Amortization Journal entries from manual Journal transactions
- Navigate to Transactions -> Financial -> Make Journal Entries
- Create a Journal entry with an expense account and deferred expense account. Allocate the amortization template to the journal and select the vendor.
- Click Save and Approve
- Navigate to Transactions -> Financial -> Create Amortization Journal Entries
- Enter details like the Posting period, Vendor, Transaction type, Subsidiary etc. Select the created Journal from the list.
- Select ‘Create Journal Entries’.
- The Amortization Journal entry will hence be created. Approve the Journal.
Amortization Journal entries from vendor bills
- Create Vendor Bills with the relevant details. Under the expense subtab, enter the expense account to which the bill is to be amortized.
If the amortization template has a target account configured, it is suggested to select the same account in vendor bill. - Select the amortization template under the schedule column. Enter start date and end date of amortization. [If this is not selected, the date will be configured on the basis of accounting preference and template configurations].
- On saving and approving, the amortization schedule is automatically created.
- In the Create Amortization Journal Entries page, select the posting period, subsidiary, and journal entry date. Select the Bill and click ‘Create Journal Entries’.
- The amortization journal entries are hence created.
- Approve the Journal.
