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New to NetSuite | Amortization Feature

edited May 23, 2024 5:22PM in Advanced Accounting & OneWorld

In accounting, amortization refers to the process of spreading the cost of assets over the period they provide economic benefits, enhancing the accuracy and consistency of financial statements. If you’re new to NetSuite, you may be wondering how this can be accomplished. Rest assured this guide will help you understand how to get started!

In NetSuite, the amortization feature enables you to record the general ledger impact of item purchases and expense charges across multiple future periods.

Pre-requisites of this feature:

  • On your NetSuite account > Add-On Module = Advanced Financials
    • This can be verified via Setup > Company > View Billing Information

Clarisa De Torres | Ask a Guru

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