NetClose - Create Amortization Types

Overview

Before creating amortizations in the system or uploading them via CSV, amortization types need to be configured.

Amortization types are categories or groupings for your prepaids such as prepaid insurance, prepaid rent, or prepaid software. If desired, you can create one amortization type per prepaid account in your Chart of Accounts.

See below for a guide on the amortization type fields and instructions on adding types manually or via CSV upload.

Amortization Type Fields

FieldDescription
NameDetermines how the type will display.
Expense ConventionFull month amortizes the entire month's amount regardless of the day in the month the amortization starts. Partial month amortizes based on the date placed in service for the days remaining in the period.
Default TermNumber of months the amortization is generally amortized for. This can be overridden when creating an amortization if needed.
Accounting BookAny value in this field will cause a book specific transaction to be posted for that accounting book, including the primary book. If it needs to be posted to the primary and adjustment books, leave this field blank.
Balance Sheet AccountAccount that is credited every month. This account also defaults onto every new amortization of this type when the amortization is created.
Income Statement AccountAccount that is debited every month. This account also defaults onto every new amortization of this type when the amortization is created.
Clearing AccountIf a clearing account is added, this will create an initial balance entry for the amortization where the balance sheet account is debited and the clearing account is credited for the full amortization. See considerations for clearing accounts.

Add Amortization Types Manually

  1. Navigate to NetClose > Setup > Amortization Types
  2. To add a new amortization type, select New NetClose Amortization Type
  3. Populate the required fields, and optional fields as desired.
  4. Save the record.

Add Amortization Types via CSV Upload

  1. Fill out the applicable information in the NetClose Historical Amortization Upload Template
  2. Prepare the "Amortization Types" tab as a CSV file for upload
    1. Delete any informational or example rows
    2. When finished updating the Excel File, save it in a known location as a .csv file
  3. Navigate to the Import Assistant by accessing Setup > Import/Export > Import CSV Records
  4. With the Import Assistant open, update the Import Type to Custom Records and the Record Type drop-down to NetClose Amortization Type
  5. Under the CSV files section, click on the Select button and upload the .csv file you saved
     
  6. Select Next to progress to the Step 2 Import Options
  7. Within the Import Options section, make sure Add is selected (or Update if doing a bulk update to Amortizations) and "Run Server SuiteScripts and Trigger Workflows" is checked
  8. Select Next to progress
  9. After progressing through File Mapping, you will be prompted for Field Mapping
  10. Note that NetSuite tries to directly map all the fields it can recognize. When fields are not recognized, they must be manually matched between the .csv upload file and NetSuite fields.
    1. The recommendation is to match based on Internal ID for applicable fields
  11. If the fields are mapped correctly and the field contents match the field values in NetSuite, select Save & Run or Run as desired
  12. To view the status of the upload select "Import Job Status" in the Confirmation banner or navigate to Setup > Import/Export > View CSV Import Status
  13. When complete, the status will change to complete and show the records imported successfully
  14. In the event of a failed upload, review the logs for the specific reasons, make necessary updates to the CSV file, and repeat the above steps. 
Was this article helpful?

Knowledge Center