NetSuite Fixed Asset: How to correct depreciation

You just ran January depreciation and realized an asset had the wrong lifetime or original cost. To delete the depreciation you just ran and rerun, you will need to delete the backend FAM records and the depreciation journal entry. Here are the instructions.

Note: as with any new functionality, please replicate in sandbox and test in sandbox first.

1. 1. Open the fixed asset record
   2. Click Depreciation History tab
   3. Click View
   4. On the Depreciation History page: Refer to Posting Reference column
   5. Click on the Journal Entry link/s to be reversed or deleted
   6. Click Edit
      1. To reverse: Reversal Date:Add Date or
      2. To delete: Actions:Click Delete

1. 1. Navigate to Lists -> Search -> Saved Searches -> New -> FAM Depreciation History
   2. Give a Name to your Search
   3. Under Criteria tab set the following:
      1. Subsidiary = the one to which Asset belongs to
      2. Date = select the period dates
      3. Transaction Type= Depreciation
      4. Asset = is FAMxxxxxx
   4. Save & Run
   5. Enable Inline Editing by clicking the Edit switch (next to CSV, Excel, PDF symbols)
   6. Click on the first line of your results under Period Column
   7. By holding the Shift key of your keyboard click on the last line of your results under Period column so all lines will be highlighted
   8. Click the Delete key on your keyboard
   9. A pop up message will appear: "All selected records will be deleted. Are you sure you want to continue?”. Click OK

3. Delete BG Summary Records for that period which were used and journals were linked to them:

1. 1. Navigate to Lists -> Search -> Saved Searches -> New -> BG Summary Record
   2. Under Criteria tab add:
      1. Depreciation Posting Reference = is any of -None-
      2. Summary Value = is greater than 0
      3. Asset Type = choose the asset type of the asset you wish to delete
      4. Inactive = is false (set to No)
      5. Click Preview

1. 1. Click Edit next to each records
   2. Click Actions -> Delete -> OK

1. 1. Current Net Book Value=from 4666.68 to 4750.01
   2. Last Depreciation Period=from 4 to 3
   3. Last Depreciation Amount 83,33 (the same)
   4. Last Depreciation Date = from 1/31/2024 to 12/31/2023
   5. Don't save Yet. Proceed to step 5 first.

1. 1. After performing Step 4, on the Asset Record, set field Depreciation Active = from True to False
   2. Click Save
   3. Once Saved, edit the Asset record again and set Depreciation Active = from False to True
   4. Click Save

1. 1. Navigate to Fixed Assets -> Setup -> System Setup
   2. Click on Precompute Depreciation Values button **** Wait for the process to finish

This now removes all the records related to the January depreciation and you can perform the transactions to correct the lifetime or original cost of the asset and then rerun depreciation for January.

If you have any questions regarding NetSuite’s Fixed Asset Management module, please reach out to Concentrus. Our consultants will be happy to answer any questions or help you troubleshoot.

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