NetClose - Transfer an Amortization
Overview
Below are instructions on how to transfer an amortization after it has been commenced. Before the amortization has been commenced, to change the segmentation of the amortization, simply click the "Edit" button.
If an amortization has the status of "Commenced", NetClose will not allow the change of the segments on the amortization without performing a transfer.
Prerequisite
Before a transfer can be performed on an amortizations, it must be in "commenced" status and have the initial balance entry ran. If it is still in a pending status, follow the Commencing Amortization Steps.
Step by Step
There are two ways to transfer amortizations within NetClose. The transfers can be processed individually, directly within the amortization record, or run in mass for multiple amortizations.
Mass transfers can only be completed when all the desired amortizations are being moved to the same segments. If multiple amortizations are being moved to different segments then the transfers must be processed individually.
Within the Amortization Record
- Navigate to the amortization record you wish to transfer
- Click Transfer
On the Transfer Amortization screen, update the transfer destination information, as applicable
- Once the desired transfer destination information has been entered, select Submit
- The system will update to the Transfer Amortization Status Page where the system will show "Processing" as the Execution Status
- Refresh until the system shows an Execution Status of "Complete"
- Selecting the Amortization Name will take you back to the amortization record where you can see the journal entries for the transfer
Note, as shown above, one journal entry is created for each transfer. However, transfers result in two schedule lines, one to reflect the removal of the amortization from the old segment and the second to show the addition of the amortization to the new segment. This is required for reporting on this amortization to be correct.
Mass Transfer Steps
- Navigate to NetClose > Amortizations > Transfers
- On this screen apply the filters to show the desired amortization population to transfer
- Update the transfer destination information, as applicable
- Select the desired amortizations to transfer and select the Submit button
- The system will update to the Transfer Amortization Status Page where the system will show "Processing" as the Execution Status
- Refresh until the system shows an Execution Status of "Complete"