FAQ: Fixed Assets Management
See the questions and answers below for information on the Fixed Assets Management SuiteApp.
Is Fixed Assets Management sold as an optional module, or is it available to customers for free?
Fixed Assets Management is an optional module for sale.
Is there a limit to the number of assets that the module can handle?
The bundle should not have a limit to the number of assets it can handle. But, the following system limitations must be taken into account:
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Processing across subsidiaries may cause some scripts to time out.
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The saved search can also have a limit.
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A SuiteCloud Plus license is required to utilize the system’s Multiple Queue feature, which will optimize the depreciation process.
Is Fixed Assets Management a managed bundle?
Yes, it is a managed bundle. Updates are automatically pushed to customers’ account without the customer having to manually upgrade the bundle.
Can I track multiple depreciation methods for each asset?
Yes.
Does the module support IFRS fixed asset accounting rules for Canadian and European customers?
NetSuite has customers running the module in those locations. You can define your own depreciation methods based on your own rules. Currently, it does not generate a parallel set of books— one set that is GAAP based.
Can I do a depreciation projection for future periods?
Yes.
Will I be able to generate detailed and summarized monthly depreciation reports by location?
Yes. You can specify a location in the report filters.
Does the Fixed Assets Management bundle handle assets being held and depreciated in one location and subsidiary with the depreciation expenses posted in other locations and subsidiaries?
Depreciation expense is going to be posted in the same subsidiary where the asset resides. Relatively, there is no functionality for cross subsidiary depreciation posting.
How is the Asset Type defined? Is it done on the GL account record?
It is defined as a record in the Fixed Assets Management System. The Asset Type on the asset record.
I cannot choose what invoice form to use when performing an asset sale or disposal. The system will use the default. What if I use multiple invoice forms?
You can tie a disposal to an invoice but there is no option to select custom forms.
Can I create custom fields on the Fixed Assets form?
Yes. On Edit View of the FAM – Asset form, click the Customize crosslink, then on the Form Customization page, navigate to the Fields tab and add new custom fields where necessary.
Does depreciation start from the In-Service Date or the Acquisition Date?
The depreciation date is essentially the in-service date.
The In-Service date is not always the purchase date. Can I update the In-Service date or will the system use the purchase date?
If the asset was created from transactions, the system will automatically use the transaction date as the Purchase Date and In-Service Date or Depreciation Start Date.
Does the Fixed Assets Acquisition handle Acquired Date and In-Service Dates?
Acquired Date is essentially the Purchase Date. In-Service Date is essentially the Depreciation Start Date.
When importing mid-life assets, is it also possible to import the historical depreciation?
Yes, you can also import Journal Entries as well.
Does the module handle sales taxes applicable for asset disposals?
Yes. Refer to the Asset Sale/Disposal screen.
Can we create saved searches with Fixed Assets Management data?
Yes. Fixed Assets objects are available for use with searches.
While updating the Fixed Assets Management bundle in Sandbox, I received an error “You have not granted access to the bundle”.
The Fixed Assets Management bundle may not be shared to your Sandbox account. You need to ask Customer Support to submit a Bundle Provisioning Request. When the bundle is shared to the Sandbox account, you can manually upgrade the bundle.
Why am I receiving Unsuccessful Upgrade Notification?
The Fixed Assets Management bundle will not be successfully upgraded if the account has a background process ‘In Progress’. NetSuite will try to push the upgrade again within 24 hours. If the upgrade is still unsuccessful, administrators for the account will receive the Unsuccessful Update Notification, and will need to do the following:
1. Set all background processes from ‘In Progress’ to ‘Inactive’. If the BGProcess was triggered by a depreciation or a report that is currently running, wait until the process is completed.
2. Coordinate with Customer Support to have your account upgraded to the latest version
Why are there no Depreciation Methods showing on a newly installed Fixed Assets Management bundle?
Another bundle might be using Fixed Assets Management objects when it was re-bundled. You need to remove Fixed Assets Management objects from the other bundle, uninstall the Fixed Assets Management bundle, and then reinstall it again.
In the Propose Asset Page, why are Vendor Bills not automatically shown in the Asset Proposal?
When you click the Propose New Assets button, a scheduled script is run. This scheduled script will be placed into the queue. Any scheduled script that was previously running (Fixed Assets Management script or otherwise), must be finished or completed first before the proposal script is triggered.
How can I remove processes with the status ‘In Progress’?
You can set the Process Instance List entry to ‘Inactive’. Make sure that there are no running scripts in the Script Deployment status page when running a new depreciation.