NetClose - Amortizations Overview
Amortizations may be a main focus of your close process, especially if you have a large amount of prepaids on your books. Being able to accurately track and amortize your prepaids over a specific period is essential to ensuring that your books are accurate for reporting purposes. With this is mind, it is important to have a system in place that will allow you to see all items that need to be amortized in one place to ensure that they are being accounted for properly on a monthly basis.
The Amortizations Module in NetClose will provide you with the essential tools needed to track and maintain your amortizations. Amortizations provides you the ability to track all of your new and existing prepaids in one place. When creating amortizations, you will want to ensure that you are inputting what your current balance is and not the original value for pre-existing prepaids. Additionally, you will want to ensure you include the remaining term of the amortization and not its original term.
On top of having all your amortization schedules in one place, you also will have the functionality to run your monthly journals, as well as create new amortizations from transactions you create within NetSuite. If you need to make any adjustments to your amortization throughout its term, the amortization module allows you to easily modify the amortization. Once all amortizations have been created or when any entries have been run, an approver will need to go in and approve any transactions that come out of the amortization module.