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Fixed Asset Management Tips and Tricks

Posted by Sara Duong, Consultant on Nov 3, 2022 12:40:27 PM
Sara Duong, Consultant
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Once assets are loaded in NetSuite’s Fixed Asset Management module (“FAM”), besides initiating monthly depreciation, there are some ongoing troubleshooting or maintenance.  This blog will share some common tips and tricks.  

 

In an October 2022 blog “Fixed Asset Management: Troubleshooting Net Book Value” (https://blog.concentrus.com/fixed-asset-management-troubleshooting-net-book-value ), it shared how to fix the net book value of an asset when it was uploaded incorrectly.  Here are 3 other tips to help maintain your assets in NetSuite’s FAM module:  

 

  1. Why is my monthly depreciation journal entry dated with next month’s date?
      1. So you haven’t closed October accounting period yet and now ready to depreciate assets for October month.  You noticed that the depreciation journal entry is dated with a November date even though you did not check Post to Next Open period if AP is Locked or Post to Next Open Period if AR is Locked.  
      2. The culprit is AR and AP are locked.  No matter what the setting, if AR and AP are locked, the system will post the journal entry in the unlocked period.  
      3. The options to work around this is to unlock AR/AP prior to running the depreciation or manually change the journal entry dates.  



  2. How do I transfer multiple assets at a time?
      1. If you don’t want to use the Asset Transfer function, which only transfers one asset at a time, you can use the bulk import function.  
      2. Go to Fixed Asset > Transactions > Asset Transfer, click on the Import CSV button 
      3. Select the file to import 
          • The CSV file should have the Asset’s Internal ID and only the transfer value in the column.  For example:  
              1. If Asset 29 is transferring Class from Headquarters to Sales, then the CSV files should only show
                Asset Class
                29 Sales
              2.  Note:  if you keep both the Class and Department columns and leave the Department column blank, then the CSV will change Department to blank in the Asset record. 



  3. Why didn’t my monthly depreciation amount recalculate when I changed the Asset Life in the Asset Record?
      1. Changing data directly in the Asset Record does not change the depreciation calculations.  For instance, Asset Life, Depreciation Method, Asset Current Cost, or Residual Value all impact the calculation of the Asset’s monthly depreciation amount.  
      2. In order to change those parameters, you must use the Asset Revaluation function.  
      3. After Asset Revaluation, as Administrator, you can go into FAM > Setup, click the Reset Value button, let it finish processing, and then click the Precompute Depreciation Value button.  This will update the Deprecation Schedule listed in the Asset Record’s Deprecation History tab. 

 

Having a hard time with the FAM module or getting errors you can’t explain?  Please call us and ask us about our Support Programs to help you troubleshoot 

 

 

About Us

 

Concentrus is a complete NetSuite solutions provider that guides organizations through how to use NetSuite to reach highly focused business goals and objectives. We provide NetSuite implementation, developer, integration, and customization services to ensure that you have a long-term solution that is tailored to fit your systems, people, and processes.

 

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Want more NetSuite Tips and Tricks? Check out our Short & 'Suite videos

 

 

Tags: NetSuite, Reporting, NetSuite How To's, NetSuite Tips, FAM, Fixed Asset, Troubleshoot, Asset Transfer, Locked Period, Fixed Asset Management

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