In the fast-paced world of business software, NetSuite continues to evolve and improve its offerings. NetSuite has 2 major enhancement releases a year. Let’s talk about the most recent 2022 and 2023 Fixed Asset Management Module enhancements.
Last year the main updates were to the FAM Diagnostics portlet, which purpose is to quickly check the health of their FAM bundle. You can add the portlet to your home dashboard by going to Dashboard > Personalize > SuiteApps > FAM Diagnostics. This portlet can now:
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- Scan for assets without asset value. This function will review the asset records for missing data in fields that impact the calculation of depreciation values. Since this happens when assets are uploaded without enabling server scripts, this is most useful when uploading multiple assets at a time and validating the upload was completed correctly.
- Scan for lease payments without contracts. Similar to the above, missing contracts happen when the enable server scripts is not selected during a CSV upload. This portlet can now scan for missing contracts. The contract is important because it contains the lease details and links to the leas record and journal entries.
- Scan for depreciation history records (DHR) without associated records. This is generally to help identify the DHR records to clean up/delete because if they are not associated with a asset record then these DHR records are invalid.
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For 2023, so far only the first release has happened. In this release, there were 2 enhancements.
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- Quarterly and semiannual rental frequency options for lease. You can now create leases with rental frequency of quarterly or semiannual versus just annual or monthly. These options will generate lease payments and calculate net present value and interest based on these frequencies.
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- Note: if you choose quarterly or semiannual frequencies, you are not able to modify them later.
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- Split assets into multiple records in one transactions. Previously you were able to split the asset into 2 at a time. In order to split one asset into 5 records, you would have to perform the asset split function 4 times. Now there is an Asset Split Details subtab that allows you to create up to 120 separate records from one record and specify the quantity and value of each new asset record.
- Quarterly and semiannual rental frequency options for lease. You can now create leases with rental frequency of quarterly or semiannual versus just annual or monthly. These options will generate lease payments and calculate net present value and interest based on these frequencies.
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If you have any fixed asset management questions, feel free to contact us. Consultants are ready to support your needs.
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