![]() To visualize your data and be able to put it on the dashboard, go to the Analytics section and select " New Workbook" and " Opportunity Revenue Forecast". The rest of the fields should get updated automatically through the Workflow. That means that each Opportunity record will have to be updated with a Period, and a Revenue Percent Forecast. Once the custom record is deployed, you will have to get your Project Managers to update the revenue forecast on the Opportunity record. Once that is done, set the Workflow to " Released", " Run as Admin" and "Enable Logging = True". Set Field Value Period Start Date=Period Start Date Set Field Value Opportunity Expected Close Date=Opportunity : Expected Close Set Field Value Opportunity Start Date=Opportunity : Start Date Set Field Value Opportunity Probability=Opportunity : Probability Set Field Value Opportunity Amount=Opportunity : Projected Total Set Field Value Opportunity Status=Opportunity : Opportunity/Estimate Status Set Field Value Opportunity Title=Opportunity : Title Choose Record Type = Opportunity Revenue Forecast and run it so that it is scheduled (you will have to create a saved search to run a scheduled Workflow. Navigate to the Workflow section by going to Customization -> Workflow -> Workflows -> New. Forecast Opportunity Revenue in NetSuite Create a Custom Recordįirst, create a custom record (named: Opportunity Revenue Forecast) with the following fields:Ĭreate a Workflow to Update the Custom Record Out of the box, NetSuite is unable to do that.īut, there is a way to accomplish this. In other words, if you have an opportunity to close a project that will start in one month and is of six months duration, you would like to know how the revenue will be recognized in the future on a month by month basis. It allows you to even see the potential recurring revenue in the future.īut what if you have a service-based business and want to have a forecast that looks like the booked revenue recognition forecast? It allows you to assign a probability of closing on opportunities/quotes that will then feed the pipeline report. It helps you categorize opportunities/quotes correctly. In other words, NetSuite can help your business with forecasting in the traditional sense. Order management capabilities provide actual sales and projections of recurring revenue in forecasts and variances. Probability-based forecasting offers weighted measurement of pending opportunities, quotes and orders, with the ability to make adjustments. Opportunities, quotes, and estimates include a forecast category that allows users to categorize the transaction appropriately. Out of the box, NetSuite can do the following: NetSuite Sales Forecasting and Quota Management Running a business requires real-time visibility on your data to be able to make better business decisions and having visibility on your opportunity revenue forecast is extremely important to be able to course-correct before disaster strikes. Forecast opportunity revenue in NetSuite easily and efficiently by leveraging the out of the box tools in NetSuite.
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