Amortization is the process of spreading out the cost of an expense over time instead of recording the full amount at once. This approach helps businesses match costs to the periods they benefit from, leading to more accurate financial reporting.
It would be nice if we could have an amortization sync in Ramp which would allow you to easily apply amortization directly to bills in Ramp and sync that information into your accounting software. Instead of managing amortization manually after syncing, Ramp would pass the necessary information so your accounting software can automatically create amortization schedules and journal entries.
It would be great if Ramp supported amortization sync for Oracle NetSuite customers. In this case, when you apply an amortization template to a bill in Ramp, it syncs into NetSuite and automatically triggers NetSuite’s native amortization module to generate the full amortization schedule and related journal entries–saving you significant time and effort.
Hey Dwayne! Ramp supports amortization sync for NetSuite customers. We do this by automatically pulling in the existing Amortization templates you have configured in NetSuite and then allowing you to choose whether to amortize certain line items. This feature is available for Ramp Plus customers. Read more about this here
Is this what you’re looking for? Please let me know if not!
Hi! @Arthur_de_Oliveira --right now, Ramp doesn’t support full amortization for QuickBooks Online in the same way it does for NetSuite. The typical workflow is: code the original charge to a Prepaid Expense (asset) account in Ramp, and then record the monthly amortization entries directly in QBO.
Great news for you – our team is actively building amortization support for QBO, and it should be rolling out over the next few months.
Charlotte, thanks for the quick reply!
Hopefully not too late to throw in my “product design” notes: Ideally the original expense transaction should always be coded not to the Prepaid Expense account but to the target GL. This would allow the system to pick the target expense GL against a predefined Balance sheet prepaid account. The system would:
(1) remove the entire expense via JE to prepaid at the end of the period
(2) create monthly adj entries based on the defined schedule/period
Keeping expense/bill transactions hitting the original expense also aids in cash vs accrual native reporting, allowing accounting adjs such as deferrals to be handled with the appropriate documents/records only (JEs in this case). This is the typical ERP-grade flow for NS, Oracle, SAP. Definitely doable with Ramp and QBO!!! Feel free to reach out with any questions, happy to be a resource.
Ramp supports amortization sync for NetSuite customers. We do this by automatically pulling in the existing Amortization templates you have configured in NetSuite and then allowing you to choose whether to amortize certain line items. This feature is available for Ramp Plus customers. 
