NetClose - Amortization Cutover
During implementation it is common that the amortizations that are being moved to NetClose are already being tracked elsewhere. Journal entries on the amortizations most likely have already been made throughout the lifetime of the amortization. In order to move the data from the previous system to NetClose there are a few things to note in order to make the transition seamless.
Uploading Amortizations During Implementation
When uploading the data into NetClose during implementation, the data will be collected in an Excel template and uploaded via CSV import.
NetClose Amortization Upload Template
Because the amortizations have already begun to be amortized previously, the data in the template will not be the original amounts, but the amounts at implementation. Fill out the template with the following data:
| Amortization Name | Name |
| Amortization Type | A type that was previously created. |
| Capitalization Date | This is the date the amortization was originally capitalized. |
| Start Date | The date the amortization will start to amortize within NetClose. |
| Term | The number of terms remaining to amortize. |
| Currency | Currency type |
| Amount | The amount remaining to amortize. |
| Income Statement Account Override (optional) | The P&L account you want to link the amortization to if it is different than the P&L account on the amortization type mapping. |
| Clearing Account Override (optional) | The Clearing account you want to link the amortization to if it is different than the clearing account on the amortization type mapping. |
| Subsidiary | The subsidiary you want to link the amortization to (must be a subsidiary in Netsuite). |
| Location (optional) | The location you want to link the amortization to (must be a location in Netsuite). |
| Department (optional) | The department you want to link the amortization to. |
| Class (optional) | The class you want to link the amortization to. |
| Vendor (optional) | The vendor you want to link the amortization to. |
| Source Transaction (optional) | A bill, journal, invoice, ect. that links to the amortization. This does not affect the journal entries. |
| Parent Amortization (optional) | If applicable, list the parent amortization to create a parent/child relationship. |
Making the Switch
After implementation is complete and the amortizations have been uploaded, simply stop making journal entries in the previous system that was being used and start making journal entries within NetClose.