Scheduling Amortizations

Use the Amortization Schedules form to set up and maintain the schedule of amortized items.

  1. To set up a new schedule, specify this information:
    Amortization
    Select the alphanumeric code for the amortization.
    Status
    The current status of the amortization is displayed.Status options are:
    • Open: The amortization is in process.
    • Hold: The amortization has been stopped.
    • Complete: The amortization process is finished and closed.
    Seq
    The generation number of the amortization is displayed. Each monthly increment of the amortization is assigned a number starting with 1, then 2, then 3, and so on with an increase of one.
    Amount
    Specify the total amount to be amortized.
    Transaction Date
    Select the date of the amortization generation. This date is always a month end date because that is when amortization occurs.
    Post Date
    The date used for the posting of the amortization is displayed.
    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.
    Post Date
    The date used for the posting of the amortization is displayed.
  2. Click Post Line 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.
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