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NetSuite Add On Module: Fixed Assets Overview

Posted by Sara Duong, Consultant on Nov 20, 2020 4:31:18 PM
Sara Duong, Consultant
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pexels-photo-1714208Have you been managing your assets outside of NetSuite? Are you looking for an automatic way to manage the accounting, maintenance, and location of your assets? Do you want to know the status or condition of your assets at any given time?

If your answer is yes to any of the questions above, a Fixed Asset Management system is for you. As owner of NetSuite ERP system, you have access to an add on module to enhance your accounting process in NetSuite.

A picture is worth a thousand words. Here is a diagram of the Fixed Asset Management process in NetSuite.

4 Cool things about the Fixed Asset Management module

    1. Track fixed asset’s full life cycle within NetSuite ERP. You can create assets through NetSuite Purchase Orders. The module allows you to pull purchase orders that have been billed and paid for and run through an approval process before generating the fixed asset. This brings the fixed asset management full circle, starting from initial requisition to disposal.
    2. Setting up deprecation methods. Using NetSuite’s formula engine, you can easily create multiple and complex depreciation calculations.
    3. Tracking and segregation capabilities. Whether by standard department and location or down to who is in possession of the equipment, this module can identify the physical and financial location of an asset.
    4. Out of the box reporting. As part of the module, NetSuite provides standard reporting to meet your core needs. There are 5 key reports:
        1. Asset Register Report
          1. This report lists cost, accumulated depreciation, and net book value for each asset between the periods selected.
        2. Asset Summary Report
          1. This report lists cost or valuation, depreciation, and net book value totals for the selected asset types and the specified period. 
          2. Depreciation Schedule Report
          3. The depreciation schedule net book value report shows the current value of the asset for the specified period. 
          4. Depreciation Monthly Report
          5. The depreciation monthly report shows the depreciation expense for the period by asset, the asset records, and journal entries.
        3. Asset Listing Report
          1. The Asset Listing report shows the total acquisition or production costs, additions, disposals, transfers, and write-ups for the fiscal year. 

Feel free to reach out to us to talk about your Fixed Asset Management needs. Concentrus can help with purchase and implementation of the additional module.

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