Discussions
Read on for the latest updates including:
• Agenda Builder launch
• SuiteWorld On Air registration
• New NetSuite Prompt Studio Contest
• And more!
Check out this thread to learn more!
Don’t miss your chance to meet our SuiteGurus—NetSuite Support professionals and subject matter experts with extensive experience in select product areas, including OneWorld, Advanced & Basic Accounting, Supply Chain Management, Receivables & Payables, CRM, Account Administration, and the SuiteCloud Platform. Full Conference attendees can prebook exclusive 30-minute one-on-one sessions for your product questions.
Spots are limited! Register through your Agenda Builder and find SuiteGuru under Agenda Enhancements.
Account Type: Other Current Asset vs Deferred Expense?
Hello,
We're implementing the Amortization feature, and we'd like to use our existing Pre-Paid expense accounts, which are of type "Other Current Asset", as the Deferral Account.
NetSuite documentation says you're supposed to use "Deferred Expense" accounts. However after doing some testing in sandbox, I don't see any issues or errors: the GL impact of the bill is correct, and the amortization schedules and journal entries get created as expected.
Does anyone have any experience with this?
I spoke with NetSuite support, and they're researching it, but the support rep said they didn't have any existing case history on this question, which I find surprising. It seems likely to me that anyone who didn't implement Amortization during their initial go-live would have set-up their pre-paids as Other Current Asset accounts.