NetClose - Create Amortization from Transaction

Overview

This article outlines how to create an amortization from a posted transaction. To set amortizations to auto-create on transaction creation, see Auto Create Amortization from Transaction.

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

1. Navigate to NetClose > Amortizations > Create from Transaction View full size
2. You can filter the Transactions by:
   • Account
   • Transaction Type
   • Date
   • Entity
   • Posting Period
   • Amortization Type
   • Subsidiary
   • Department
   • Class
   • Location
   • Search
3. On the transaction row, populate the following:
   • Name the Amortization; defaults to transaction memo where there is a memo.
   • Choose a specified Amortization Type
   • Set the term (months) of the Amortization. If there is a default term on the type, this field will autofill. Can be overridden manually. View full size
   • Update any accounts as desired. These fields autofill if populated on the type. View full size
4. If you select multiple transactions, you will have the option to create a single amortization or multiple amortizations. Creating a single amortization will combine all selected transactions into one amortization. Creating multiple transactions will create a single amortization for each transaction line selected. View full size
5. After clicking "Create", the amortization will populate on the "New Amortizations" tab. View full size
6. Select the name of the new amortization to pull up the amortization record. View full size
   • Many fields will auto populate based on the transaction you are creating the amortization from, although all fields can be edited before commencing the amortization.
   • To edit any information, select Edit.

Remove From Queue

The Create from Transaction list shows transaction lines that don't have an amortization yet. If a line should never be amortized, you can take it off the list with Remove From Queue. View full size

What Remove From Queue Does to the Transaction

Remove From Queue checks the NetClose Amort Create From Transaction Hidden checkbox on each selected transaction line. Create from Transaction leaves out any line where this checkbox is checked.

• No amortization is created.
• The transaction's amounts, accounts, and GL impact don't change. NetClose only updates the checkbox on the selected lines.
• Other lines on the same transaction stay in the list.

To show a removed line in Create from Transaction again, open the transaction, edit it, and clear the NetClose Amort Create From Transaction Hidden checkbox on the line. Save the transaction, then refresh Create from Transaction.

Next Steps

• Generate Amortization Schedules
• Run Journals