Netsuite's Amortization Schedule
Hi All,
Amortization as name suggest means "the action or process of gradually writing off the initial cost of an asset", like paying for Insurance or Software license at particular interval of time (It can be months days or years also).
Amortization schedule uses Amortization Template for creation of Amortization schedule, it gets generated for purchase transactions containing items or expense lines that have associated amortization template.
At the time of creation of bill, under expense and item line use can define/select Amortization Template in "Amort. Schedule" field. On approval of bill , it will create Amortization schedule which will run periodically based on Template.
User can not delete Amortization schedule if there is any associated JE, to delete Amortization schedule in this case user should delete JE first.
The only way to delete an amortization schedule is to remove the line that has an amortization schedule from the transaction.
Amortization Schedule is non posting record and have no impact until there is Amortized Journal Entry gets created. Amortized Journal entry is a je created based on Amortization Schedule.
Amortization schedules determine the journal entries that need to be generated to record the impact of purchased items and expenses.
To create Amortization Template:
go to Lists > Accounting > Amortization Template
To view , edit Amortization Schedules:
go to Lists> Accouting > Amortization Schedules.
Read about Amortization Template here
If you have any query , please comment below or comment in FB Group/Page.
Thanks
Netsuite Guru
Amortization as name suggest means "the action or process of gradually writing off the initial cost of an asset", like paying for Insurance or Software license at particular interval of time (It can be months days or years also).
Amortization schedule uses Amortization Template for creation of Amortization schedule, it gets generated for purchase transactions containing items or expense lines that have associated amortization template.
At the time of creation of bill, under expense and item line use can define/select Amortization Template in "Amort. Schedule" field. On approval of bill , it will create Amortization schedule which will run periodically based on Template.
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| Amortization Schedule in Line of Bill |
The only way to delete an amortization schedule is to remove the line that has an amortization schedule from the transaction.
Amortization Schedule is non posting record and have no impact until there is Amortized Journal Entry gets created. Amortized Journal entry is a je created based on Amortization Schedule.
Amortization schedules determine the journal entries that need to be generated to record the impact of purchased items and expenses.
To create Amortization Template:
go to Lists > Accounting > Amortization Template
To view , edit Amortization Schedules:
go to Lists> Accouting > Amortization Schedules.
Read about Amortization Template here
If you have any query , please comment below or comment in FB Group/Page.
Thanks
Netsuite Guru
Thank you for this article, is there anyway to edit the bill and add an amort. schedule after the bill is created and approved?
ReplyDeleteHi, is there any way to add an amortization schedule to a credit card transaction in netsuite?
ReplyDelete