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FAM Updates 2024.1

Posted by Sara Duong, Consultant on Feb 29, 2024 11:00:00 AM
Sara Duong, Consultant
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With the new Spring 2024 NetSuite Release, there are 3 new enhancements to the FAM module. Here’s a summary of what’s to come:

4-4-5 Week Period Format in Depreciation Schedule Reports

The depreciation schedule report now offers greater flexibility by allowing you to group and display depreciation and net book values in user-defined 4-4-5 week periods. This aligns the report with your specific accounting cycles, providing a more relevant and tailored view of your asset depreciation. Additionally, the report now utilizes accounting period dates as column headers, eliminating the need to manually interpret calendar month data and simplifying the information presented.

This change is visible in the report if the following conditions are met:

  • The account uses the 4-4-5 Weeks accounting period.
  • The Use Accounting Period Dates For Depreciation preference is enabled to properly record the depreciation histories.
Display Custom Columns in CSV Reports

The update offers enhanced customization for exported reports. Custom columns you create on the "Customize Report Template" page are now automatically reflected in the corresponding CSV reports, providing a more comprehensive and tailored data export experience.

Currently, the following reports are supported:

  • Depreciation Monthly Report
  • Depreciation Schedule NBV Report
  • Depreciation Schedule PD Report

This update does not apply to reports generated in previous versions of the SuiteApp. The changes will take effect on the report templates when you resave them after upgrading to FAM 2024.1.

Bulk Asset Revaluation

Streamlining asset revaluations, the update introduces a new bulk import feature. Simply navigate to the Asset Revaluation page and click the "Import CSV" button. This will open the dedicated Bulk Asset Revaluation page. A convenient sample CSV file is readily available for download, allowing you to easily add details of the assets you intend to revalue. Once modifications are complete, upload the edited file directly within the same page to initiate the bulk revaluation process.

If you have any questions regarding the new update, please reach out and a consultant will be happy to assist you.  



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Tags: NetSuite, ERP, Project Management, NetSuite Partner, NetSuite How To's, Accounting, NetSuite Tips, NetSuite Integrations, NetSuite Administrator, Netsuite ERP, Netsuite Updates, NetSuite Features, NetSuite Support, Return Costings, Item Returns

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