Manage Account Amortization allows you to spread out an expense (or income amount) over multiple periods, as determined by a schedule. A good example is something like an annual insurance premium that was paid in full, but you would like to expense over the amount of time covered by the premium.
This Section Includes:
Filters
- The following options are available. Choose the appropriate Filters as needed.
-
- Description: Enter all or part of the item description. You can also use wildcard characters. An underscore (_) returns any one character and a percent sign (%) returns any string of characters (e.g., searching for '%bank' returns both 'Bank of Bartlett' and 'First Tennessee Bank').
-
Date: Select the invoice date range from which you want to view Amortization Items. Additional date filters may appear depending on what option you choose.
-
Active Status:
- Select All
- Active Only
- Inactive Only.
- Source Account Filter (includes levels and account range)
NOTE: Click the icon or press "s" in any field with the Search icon to display a Search window. Use the filter at the top to narrow down your selection. In the Account Search window, you can also specify the Account Type in a drop-down list. You can then double-click the item you want to select or click the item and click the Select button. Click the Close link to return to the Update page without making a selection.
- Click Search to display results or the Clear Filters link to reset all filters.
Account Amortization Grid
The grid displays Amortization Items matching the selected filters with the following columns:
- Description
- Date
- Vendor
- Per Month
- Total
- Posted
- Remaining
-
Note: Hover over the Note
icon to preview the note.
-
Attach: Hover over the Attach
icon to see any notes on the attachment(s) and the filenames of attached files.
-
Setup: Hover over the Information
icon to display user and time information for when the item was set up and last updated.
-
Double-click on an item or click the Edit
icon to edit an item in the grid.
-
You can also click the Add New Amortization Item link to add a new item (More Information). To delete an item in the grid, click the Delete
icon.
|
You can only delete Amortization Items for which you have not run Amortization. |
Amortization Report
- Select the items you want to view and click the Amortization Report button to bring up the Amortization Detail Report. The Amortization report allows you to view a detail or summary report of selected Amortization items.
- Click Report Preferences on the blue bar above the report preview to access options for the report. For Report Format make your selection:
-
- Detail: All information for each item is displayed, including source and destination accounts, vendor, purchase order number (if applicable), setup information, posted amortization amounts (including date and amount), and the following columns: Name, Purchased, Total, Posted, Remaining, Monthly, Months, and Remain. There are also final totals at the bottom of the report for Total, Posted, and Remaining.
- Summary: The following columns are displayed for each item: Purchased, Total, Posted, Remaining, Monthly, Months, and Remain. There are also final totals at the bottom of the report for Total, Posted, and Remaining.
If you have changed the selected options, click the Run Report button to bring up an updated report preview. You may also click the Clear Preferences link to reset all of your report preferences to their initial values. Once the preview displays you can navigate the pages, export to several formats (e.g., PDF, Excel, Word), and Print. Click Report Preferences on the blue bar above the report preview to return to Report Preferences. Click the Close Report button when finished to return to the Account Amortization page.
Run Amortization
- Select the items within the grid on which you are ready to run Amortization. You can also select the top box to select all items in the grid.
- Click the Run Amortization button to begin the process.
|
Amortization is performed based on your currently selected period. Change the currently selected period to run the report on a different period (More Information). Items are always amortized for one month. If you need to Amortize an item for more than one month, you will need to run Amortization on that item for each month for which you want it to be Amortized.
If you attempt to amortize an item for a period for which it has already been amortized, or for a period before its start date, you receive a notification to this effect and the amortization does not run. If the item is among a selection of other items, you are not notified. The selected item(s) does not show on the report and is not amortized again. |
The Amortization Report allows you to view information for each selected item before posting.
This Section Includes:
Results
The following information displays for each selected item:
- Source Account
- Destination Account(s)
- Item Name
- Beginning Amount
- Posted Amount
- Remaining Amount
There are also totals for each source account and Final Totals. Once the preview displays you can navigate the pages, export to several formats (e.g., PDF, Excel, Word), and Print.
Finalize Post
- Edit the Posting Date if desired.
- Then click the Finalize Post button which finalizes the amortization and posts it to General Ledger.
Click the Cancel link to return to the Account Amortization page without saving.
NOTE: The Post Directly to General Ledger without Editing option allows you to have your journal entry posted all the way through to the General Ledger History so that it can be viewed on reports and on the View Posted Journals page within General Ledger. This allows you to skip having to edit and post the journal entry in the Manage Unposted Journals page in General Ledger.
|
There is no 'Undo' function in Account Amortization. Make sure that your report is accurate before finalizing your post. |
Updated