NetClose - Amortization Time Machine
Overview
In NetClose, users can rewind amortizations to a previous period to undo actions or delete journal entries. This is done using the Amortization Time Machine, which permanently deletes any journal entries generated by the selected amortization.
If the amortization was part of a summarized journal entry, all amortizations included in that entry must be rewound at the same time.
The walkthrough below outlines the steps for using the Time Machine.
Click here to view the walkthrough in full screen.
Note: Changes made using the Time Machine are permanent and cannot be undone.
Note: A user must have Full permissions for the native NetSuite journal entry permission as well as Full permissions for the NetClose Amortization and NetClose Amortization Schedule Line custom records.
Note: The Time Machine can only be used for open periods. If a Full Rewind is required, all periods affected by the amortization must be opened. Attempting to perform a Full Rewind when journal entries exist in closed periods will result in an error message similar to the example shown below:
Step-by-Step Instructions
- Navigate to NetClose > Amortizations > Time Machine to access the Time Machine.
- Use the available filters to locate the amortization(s) that need to be rewound using the Time Machine. The Search filter supports free-form text, allowing amortizations to be found directly by name or other identifying details:
- Using the Time Machine, a Full Rewind can be performed to completely reset the amortization to its original Pending status—prior to the creation of any journal entries. Alternatively, the amortization can be rewound to the beginning of a specific period:
- The Time Machine includes an option to regenerate the amortization schedule after it has been rewound. Schedule regeneration is only available following a Full Rewind:
- The Time Machine also allows for complete deletion of an amortization when performing a Full Rewind:
- Once all necessary filters and options are selected, mark the amortization(s) to be time machined:
- After selecting the amortization(s) to be processed with the Time Machine, select Submit to proceed.
- A warning box will appear, requiring the user to type CONFIRM to proceed. This safeguard is in place to ensure deliberate execution, as the action is permanent and cannot be undone. Before continuing, verify that the correct amortizations are selected, all necessary periods are open, and that any associated journal entries for the selected period are approved for permanent deletion. Once verified, enter CONFIRM and click OK:
- On the following screen, the system will automatically refresh until the status is marked as Complete. A list of the rewound amortizations will be displayed at the bottom of the page:
- Select an amortization from the list at the bottom of the page to view the updated amortization record.