This guide helps you understand how to enable and use the amortization fields in Peakflo, which can sync to ERP if integrated. Amortization lets you spread out costs over time, and with this setup, Peakflo can sync amortization data directly with ERP for better financial tracking.
At present, Peakflo supports amortization for NetSuite only.
Table of Contents
How does Amortization Work in Peakflo?
1. First amortization settings needs to be configured and enabled to allow amortization fields to sync between Peakflo and NetSuite.
To enable amortization contact Peakflo at support@peakflo.co
2. After amortization is enabled, Peakflo will sync Amortization templates from NetSuite to Peakflo. Amortization Template will be synced daily or you can choose to manually sync from the integrations page. To manually sync amortization template follow the steps below:
- Go to Settings -> Integrations -> NetSuite
- Select Refresh and then Amortization Template.
3. Set Amortization to the bill line items while creating or editing a bill in draft or pending approval status. Amortization template along with schedule period can be selected in bills.
4. After the bill is fully approved and synced with NetSuite, Peakflo will sync all amortization details and an amortization schedule is created in NetSuite.
For example, let's say a bill is created, approved and synced to NetSuite.
In NetSuite bills you will be able to see the amortization details.
In NetSuite, an amortization schedule will also be created.
How to Set Amortization for Bill Line Items?
Setting amortization for bill line items in Peakflo is a straightforward process that allows you to allocate expenses over time seamlessly. Follow these steps to set up amortization effectively:
1. Start by either creating a new bill or editing an existing one that is in draft or pending approval status. You can do this by navigating to the "Bills" section under "Payables" from your side bar.
2. Open the bill and click to expand the Line Items section. To modify a specific bill line item, simply click on the pencil icon next to it.
3. Click on "Edit" under the column Additional Info to set the amortization details.
4. Fill in the necessary details for the amortization:
- Amortization Template: Select the amortization template that was synced from NetSuite. After selecting an Amortization Template, the Start Date and End Date become mandatory fields.
- Start Date: Select the date when the amortization process should commence. This is typically the date of the bill approval.
- End Date: Establish when the amortization period will conclude, marking the final allocation of costs.
- Additional Info: Include any relevant notes or comments that will assist in understanding the amortization setup.
5. Click on the save icon to save the line item details.
6. Lastly, click on "Save" to save the bill. Then send the bill for approval.
7. You can check the amortization details for each bill line items under "Items" section in bill pop-up view.
