This feature is available to customers using the Amortization and Depreciation modules with NetSuite, QuickBooks Online (QBO), or Sage Intacct.
To begin taking advantage of the enhanced features, you’ll want to ensure that your Journal Entry Fields are entered and that the names of those fields exactly match the names in your ERP (Intacct, NetSuite, or QBO). If the names don’t match, we won’t be able to post the data to the columns you select in the next step. If the below screen is not configured within your environment, please reach out to your ASM to help you set this up.
Once the fields are filled out, you can open up your Amortization or Depreciation schedule and navigate to the Journal Entry tab under the Settings slideout window.
On that tab, you can map the Amortization/Depreciation fields to your Journal Entry Fields. The Amount and Expense Account options are selected automatically, and will be grayed out since they can’t be changed. The rest of the fields are optional, and can be filled out at your discretion. If options are missing from the dropdowns, they will need to be configured under the main Journal Entry settings depicted in the first screenshot in this article.
Under the Journal Entry Fields, you’ll find the Journal Entry Format and Balance Sheet Department Assignments settings. The Journal Entry Format setting allows you to choose whether you want the entry to be detailed or summarized, and the Balance Sheet Department Assignment dropdown can be used to assign a department to the JE for the balance sheet account.
Once you Save your settings, you can use the Submit Journal Entry button to automatically open up the JEM module with all of the details from the schedule already filled out.
When the JEM module opens, you can review each setting and line item and make any edits if necessary. Once satisfied with the entry, you can click on the Submit for Approval button.
Frequently Asked Questions
Q: Why did some of my fields in my Journal Entry show up as blank?
A: The Journal Entry Field names must exactly match the field names in your ERP. If the names aren’t an exact match from the Module to the Journal Entry, the field will not populate within the Journal Entry.
Q: What journal entries can I post from Amortization/Depreciation?
A: For Amortization, we support the monthly expense journal entry. For Depreciation, we support the monthly expense journal entry, transfers, disposals, and restores.
Q: Why is the "Submit Journal Entry" button grayed out? Can I delete a Journal Entry after submitting from Amortization/Depreciation?
A: The "Submit Journal Entry" button is grayed out because a journal entry has already been submitted for that period.
To re-enable the button for a draft journal entry:
- Go to the Journal Entries tab.
- Use the kebab menu (⋮) on the top right of the entry to delete it (before it’s submitted to the ERP).
- Once deleted, the Submit Journal Entry button will become active again, allowing you to resubmit.