NetClose - Rejecting Amortizations, Modification Approvals, and Transferring Types
Overview
This release adds three controls that give amortization reviewers a cleaner audit trail and more say over changes before they post to the general ledger:
- Reject a pending amortization instead of deleting or inactivating it.
- Modification Approvals - hold amortization modifications in a pending state for review before the schedule updates.
- Transfer options - transfer an amortization to a different amortization type or different balance sheet account, income statement account, or clearing account so the correct accounts are hit.
Each is covered in its own section below.
Reject a Pending Amortization
Previously, the only ways to discard an amortization a reviewer no longer wanted were to delete or inactivate it. Neither leaves a clear record of the decision, and many organizations are not permitted to delete records in NetSuite. The new Rejected status lets a reviewer formally decline a pending amortization while preserving a searchable record of what happened.
Why reject instead of delete or inactivate
Rejecting keeps the amortization on the record so the decision is auditable. Use it when a bill met the criteria to create an amortization, but on review the amount does not actually need to be amortized.
To reject an amortization:
- Open the amortization record at NetClose > Amortizations > Amortizations.
- Confirm the amortization is in Pending status - Reject is available only as a transition from Pending.
- Click Reject.
- The amortization moves to Rejected status.
Generated schedules are removed on reject
If schedule lines were already generated for the pending amortization, rejecting it removes those generated schedule lines so no orphan schedule records remain.
Rejected amortizations are excluded from the Create from Transaction queue, so a source transaction whose amortization was rejected will not reappear on the page.
Modification Approvals
By default, a modification to a commenced amortization applies immediately and the schedule updates right away. A new global setting lets a company hold each modification for review before it takes effect.
Off by default
Modification approvals are turned off by default. Existing modification behavior is unchanged until an administrator enables the setting.
To enable it, turn on Require Approval on Amortization Modifications in the NetClose global settings.
When the setting is on:
- Modifications are created in Pending status.
- The amortization schedule is not updated until the modification is approved.
- Approved - the standard completed-modification process runs and the schedule updates.
- Rejected - the modification record stays under the Modifications subtab marked Rejected, with no effect on the amortization schedule.
Transfer Amortization Types or Accounts
The amortization transfer page now includes the option to transfer to a different amortization type, balance sheet account, income statement account, or clearing account. Navigate to this page via NetClose > Amortizations > Transfer.
When a transfer is processed:
- The remaining prepaid balance is reversed out of the old account(s) and into the new account(s).
- Journal entries going forward post to the new accounts.
