Amortization for NetSuite

Overview

New for Summer

If your company uses NetSuite, you can now apply amortization schedules to bills and expenses in Brex. By assigning an amortization template, start date, and end date to a transaction, Brex will export these details to NetSuite so your ERP can automatically create the appropriate amortization entries.

Amortization schedules allow you to recognize your expenses over time. When assigned to a transaction, NetSuite automatically generates the amortization journal entries based on how you’ve configured the amortization template in your ERP. This ensures more accurate reporting and compliance with accounting standards.

This functionality is supported for both bills and expenses synced to NetSuite.

How it works

Navigate to ERP settings > Amortization to ensure your amortization templates have been successfully imported into Brex.

Once successfully imported, you will be able to assign an amortization template, start date, and end date to a transaction in Brex (start and end dates are not required for “Variable” template type). These amortization details will be included in the exported transaction and recognized by NetSuite. This functionality applies to both expenses and bills synced to NetSuite.

For expenses

Step 1: On the accounting page, expand the details pane for the expense you want to amortize.

Step 2: In the Accounting Categorization section, enable Amortize expense.

Step 3: Once enabled, select your desired amortization template and fill in the start and end dates of your amortization period.

Step 4: Complete the remaining codification steps for your expense, then prepare it for review and export. NetSuite will override the Debit GL account with the Deferral GL account configured within your amortization template. Therefore, it is recommended that you select the same deferral GL account as your Debit GL for the transaction in Brex.

Note: NetSuite does not support amortization schedules when exporting as Credit Card transactions. To use amortization schedules for expenses, please use the Journal Entry export type.

For bills

Step 1: On the bills page, create a new bill.

Step 2: In the Line items section, enable ‘Amortize expense’.

Step 3: Once enabled, select your desired amortization template and fill in the start and end dates of your amortization period.

Step 4: Complete the remaining codification steps and finalize your bill.

Note: You may also add/edit amortization to an existing bill.

Troubleshooting

If you are unable to view your amortization templates from NetSuite in Brex, follow the steps below.

In NetSuite

Step 1: Install or upgrade to the latest Brex Bundle in NetSuite.

Step 2: Locate the script that was installed as part of the bundle and find the respective deployment.

Step 3: Locate the newly installed Brex bundle by navigating to Customization > SuiteBundler > Search & Install Bundles > List.

Step 4: Note your Script ID for the SuiteScript installed as part of the Brex bundle.

Step 5: Using the Script ID, find the Script that was installed from the bundle by clicking Customization > Scripting > Scripts. Then select Deployment.

Step 6: If you don't have any deployment for this script, deploy the script.

Note: If an existing deployment exists, then ensure the deployment has the correct role assigned matching the access tokens that are used in Brex to connect to Netsuite. Ensure the role has View permissions by clicking Lists > Amortization schedules.