NetClose - Monthly Journals

Prerequisite

Before you can run journal entries on your amortizations, it must be in "commenced" status. If it is still in a pending status, follow the Commencing Amortization Steps.

Step by Step

There are two ways to run monthly journal entries for your amortization. You can run the journal entry individually, directly within the amortization record, or run mass entries for all of your amortizations.

Within the Amortization Record

  1. Navigate to the amortization record you wish to run entries on.
  2. Click "Run Journals".

   3. Select the period in which you wish to run entries.

Initial Balance Entries

If the amortization has an initial balance entry, you must run that entry along with the first month's amortization entry. The Initial balance entry is created when an amortization is created from a transaction. You can verify that the amortization is linked to a transaction by navigating to the record and clicking on the "Accounting information" subtab. The linked transaction will be listed under the "Source Transaction".

The initial balance journal entry will debit the linked Balance Sheet Account based on the amortization type, and credit the linked Clearing account based on the amortization type, OR the Clearing account override listed below the Source Transaction.

If the amortization is not created from a transaction, NO initial balance entry will be ran. The schedule line will still appear on the amortization schedule and the initial balance journal line will still show up when you run entries but no journal will be made. When running initial journals on the amortization, select BOTH the initial balance and the amortization entries even though it will not run an amortization entry.

Amortizations with NO initial balance entry.
You MUST select both the initial balance and the amortization entry when running the first journal entries. Even though the initial balance entry will not run, both lines must be selected for the amortization entries to run correctly.


Mass Monthly Journal Entries

  1. Navigate to NetClose > Amortizations > Process Monthly Journals
  2. Select the month you'd like to run journal entries for.
  3. Select "-ALL-" on the transaction types the click "submit". 
  4. Refresh until the "Generate Status" is "Complete".

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