As a NetSuite user, you have probably noticed that when a Journal Entry is created from an amortization schedule, it is hard to make the link between the transaction on which the amortization is applied and the Journal Entry itself.
The link is present directly on the amortization schedule but it cannot be found on either transaction.
This makes it difficult for most of our customers to track their amortization process efficiently, and this is why we developed this small but handy solution that will prevent a lot of headaches amongst A/P Clerks and other Finance Managers.
Let’s have a look at a concrete example.
A bill has been created and has an amortization schedule running over three months.
When the amortization Journal Entry is created, it includes a direct link to the amortization schedule but not to the transaction itself.
The memo of the Journal indicates that it is created from an amortization but gives no indication on the nature of it. For each schedule included in the amortization run, one line reads “Amortization Source” and another reads “Amortization Destination”, which is not really giving any relevant or usable information. Furthermore, this means that the initial memo from the bill is overlooked and some important information may be lost when the balance is posted on the final destination account.
In order to reach the original transaction from the amortization entry, you need first to access the amortization schedule, where there are links redirecting to both the bill and the journal.
Several of our customers have commented that this is not practical and called for an optimized way of dealing with amortization transactions.
Therefore we have developed a scripted solution that updates the memo of the journal entry lines with the memo found on the line of the Bill. A new custom line field is also added to the journal entry lines to hold a direct link to the related bill.
It is also worth noting that the solution updates the lines of the journals in bulk no matter the number of lines or the number of journals.
As an implementation & optimization NetSuite partner, we always try to find creative and impactful ways to improve our customers’ experience ; with this simple but effective enhancement, this is mission accomplished for most of the companies that we support!
A better overview of the amortization process, fewer steps to monitor related transactions, and more informative reporting, this development definitely is an interesting patch to improve any NetSuite user’s daily operations.
A question? You would like to implement this solution?
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