hi all! does anyone know any best practices for incorporating amortization schedules for legacy prepaid assets that have been partially amortized in prior periods via manual JEs? we are starting to use the ‘create amortization journal entries’ functionality on a go forward basis but trying to brainstorm on how i can incorporate the older prepaid asset balances in the process as well.

You can by journal entry. All you need is do is is setup deferral account on the expense accounts on the COA then. Import journal to Netsuite Dr expense account :100 ( tag amortization schedule) CR Deferral Account with 100 ( same account set on expense account deferral account) Save journal you’ll notice Dr and act will be same account. That how you know it’s working.

perfect! makes sense. thanks so much!! 🙂

Make sure you don’t default any deferral account on amortization template.

thank you! sorry, another question. have you ever dealt with set up of variable prepaid balances (ex: prepaid retainer or consulting fees for number of hours to be used variably over an undefined period of time)?

I’ve client who use them but have 12 months validity. They apply 12 month amortization schedule then before releasing them to PL we’ve reminder to amend the schedule for consumed hours. It’s manuel but does work for them.

great. thanks again!