Use the Amortizations form to maintain, update, and create amortizations.
Follow these steps when setting up a new amortization:
Amortization
Specify a unique alphanumeric identification, or let the system create a default number after saving.
Customer
Select the customer to use for the amortization.
Status
For new amortizations, the status is Open.
Status options are:
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.
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.
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.