NetSuite Tutorial - Expense Amortization

[@enantonio]

Best explanation and example out there! Thanks!

[@JRTallman]

Thank you!

[@MugdhaNaik-e4j]

Superb information! Thanks a lot for the detailed info and explaining the relevance of each field.

[@GaneshKamble-rk4vi]

well explained

[@mahimasingh4459]

thanks its really usefull

[@MarN1ck]

Really good explanation, thank you very much for sharing this. Is there a possibility to have the amortization schedule creating and posting the journals automatically, once you have posted (saved) the bill? Or do we always have to create amortization journals manually?

[@JRTallman]

Thank you! Unfortunately, no way to schedule amortization JE's (unlike rev. rec. JE's where you can)

[@lauriegreen6840]

Thank you for sharing your knowledge. Excellent presentation. How can existing prepaid expense amortization schedules in excel be converted to this method in NetSuite? Is there a specific import template?

[@JRTallman]

Thank you. I don't have a specific import template, but the process should be as follows: For in-flight amortization, these would need to be brought in via a JE. The amount remaining in the schedule should be brought in as a journal entry from the go-live date through the end date of the schedule. Vendors should be referenced in the ‘Name’ field of the journal entry to provide tie back to the vendor record, where appropriate. For each Amortization schedule to be imported: Debit the appropriate deferred expense account for the full amount remaining in deferred. Credit the appropriate expense account for the amount remaining in deferred. However, on this line item, select an amortization schedule along with a start date of the day after go-live and an end date of the end of the schedule. Note: the deferral account may be set on the expense account record or defined on a specific amortization schedule template. Once you save the JE, there will be no GL impact as this will just establish the amortization moving forward.

[@BryanLivingston-e7r]

Why when I create the journal entry is my destination and source account the same?

[@bcnicholas123]

Awesome tutorial. My only question is: is there any way to get the JE generator to leave the department code blank for the prepaid account? It looks like it automatically copies down the department of the expense you use for the bill. My company has a policy of using departments for expenses, but not for asset/liability accounts

[@JRTallman]

Unfortunately, I don't believe so as it will be copied over from the department from the original source (i.e., Bill)

[@AdryannaYonos]

Can I specify the template to amortize in quarterly periods, rather than them defaulting to monthly?

[@JRTallman]

Not easily. On the Amortization Template, you would need a 'Custom' method. You could then specify a 'Period Offset' to amortize every quarter. Not the most ideal situation as you also need to put the amount when specifying the custom method. Otherwise, you could modify the amortization template once its created to change from monthly to quarterly (manually) or run amortization every quarter and do a catchup for the entire quarter. Neither great alternatives.

[@spencermauter7933]

How can I have the option to set it as default in the Template?

[@JRTallman]

What are you trying to set as the default? You should be able to set all accounts as default in the actual expense amortization template. All segmentation (department, class, location) will come from the source transaction. Lastly, you can default the template on a purchase item.

[@PeterGutierrez-y7i]

I am trying to set this up but why dont I see a default account option for my deferral and target account? I have periods and amortizations options enabled. How would I work around this?

[@JRTallman]

By keeping those fields (Deferral Account and Target Account) blank on the amortization template, these fields will show 'Default' once you save.

[@PeterGutierrez-y7i]

@@JRTallman Thank you! Do you know why when I assign a schedule to a line inside a journal entry it is not using the end date I've entered? The end date it is using is the current month end.

[@JRTallman]

@@PeterGutierrez-y7i I'd make sure you are using the standard Start + End date fields on the JE. In addition, make sure you don't have any custom methods set on the Amortization template (and the Amortization Period field is kept blank).

[@PeterGutierrez-y7i]

@@JRTallman double checked and I did not use any methods or period dates in the amort. template and the jounral entry is using the standard start and end date fields. So strange this problem is arising. Any other troubleshoot ideas?

[@JRTallman]

@@PeterGutierrez-y7i Unfortunately, no. I assume you tried creating a new JE instead of updating the end date on the existing JE? As long as you're using the standard End Date field on the JE it should use that on the amortization schedule. Might be worth creating a case with NS Support.