understand the impact of the changes without affecting your live data. 3. Configure ARM for Direct Revenue Posting: If you have items that should be recognized immediately upon invoicing, you can set these items for direct revenue posting in the item record. However, keep in mind that you cannot mix deferred items with items that are recognized immediately on the same transaction. 4. Put Existing Revenue Arrangements on Hold: If you have existing revenue arrangements that are "in progress" or "not started", put these on hold. These can be processed manually via Journal Entries (JEs). 5. Implement the Correct Configuration: Once you've tested and are satisfied with the new configuration in the sandbox, implement these changes in the production environment. All new transactions should use the correct setup. 6. Cleanup: If the system revenue arrangements have not been used, you can choose to delete them and recreate them. However, this approach should be tested in the sandbox first. Remember, it's always beneficial to work with an ARM experienced consultant to ensure the changes are implemented correctly and efficiently.