![]() For each template, you can select from a choice of standard terms or define your own custom terms, set the time period over which recognition occurs, define an offset to delay the start of recognition, and set up an initial amount to be recognized. See Vendor Credit Amortization Example and Setting an Amortization Template on a Vendor Credit Line Item.Īfter Amortization has been enabled, you can create amortization templates that indicate how to post expenses from associated items and expenses. This preserves your historical data and audit trail. When the Amortization feature is enabled, you should make change to expenses on purchase transactions by using vendor credits rather than changing the original transaction. For more information about enabling this feature and setting associated preferences, see Setup for Amortization. You can create additional Deferred Expense accounts as needed. Accounts of the type Deferred Expense are included as Other Current Assets on the balance sheet. NetSuite does not differentiate between prepaid expense and deferred expense. When Amortization is enabled, NetSuite automatically adds a default account with a type of Deferred Expense to the Chart of Accounts because at least one account of this type is required for the feature. For more information, see Using Revenue Recognition and Advanced Revenue Management (Essentials) and (Revenue Allocation). ![]() The process for amortizing expenses is similar to, and may be used in conjunction with, deferred revenue recognition methods. The Accounting Periods feature must be enabled before the Amortization feature can be enabled. The Amortization feature enables you to record the general ledger impact of item purchases and expense charges across multiple future periods. ![]()
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