NetSuite integration: Transaction amortization

Overview

Available on Ramp Plus. See Ramp Plus overview for plan details.

Ramp supports amortization for NetSuite card transactions and reimbursements by using the amortization templates already configured in your NetSuite account. NetSuite customers do not use Prepaids for amortization because NetSuite manages the schedule from the selected template. For provider-wide amortization coverage, see Ramp amortization with accounting integrations.

Prerequisites for NetSuite transaction amortization

Before you amortize a transaction or reimbursement, make sure NetSuite and Ramp are ready to sync the schedule.

• Your business uses the NetSuite integration.
• Your NetSuite account has the amortization templates you want Ramp users to select.
• The transaction or reimbursement has the correct vendor, amount, expense account, and other required NetSuite fields before syncing.
• The posting period for the initial Bill and Bill Payment is open in NetSuite, or your NetSuite settings allow the posting behavior you expect.

Set up amortization on a transaction or reimbursement

Set up amortization before syncing the transaction or reimbursement to NetSuite.

1. Open the transaction or reimbursement in Ramp.
2. In the Accounting section, confirm the required NetSuite coding is complete.
3. Select the NetSuite Amortization Template you want to use.
4. Enter the amortization start date and end date.
5. Save the accounting details.
6. Sync the item to NetSuite from the Accounting queue.

Expected result in NetSuite

Ramp syncs an amortized card transaction or reimbursement to NetSuite as a Bill and Bill Payment because NetSuite applies amortization templates to bills. You can open the synced record from Ramp by selecting View in NetSuite on the synced item.

For the initial Bill and Bill Payment:

• The Bill credits Accounts Payable and debits the deferral account NetSuite resolves for the selected amortization template.
• The Bill Payment debits Accounts Payable and credits the Ramp Card liability account.

For the amortization schedule, NetSuite creates journal entries based on the selected template. The journal entries credit the deferral account and debit the expense account that NetSuite resolves from the template or item coding.

Find an amortized transaction in NetSuite

Ramp links back to the NetSuite Bill after a successful sync. In NetSuite, you can also go to Transactions > Payables > Bills > List and search by vendor, amount, date, or other transaction details.

Frequently asked questions

Do I need Bill Pay enabled to amortize card transactions or reimbursements?

No. NetSuite transaction amortization for card transactions and reimbursements works independently of Ramp Bill Pay.

Does Ramp support amortization for both card transactions and reimbursements?

Yes. Ramp supports NetSuite template-based amortization for both card transactions and reimbursements.

Can I split an amortized card transaction?

Split support depends on the accounting fields and transaction workflow available for your business. If you need to split an amortized transaction, review the accounting details before syncing and confirm the final Bill lines in NetSuite after sync.

What accounts does NetSuite use for amortization?

Ramp sends the selected amortization template, start date, end date, and transaction coding to NetSuite. NetSuite then determines the deferral account and target expense account from the selected amortization template and related NetSuite account settings.

What happens if NetSuite cannot resolve a deferral account?

NetSuite may reject the sync if the selected template or related account settings do not provide a valid deferral account. Review the amortization template, target account, and account setup in NetSuite, then retry the sync from Ramp.

How is this different from Ramp-managed amortization?

NetSuite uses NetSuite amortization templates and manages the amortization schedule in NetSuite. Ramp-managed amortization with accounting integrations, available for eligible businesses on other providers, uses Prepaids, a prepaid asset account selected in Ramp, and Ramp-created scheduled journal entries.