NetClose - Creating Amortization Types

Overview

NetClose enables users to set up multiple amortization types. Before creating an amortization or uploading a CSV of amortizations, amortization types need to be configured in the system.  

There are two ways to configure amortization types in NetClose: manually or via CSV upload. The below instructions will walk through the fields needed to create an amortization type and the two methods to configure amortization types.

Amortization Type Fields

Expense Convention (Full month or partial month)

Full month convention will amortize the entire month's amount regardless of the day in the month the amortization starts. 

Full Month convention schedule:

A partial month convention will amortize based on the date placed in service for the days remaining in the period. 

Partial Month convention schedule:

Default Term

Number of months that type of amortization is generally amortized for. This can be overridden when creating an amortization if needed.

Accounting Book

Any value in this field will cause a book specific transaction to be posted for that accounting book, including the primary book. If it needs to be posted to the primary and adjustment books, leave this field blank.

Balance Sheet Account 

Account that is credited every month.

Income Statement Account

Account that is debited every month.

Clearing Account

If a clearing account is added, this will create an initial balance entry for the amortization where the balance sheet account is debited and the clearing account is credited for the full amortization. See considerations for clearing accounts.

Step by Step - Manual Process

  1. To access the amortization types list, navigate to NetClose > Setup > Amortization Types
    1. On the NetClose Amortization Type List you can edit current amortization types or add a new NetClose amortization type
  2. To add a new amortization type select "New NetClose Amortization Type"
  3. Fill out the name, expense convention, and default term in the primary information section
  4. In the account mapping section choose an account to tie to the balance sheet, income statement, and clearing account
  5. Click "Save"

Step by Step - CSV Upload Process

  1. Fill out the applicable information in the NetClose Historical Amortization Upload Template
  2. Prepare the "Amortization Types" tab as a CSV file for upload
    1. Delete any informational or example rows
    2. When finished updating the Excel File, save it in a known location as a .csv file
  3. Navigate to the Import Assistant by accessing Setup > Import/Export > Import CSV Records
  4. With the Import Assistant open, update the Import Type to Custom Records and the Record Type drop-down to NetClose Amortization Type
  5. Under the CSV files section, click on the Select button and upload the .csv file you saved
     
  6. Select Next to progress to the Step 2 Import Options
  7. Within the Import Options section, make sure Add is selected (or Update if doing a bulk update to Amortizations) and "Run Server SuiteScripts and Trigger Workflows" is checked
  8. Select Next to progress
  9. After progressing through File Mapping, you will be prompted for Field Mapping
  10. Note that NetSuite tries to directly map all the fields it can recognize. When fields are not recognized, they must be manually matched between the .csv upload file and NetSuite fields.
    1. The recommendation is to match based on Internal ID for applicable fields
  11. If the fields are mapped correctly and the field contents match the field values in NetSuite, select Save & Run or Run as desired
  12. To view the status of the upload select "Import Job Status" in the Confirmation banner or navigate to Setup > Import/Export > View CSV Import Status
  13. When complete, the status will change to complete and show the records imported successfully
  14. In the event of a failed upload, review the logs for the specific reasons, make necessary updates to the CSV file, and repeat the above steps. 
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