An amortization schedule is a table that shows how much of your loan or debt will be paid off over time. It helps you keep track of how much you still owe and when you will pay it off completely. In NetSuite, you can run an amortization schedule to see how much of your loan or debt will be paid off in the future.
Step 1: Open NetSuite
To start, open NetSuite and log in with your username and password. Once you are logged in, you can begin running an amortization schedule.
Step 2: Navigate to the Amortization Schedule Page
In NetSuite, navigate to the “Financial” tab and select “Amortization Schedule” from the drop-down menu. This will take you to the page where you can run an amortization schedule.
Step 3: Select the Loan or Debt
On the Amortization Schedule page, select the loan or debt that you want to run an amortization schedule for. You can do this by clicking on the “Select” button and choosing the appropriate loan or debt from the drop-down menu.
Step 4: Select the Amortization Schedule Type
Next, select the type of amortization schedule that you want to run. NetSuite offers two types of amortization schedules: “Standard” and “Custom”. The Standard amortization schedule is a simple table that shows how much of your loan or debt will be paid off over time. The Custom amortization schedule allows you to customize the table by adding additional columns and rows.
Step 5: Select the Amortization Schedule Period
After selecting the type of amortization schedule, select the period for which you want to run the schedule. NetSuite allows you to choose from a range of periods, including monthly, quarterly, and annually.
Step 6: Run the Amortization Schedule
Once you have selected all the necessary options, click on the “Run” button to run the amortization schedule. NetSuite will generate a table that shows how much of your loan or debt will be paid off over time.
Step 7: Review the Amortization Schedule
Finally, review the amortization schedule to ensure that it accurately reflects your loan or debt. You can also use this information to make informed decisions about how much you need to pay each month to pay off your loan or debt in a timely manner.
Conclusion
Running an amortization schedule in NetSuite is a simple process that can help you keep track of your loan or debt. By following the steps outlined above, you can generate an accurate amortization schedule and make informed decisions about how much you need to pay each month.
