NetClose - Clearing Account Considerations
Clearing Accounts
Part of the amortization type mapping is considering weather or not to add a clearing account. If an account is added into the clearing account section of the mapping, it will trigger an initial balance entry for the amortization where the balance sheet account is debited and the clearing account is credited for the full amortization amount.
If there is no clearing account listed in the account mapping, the first journal entry will the amortization entry and no initial balance entry will be made.
Create Amortization from Transactions
Adding future amortizations to a clearing account makes creating amortization from transactions simple. Leaving amortizations that need to be capitalized in a clearing account allows you to filter results by that account and have NetClose create amortizations directly from the account.