NetSuite's Fixed Asset Management SuiteApp incorporates the Lease Accounting feature, aligning with the IFRS 16 and ASC 842 standards for lease compliance. These regulations mandate that lessees include almost all leases on their balance sheet, a change implemented from January 1, 2019 onwards.
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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.
During the course of managing your assets in NetSuite’s Fixed Asset Management (“FAM”) module, you are bound to revalue a few assets. Revaluing an asset means the current value of the asset is more or less than the original cost, the asset life has changed, depreciation method has changed, or the residual value has changed. NetSuite’s FAM module can help you revalue and post the correct GL impacts to your financial statements. If you would like to learn how to revalue an asset in the FAM module, please visit SuiteAnswers: Revaluation of an Asset (https://suiteanswers.custhelp.com/app/answers/detail/a_id/19284/loc/en_US).
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.