Fixed Assets Management Overview

The NetSuite Fixed Assets Management SuiteApp provides automated management of fixed assets acquisition, depreciation, revaluation, and retirement, as well as maintenance schedules and insurance. You can import new assets and mid-life assets into NetSuite to track asset depreciation, including the depreciation history of mid-life assets. New asset records can also be created manually or from purchases, expenses, and inventory transfers in NetSuite.

Watch the following video for a brief overview of the features available in the Fixed Assets Management SuiteApp:

Fixed assets, as opposed to current assets, are assets with a remaining useful life of over a year. Following the accruals principal, fixed assets are shown on the balance sheet, but their value is depreciated and treated as an expense in the P & L (profit and loss) account for each year of their life.

An asset can be defined as any piece of equipment or any resource that requires depreciation, or against which details of insurance, leasing, maintenance, or any user-defined details must be recorded. Accurately tracking, controlling, and depreciating assets is required in all businesses. The Fixed Assets Management SuiteApp provides a single source of information for everything relating to that asset.

Because of its design flexibility, the Fixed Assets Management SuiteApp can be used by a wide variety of businesses, and supports the storage of a range of different assets and depreciation methods. Aside from supporting the standard depreciation methods—Straight Line, Fixed Declining, Sum of Years Digits, and Asset Usage—the SuiteApp also supports user-defined depreciation methods which can be linked together.

The ability to categorize assets into asset types in setup, and to provide defaults for the assets, makes asset creation, depreciation, and retirement manageable.

With the asset ledger accounts defined, fixed assets can be automatically proposed for creation, or even automatically created by posting the originating document. For example, posting a purchase bill for a new asset will automatically ensure that asset is proposed for creation within the Fixed Assets Management system, along with all the applicable information from that bill.

The system enables you to manage even non depreciating assets such as mobile phones, software, and hired plant or machinery. This is useful for tracking employee ownership of items, and for tracking insurance and maintenance schedules of assets.

The Fixed Assets Management SuiteApp automatically updates your account whenever bug fixes, new features, and other improvements in the bundle become available. For more information, see Installing the Fixed Assets Management SuiteApp.

After installing the NetSuite Fixed Assets Management SuiteApp, read the following topics to complete additional setup tasks:

Making the Fixed Assets Tab Available to Custom Roles
Setting Fixed Assets Management Permission Levels
Setting Up the Fixed Assets Management System
See General Ledger Accounts for Fixed Assets Management for details on defining accounts to be used.
See Asset Transfer Accounts for details on setting up asset transfer accounts.
See Depreciation Methods for details on setting up depreciation methods.
See Alternate Methods (Tax Depreciation Methods) for details on setting up alternate methods.
See Asset Types for details on creating asset types.

To migrate fixed asset data from your previous system to NetSuite, see Creating Asset Records through CSV Import.

To learn how you can create and update asset records, read the following topics:

To learn how to manage depreciation, read the following topics in Managing Assets:

To use saved searches and reporting features for fixed assets, read the following topics:

To understand fixed asset background processing and error messages, see Background Processing of Fixed Assets.

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