NetClose - Create a New 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 Process
There are a few ways to create amortizations in NetClose. We will go through each method below.
- Mass CSV Upload (most common during go-live)
- Create from scratch
- Create from Transaction (recommended)
Mass CSV Upload
Fill out the applicable information in the NetClose Historical Amortization Upload Template.
Then, import the file by following the instructions in the Upload Amortizations article.
| 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. |
Create an Amortization from Scratch
- Navigate to NetClose > Amortization > Create New Amortization
- Fill out the form using the descriptions for the fields above.
- Click Save.
Create an Amortization from Transaction (recommended)
Creating an amortization from transaction allows you to link to the corresponding bill, invoice, or journal entry. This article walks through the process.