Recognize in full the Remaining Amount of an On-going Amortization Schedule without Deleting Journal Entry Previously Created

To recognize the remaining amount of an amortization schedule once it has already begun without having to delete the Journal entry previously created, follow the steps below:

 

1. Using Admin role, navigate to Setup > Accounting > Accounting Preferences > Allow Users to Modify Amortization Schedule = True.

2. Navigate to Lists > Accounting > Amortization Schedule > Edit specific schedule in question.

3. If you wish to recognize the remaining amount:

A. Select a posting period (i.e. October 2013) when you wish to post the remaining amount and remove the other amortization lines

B. Indicate the remaining amount to be recognized

C. Hit Save

4. You have the option to create Journal entries still by going to Transactions> Financial> Create Amortization Entries, select the period selected on the schedule and select it on this page.

5. Hit Create Journal Entries.