NetClose - Creating an Amortization
Prerequisite
Before you create an amortization for the first time, you'll need to make sure your Amortization Types are set up in NetClose.
Step by Step
There are a few ways to create amortizations in NetClose.
- Mass CSV Upload (most common during go-live)
- Create from scratch
- Create from Transaction (most common after go-live)
Mass CSV Upload
During implementation you will be given an amortization template to upload all amortizations at once.
| Field Name | Required | Description |
| Amortization Name | Yes | Basic name of your amortization |
| Amortization Type | Yes | One of the amortization types you previously created in NetClose. Amortization journal entries use the GL accounts mapped to the type. |
| Capitalization Date | Yes | When the amortization was originally capitalized. |
| Start Date | Yes | Usually the same as the capitalization date. This is the date you want the system to start amortizing. |
| End Date | Yes | The end date of the amortization. |
| Term | Yes | The term in months of the amortization. |
| Currency | Yes | The currency used for the particular amortization. |
| Amount | Yes | Amount of the amortization. |
| Income Statement Account Override | No | The P&L account you want to link the amortization to if it is different than the P&L account on the amortization type mapping. |
| Clearing Account Override | No | The Clearing account you want to link the amortization to if it is different than the clearing account on the amortization type mapping. |
| Subsidiary | No | The subsidiary you want to link the amortization to (must be a subsidiary in NetSuite). |
| Subsidiary Internal ID | No | The internal ID of the subsidiary you want to link the amortization to (must be a subsidiary in NetSuite). |
| Location | No | The location you want to link the amortization to (must be a location in NetSuite). |
| Location Internal ID | No | The internal ID of the location you want to link the amortization to (must be a location in NetSuite). |
| Department | No | The department you want to link the amortization to (must be a department in NetSuite). |
| Department Internal ID | No | The internal ID of the department you want to link the amortization to (must be a department in NetSuite). |
| Class | No | The class you want to link the amortization to (must be a class in NetSuite). |
| Class Internal ID | No | The internal ID of the class you want to link the amortization to (must be a class in NetSuite). |
| Vendor | No | The vendor the amortization is running through if applicable (must be a vendor set up in NetSuite). |
| Vendor Internal ID | No | The internal ID of the vendor the amortization is running through if applicable (must be a vendor set up in NetSuite). |
| Description | No | A brief description of the amortization. |
| Source Transaction | No | A specific bill, journal entry, or invoice you want to tie to the amortization. |
| Parent Amortization | No | The parent amortization (if applicable). The parent amortization should be already set up or on the import list. |
| Shared Transaction Balance Sheet Template | No | Select the shared transactions template to be used to allocate the balance sheet accounts. |
| Shared Transaction Expense Account Template | No | Select the shared transactions template to be used to allocate the income statement accounts. |
CSV Upload
- Fill out the CSV template according to the instruction above.
- Perform the CSV upload by following the instructions in the Amortization Template Upload article
Create an Individual Amortization from Scratch
- Navigate to NetClose > Amortization > Create New Amortization
- Fill out the form using the descriptions for the fields above.
- Click Save.
Creating an Amortization from a Transaction
Creating an amortization directly from a transaction will most likely be more common than creating an amortization from scratch. This is so you can link the amortization directly to a bill, invoice, or journal entry. To create an amortization from a transaction, follow the instructions here: