NetSuite User Guide: NetSuite Fixed Asset Management

NetSuite fixed asset management reporting

Simplify the Management of your Fixed Assets with NetSuite Fixed Asset Management Module

NetSuite Fixed Asset helps you maintain and control the complete asset lifecycle from creation to depreciation, revaluation and retirement.  It gives you the power to eliminate spreadsheets and manual effort from your company’s asset management processes.

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This NetSuite Fixed Asset Management User Guide will help you:

  1. Add an asset
  2. Depreciate an asset
  3. Revalue an asset
  4. Dispose an asset

Asset Generation

Step 1: Enter a PO/receive/bill.

Timing: Enter as needed during the month.

Navigation: Receive a PO or enter a bill directly by navigating to Transactions > Payables > Enter Bills

The PO/Bill should be coded directly to the asset account with a description of the asset in the memo field.

NetSuite Fixed Assets

 

Step 2: Propose Asset in the NetSuite Fixed Asset Module.

Timing: Once a month during the month-end close process.

Navigation: Fixed Assets > Transactions > Proposal

  • Under Asset Type(s), select one or more Asset Types to generate asset proposals
  • Under Subsidiary, select one or more subsidiaries (or click include children check box for all subs)
  • Click Propose New Assets button

*It will look like nothing is happening but NetSuite will be processing the Asset Proposals in the background.  To get a glimpse of what’s happening, you can navigate to Fixed Assets > Transactions > Transaction Status

On the Transaction Status screen, you will see a summary of the active and completed processes.  From there you can click on the hyperlinks for additional detail.  As long as the “Record Processed”, you should be OK to proceed.

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Step 3: Reject or Generate Assets.

Timing: Once a month during the month-end close process.

Navigation: Fixed Assets > Transactions > Proposal

It is a good idea to review each asset being proposed to ensure the details are updated accordingly.  For instance, if you purchase 5 computers on one of your bills/asset proposals, you should make the quantity in the FAM – Asset Proposal record has a quantity of 5.  You can also change any other aspect of the asset at this time like depreciation method, depreciation start date, etc. Click save when complete.

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Back the Asset Proposal screen, select the asset by checking the box to the left of the asset then click “Generate Assets” (or “Reject Assets”) near the top.

*As when proposing a new asset, NetSuite will appear to not be processing.  As with Step 1, you can see the Transaction Status by following the same navigation.

Depreciate Assets

Timing: Once a month during the month-end close process.

Navigation: Fixed Assets > Transactions > Asset Depreciation

  • Under Asset Type(s), select one or more Asset Types to generate asset proposals.
  • Under Subsidiary, select one or more subsidiaries (or click include children check box for all subs).
  • Type the month-end date in the Depreciation Period section (i.e. 12/31/15).
  • You can enter a JE Reference number in the Depreciation Reference field or leave it blank to have NetSuite auto-generate a reference number.
  • Click the “Depreciate Assets” button when ready.

*Unlike the other processes, this step will take you directly to the Transaction Status screen where you will be able to see how many transactions were processed.

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**To see the journal entries posted, you can view the journal entry by navigating to Transactions > Financial > Make Journal Entries > List and select the latest one (i.e. you can sort by latest Internal ID).

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***You can also verify the depreciation associated with a particular fixed asset by reviewing the depreciation entry posted to the FAM – Asset Record by navigating to Fixed Assets > Lists > Assets and selecting the Asset in question.  You can see the depreciation entries posted by reviewing the Depreciation History tab.

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Asset Revaluation

Timing: As needed.

Navigation: Fixed Assets > Transactions > Asset Revaluation.

  • Select the Asset under the “Asset ID/Name” field.
  • Enter a “Write-down %” or “Write-down Amount” and/or adjust the “Residual Value”, “Lifetime”, “Depreciation Method”.
  • Enter a “Transaction Date”.
  • Click the calculate button to see write-down % amount before processing or
  • Click the “Process Revaluation” button to process.
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*You will be taken to the Transaction Status Screen where you can see when the revaluation is completed.

**You can verify the amount by reviewing the write-down entry posted to the FAM – Asset Record navigating to Fixed Assets > Lists > Assets and selecting the Asset in question.  You can see the journal entry posted by reviewing the Depreciation History tab.

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Asset Disposal

Timing: As needed.

Navigation: Fixed Assets > Transactions > Asset Disposal

  • Select the asset under the “Asset ID/Name” field.
  • You can generate an invoice to a customer if selling the asset by entering a “Sale Item”, “Customer”, and “Sales Amount” in the respective fields.
    • Note: Make sure your sales item is mapped to a Gain/Loss on Sale of Asset G/L Account
  • Enter a “Disposal Date” and “Disposal Type” (i.e. Sale or Write-off).
    • Note: You can write-off or sell a portion of an Asset record that has multiple quantities by entering the differing quantity in the “Quantity Disposed” field.
  • Click Dispose when ready.
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*You will be taken to the Transaction Status screen where you can see when the disposal is complete

**You can verify the amount by reviewing the sale write-off entry posted to the FAM – Asset Record by navigating to Fixed Assets > Lists > Assets and selecting the Asset in question.  You can see the journal entry posted by reviewing the Depreciation History tab.

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***You can view the Disposal/Invoice posted to the FAM – Asset Record by navigating to Fixed Assets > Lists > Assets and selecting the Asset in question.  You can see the Invoice issued by reviewing the Asset Sale/Disposal tab.

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This NetSuite User Guide for NetSuite Fixed Asset Management was brought to you by Plumb.

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