NetClose - Creating a Multibook Amortization
Overview
The multi-book amortizations feature within NetClose Amortizations allows users to manage and post amortizations across multiple accounting books in NetSuite. This is particularly useful for organizations that maintain multiple books to accommodate different accounting standards or regulatory requirements across locations. Instead of posting to the primary book, users can assign specific amortizations to secondary or adjustment books.
Prerequisites
- NetSuite Multiple Books Module must be enabled.
- Users must have more than one accounting book configured within their NetSuite environment.
Step by Step
To create a single Net Close Amortization with a Specific Accounting Book navigate to the amortization creation page. Use the Accounting Book Override field to select the desired accounting book for the amortization. If this field is set, then all journal entries from this amortization will be posted only to the book that is set on this field.
Users can also set the specific Accounting Book for an Amortization Type so that all NetClose Amortizations created from that Amortization Type will post to that book instead of the primary book. To do this navigate to the list of amortization types (e.g., NetClose > Amortization Types). Open or create an amortization type. In the Accounting Book field, select the relevant book (e.g., FX Adjustment) and save the amortization type. When creating an amortization from a transaction, the amortization journals will follow the Accounting Book set on the Amortization Type.