Recurly for NetSuite
To optimize your subscription business and get the most out of your customer data and other metrics, you need strong financial reporting that adheres to compliance guidelines. Financial reporting for subscription based-businesses presents unique requirements as these metrics have an emphasis on customer-centric data such as customer renewal rates, churn and lifetime value.
Recurly merchants can seamlessly integrate their billing and subscription data from Recurly with their accounting and financial data through our new integration with NetSuite, a leading cloud-based business software for accounting and ERP. Through this integration, Recurly merchants can effectively and accurately manage recurring revenue data using NetSuite’s best-in-class, automatic, GAAP-compliant revenue recognition and standard financial reporting.
The NetSuite integration is available to merchants who are on the Recurly Enterprise pricing plan.
In order to take advantage of the integration, merchants need the following functionality enabled within NetSuite:
- NetSuite ERP
- Revenue Recognition Module
- Sandbox Account (for testing and verification of data)
The Recurly/NetSuite integration is a one-way integration which syncs the following records between Recurly and NetSuite:
- Plans, Add-Ons, and Setup Fees
- Customer Accounts
The process runs every two hours by default, and will sync any records that have not yet been synced between the two systems.
The following diagram details how records are integrated between the two systems:
Plans, Add-Ons, and Setup Fees
Once plans, add-ons, and setup fee records are integrated with NetSuite, they will be Non Inventory Items for Sale in the NetSuite product catalog. From there, merchants can assign Deferred and Recognized Revenue accounts against each product so that when invoices are integrated, revenue will be recognized appropriately.
Customer accounts within Recurly are integrated with the Customer and Contact record types within NetSuite. Merchants can utilize NetSuite reporting to aggregate their financial records by customer once this information has been integrated.
Invoices in Recurly are integrated with Invoices in NetSuite. The header information will be defined based on the NetSuite configuration of each merchant. The line level information will define revenue recognition rules: the periods that are defined on invoices within Recurly will populate NetSuite revenue recognition schedules that will drive revenue recognition. Merchants have the option to manually edit.
Transactions within Recurly are integrated with Payments and Refunds within NetSuite. When a payment is integrated to NetSuite, it will close the accounts receivable on the invoice to which it is associated.
Credits in Recurly are integrated with Credit Memos within NetSuite. As with invoices, this will utilize the built-in revenue recognition functionality within NetSuite to properly recognize revenue and handle accounts receivable.
Because every NetSuite implementation is different, Recurly is able to integrate with custom fields that a merchant has in a NetSuite. This customization can be defined during a conversation with the Recurly team.