Ramp supports amortization for bills with our NetSuite integration. We do this by automatically pulling in your already existing Amortization Templates they have configured in NetSuite and then allowing you to choose if you want to amortize certain line items.
You’ll see this feature in Ramp if you are:
- Integrated with NetSuite
- Using Bill Pay
- Leveraging amortization templates in your NetSuite instance
How it works
If you have Amortization Templates set up in your connected NetSuite account, you will see an “Amortize” toggle on your bill line items in Ramp. (see screenshots below)
Once the toggle is activated, you’ll be able to choose from the amortization templates you already have set up in NetSuite, as well as the amortization start and end dates. These settings will then sync with your bill to NetSuite.
What if the target account set in the template is not available for the entity selected?
Default accounts must be global accounts in NetSuite
If an expense start date is in a previous account period that is already closed, do we recognize all previous periods in the current one?
NetSuite will automatically 'catch up' by adding any previous month's expenses into the current period.
What happens if the entire expense period occurs in prior accounting periods that are now closed?
Ramp Bill Pay will enforce any NetSuite constraints, and will surface relevant errors that describe why a certain action is not allowed.