The upcoming 2023.2 release brings several exciting enhancements to the Fixed Asset Management SuiteApp. Let's dive into a brief overview of the key updates!
- Additional Validation for Fixed Asset Report Template Customization:
When crafting customized asset reports, a noteworthy improvement awaits. Now, a warning will prompt users when creating fields without the "Store Value" option. This cautionary alert ensures that reports can effectively utilize fields with the "Stored Value" attribute, enhancing the accuracy and reliability of your asset reporting.
- Additional Rental Frequency Options for Leases:
The lease modification process now supports records with quarterly or semiannual rental frequencies. During the conversion, the lease term aligns with the depreciation period, ensuring consistency. It's crucial that the lease term equals the asset's lifetime post-conversion for seamless integration.
- Split Fully Depreciated Assets:
The latest version of the Fixed Assets Management SuiteApp introduces support for asset splits, even for fully depreciated assets. On the Asset Split page, users can conveniently select fully depreciated assets using the Asset Name/ID field, streamlining the management of these assets.
- Bulk Asset Split:
A notable feature addition is the ability to employ CSV import for splitting assets into multiple records in a single transaction. By utilizing the "Import CSV" button on the Asset Split page, users can seamlessly navigate to the Bulk Asset Split page. A downloadable sample CSV file is provided for easy reference, allowing for efficient editing and uploading of asset details.
- Lease Calculation Updates for Operating Lease:
For lease assets modified in version 2023.2, there are critical updates to the calculation of residual value (RV) and write-down adjustment for operating leases. The RV is now computed as the total interest of the modified lease, displayed as a negative amount. The residual value percentage is determined by dividing the RV by the asset's current cost. Additionally, the write-down adjustment aligns with the finance lease calculation, considering the difference between the lease liability balance at the effective modification date and the new net present value.
If you have any inquiries or require further clarification on these exciting updates, feel free to reach out. Our dedicated consultants are ready to assist you. Stay tuned for a more streamlined and efficient Fixed Asset Management experience with these latest enhancements!
About Us
Concentrus is a leading provider of innovative cloud-based enterprise resource planning (ERP) solutions, including NetSuite. Our team of NetSuite experts offers a range of services, including NetSuite price analysis, NetSuite training, and NetSuite integration services. Our goal is to help businesses of all sizes maximize their investment in NetSuite by providing expert NetSuite cost optimization and implementation strategies. With years of experience as a NetSuite partner, our NetSuite administrators and NetSuite consultants are well equipped to help businesses of all sizes with their NetSuite consulting needs. Whether you're looking for a NetSuite consultant to help with your NetSuite implementation or you need ongoing NetSuite support, Concentrus is here to help.
Read About Our Implementation Methodology
Want more NetSuite Tips and Tricks? Check out our Short & 'Suite videos
