Maintaining Amortizations

Use the Amortizations form to maintain, update, and create amortizations.

Follow these steps when setting up a new amortization:

  1. Specify this information in the Header section:
    Amortization
    Specify a unique alphanumeric identification.
    Customer
    Select the customer to use for the amortization.
    Status
    For new amortizations, the status is Open. Status options are:
    • Open: The amortization is in process.
    • Hold: The amortization has been stopped.
    • Complete: The amortization process is finished and closed.
    Reference
    Select the type of record to cross-reference. The three ID fields can be used to specify existing records. If left blank, the system creates a new record of the reference type specified when the cross-reference is performed.
  2. Specify this information on the General tab:
    Total Amount
    Specify the total amount to be amortized.
    Total Periods
    Specify the total number of periods that the total amortization amount is divided between. For the purposes of amortization, each month end date designates the end of a period.
    Start Date
    The current date is displayed. Optionally, select a different date.
    Amount Amortized
    The total amount that has been generated for the amortization is displayed.
    Amount Posted
    The total amount that has been posted for the amortization is displayed.
    Amount Remaining

    The outstanding amount that has not been posted for the amortization is displayed. This amount is the total difference between the Total Amount and Amount Posted values.

    Created From Order
    This check box is selected if the amortization was created from an order.
    Invoice
    If the amortization was created from an invoice, the invoice number is displayed.
    Journal
    Select the accounting journal to use for the amortization.
    Amortization Account
    Select an account from the chart of accounts to use for the amortization.
    Offset Account
    Select an offset account from the chart of accounts to use for the amortization.
  3. Specify this information on the Amortization Schedule tab:
    Amortization Schedules button
    Click this button to launch the Amortization Schedules form.
    Generate button
    Click this button to generate the amortization based on the information specified on the General tab. The generated information is then displayed in the grid with an Open status.
    Delete All button
    Click this button to delete all generated amortizations that have an Open status. This does not impact any amortizations with a Posted status.
    Post Date
    The date of the posting is displayed. You can select an alternate date.
    Post Line button

    Click this button to post a selected amortization line. This works in conjunction with the Post Date field by assigning a post date to the amortization and changing the status from Open to Posted.

  4. Click Save.
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