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Depreciation? Or Amortization? – What should be used in Oracle NetSuite?

Every bit of financials is affected by the onset of charging depreciation and amortization. However similar might they seem to hear, each of these terminologies brings in a different effect to our Balance sheet and Income Statement. Comparing these together gives us an insight to how these two differ in their ways and their principal differences in Oracle NetSuite.


Chart showing definitions for terms related to depreciation and amortization

NetSuite – Impact: How is Amortization treated different to Depreciation in NetSuite?



Thus, both equally important in the world of accounting, each of these has its unique place while dealing with tangible and intangible assets.

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Shruti

CPA & Certified NetSuite Suite Foundation| Certified NetSuite Financial User I NetSuite-ARM Badge|Revenue Business Analyst| Speaker| Auditor| Freelance Writer| Revenue ASC 606

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Shruti

CPA | NetSuite Lead Consultant I Certified NetSuite Suite Foundation| Certified NetSuite Financial User I NetSuite-ARM Badge|Revenue Business Analyst| Speaker| Auditor| Freelance Writer| Revenue ASC 606. I am a Chartered Accountant having post qualification experience in the Software domain as a NetSuite Solution Consultant. I am Certified NetSuite Foundation professional having experience in the various departments of financial accounting, internal auditing and assurance perceived the previous 5 years.
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Depreciation? Or Amortization? – What should be used in Oracle NetSuite?

Picture of Shruti

Shruti

CPA | NetSuite Lead Consultant I Certified NetSuite Suite Foundation| Certified NetSuite Financial User I NetSuite-ARM Badge|Revenue Business Analyst| Speaker| Auditor| Freelance Writer| Revenue ASC 606. I am a Chartered Accountant having post qualification experience in the Software domain as a NetSuite Solution Consultant. I am Certified NetSuite Foundation professional having experience in the various departments of financial accounting, internal auditing and assurance perceived the previous 5 years.
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