Creating Asset Records Manually

In the Fixed Assets Management SuiteApp, you can add fixed assets by importing existing data, creating records manually, or generating asset records from transactions. Generating asset records from transactions is typically done for newly acquired assets.

The asset record defines the asset and its depreciation rules, and shows it's net book value, depreciation life to date, last depreciation date, original cost, and residual value. After asset types are entered, details of each asset can be entered on individual asset records. When you select an asset type, the system populates some fields with default values, so you don't have to retype them.

Important:

Unlike assets generated from transaction records, values for assets you create manually or migrate to NetSuite through CSV import aren't automatically posted to the fixed asset general ledger accounts. You must create the journal entries manually to post the values for these assets.

Important:

To ensure that FAM bundle scripts run on assets created through CSV import, you must enable the following settings:

• Run Server Scripts on CSV Import (Fixed Assets > Setup > System Setup)

• Run Server SuiteScript and Trigger Workflows (Setup > Import/Export > CSV Import Preferences)

To create an asset record:

1. Go to Fixed Assets > Lists > Assets > New.

2. Enter values for the following fields:

   Note:

   The ID is system-generated.

   • Name – Enter a name for the asset.

   • Asset Description – Enter a brief description of the asset.

   • Asset Serial Number – Enter a serial number to track or identify the asset.

   • Alternate Asset Number – Enter an additional asset reference number.

   • Parent Asset – If this asset is part of a collection of assets, select the parent asset that this asset belongs to. Child assets depreciate automatically when the parent does and may be affected by other operations on the parent asset.

   • Project – Select the related project for the asset. You can set Depreciation Active to On Project Completion so depreciation automatically starts when the project ends. For more information on Depreciation Active, see General Subtab.

     Note:

     If the asset record is generated from a proposal, the Project field is populated based on the defined project on the transaction or proposal record. The project name also appears on the Name field in the depreciation journal entries.

   • Asset Type – Select the asset type for this asset.

     When you select an asset type, the system populates most fields with its default values. The asset type also categorizes assets in reports and other processes.

   • Asset Original Cost – Enter the original (purchase) cost of the asset.

   • Asset Current Cost – Enter the current cost of the asset. This includes any write-down already applied to the asset.

   • Residual Value Percentage – Enter the percentage of the original cost that the asset will be worth at the end of its life. For example, an asset purchased for $1,000.00 may be worth $100.00 at the end of its lifetime, so the residual value percentage would be 10% (10% of $1,000.00 is $100.00). Entering a residual value always overrides the default value calculated using the percentage. The default value is set by asset type.

     For operating lease asset types, this field is set to 0% and won't be editable.

   • Residual Value – Enter the value that the asset will be worth at the end of its life. For example, an asset purchased for $1,000.00 may be worth $100.00 at the end of its lifetime.

     For operating leases, the residual value equals the total interest amount, but is shown as a negative value

   • Accounting Method – Select the depreciation method (formula) to use when depreciating this asset. This accounting method is used to calculate the values entered into the accounting system. The default method is set by asset type.

   • Asset Lifetime – Enter the expected lifetime of the asset, in multiples of the depreciation period. Currently, only months are supported.

     If you enter a value for Asset Lifetime and Depreciation Start Date, the system automatically sets the Depreciation End Date field (see General Subtab). If you leave this field blank, the system automatically computes the asset lifetime if valid values are manually entered in the Depreciation Start Date and Depreciation End Date. If either the Depreciation Start Date or Depreciation End Date is changed and the new value entered is valid, the system automatically computes the new asset lifetime. The system shows a notification whenever the asset lifetime is automatically changed.

     Note:

     The system automatically creates an Acquisition History Record when you set a depreciation start date for the asset. The SuiteApp can't recalculate the Asset Lifetime if you change the Depreciation End Date through CSV import or script.

   • Depreciation Period – Inline HTML text showing the Depreciation Period of the selected Accounting Method. For information, see Depreciation Methods.

   • Asset Lifetime Usage – If you depreciate the asset based on usage (for example, mileage), enter a lifetime usage figure representing its total units. The asset reaches the of its life when the total usage to date equals the lifetime usage.

   • Current Net Book Value – The current book valuation of the asset.

   • Cumulative Depreciation – The total depreciation amount applied to date to the asset.

   • Asset Status – The status is set to New by default. Asset Status automatically changes to Disposed when you dispose the asset.

   • Customer Location – Select a customer or create a new customer record.

3. Enter values in the fields on each of the subtabs:

   • General Subtab

   • Accounts Subtab

   • Lease Subtab

   • Insurance Subtab

   • Maintenance Subtab

   • Asset Sale/Disposal Tab

4. Click Save. Enter values on the additional subtabs that appear:

   • Depreciation History Subtab

   • Asset Usage Subtab

   • Sub-Assets Subtab

5. Click Save.

Asset Values Record

Each asset record has a corresponding asset values record to store the values that are updated when you depreciate the asset. Whenever you create an asset record, manually or from transactions, the system automatically creates its asset values record.

To speed up the depreciation, the system updates only the asset values record when you depreciate an asset. The asset record's depreciation fields update as well because they source values from the asset values record.

To view the asset values records, go to Customization > Lists, Records, & Fields > Record Types. On the Record Types page, click List next to FAM Asset Values.

Warning:

Manually making changes to the asset values record may cause issues with your Fixed Assets records.

Recovering Asset Values

Starting with Fixed Assets Management 19.1, all assets currently in use should already have asset values. If assets don't have asset values, the system removes the following fields:

• Current Net Book Value

• Last Depreciation Amount

• Last Depreciation Date

• Last Depreciation Period

• Prior Year NBV

If you still need these values, use a script to recover them for the affected assets.

To recover deleted values:

1. Search for assets that don't have asset values and note their internal IDs.

2. Go to Customization > Scripting > Script Deployment.

3. Find the FAM Retrieve Asset Values MR script, and click Edit.

4. On the Script Deployment page, click the Parameters subtab.

5. In the Asset ID field, enter the assets' internal IDs, separated by commas.

Compound Assets

Compound assets are parent or primary assets that are comprised of multiple child assets, called components. Simple assets, in comparison, are single assets that don't have components. A component can be a simple asset or another compound asset.

This feature lets you create a compound asset by attaching multiple child assets (components) to the parent asset. You can add components that have the same asset type, subsidiary, and accounting method as the compound asset. Each component's status must be New, Depreciating, or Partially Disposed. You can't add fully depreciated or disposed assets as components.

Note:

Limit compound asset to five levels, with a total of 1000 assets and 1000 tax methods to avoid performance issues.

To build a compound asset:

1. Go to Fixed Assets > Lists > Build Compound Asset.

2. Provide values for the following fields:

   • Asset Name – Enter a name for the asset.

   • Asset Type – Select the asset type for the compound asset.

   • Accounting Method – Select the accounting method to use when depreciating the compound asset.

   • Subsidiary – Select the subsidiary for the compound asset.

   • Asset Cost – This is automatically populated, and shows the combined asset cost of all the components.

   • Current Cost – This is automatically populated, and shows the combined current cost of all the components.

3. In the Components section, add a component to the compound asset by selecting from a list of existing assets, or by adding a new asset.

   • To add an existing asset, click the arrow in the ID/Name field, and then select an asset from the list.

   • To add a new asset, click the ID/Name dropdown, select New (or click +), and enter asset details. For more information on creating asset records, see Creating Asset Records Manually.

4. Click Build to create the compound asset. You'll be redirected to the Process Status page.

General Subtab

On the General subtab, enter values for the following fields:

• Department – Enter a department for this asset.

• Class – Enter a class for this asset.

• Location – Enter a location for this asset.

  Note:

  If location, department, or class are required fields for journal entries, you must set them on the asset record. For example, if you setup requires journal entries to be posted on department change, you must enter a department on the record. For more information, see Setting Up the Fixed Assets Management System.

• Subsidiary – If a you're using a OneWorld account, select the asset's subsidiary.

  For more information about transferring assets between subsidiaries, see Asset Transfer Accounts.

• Currency – Shows the subsidiary's base currency.

• Custodian – Select the employee responsible for the asset. The Assets subtab on the Employee record shows a list of assets that the employee is a custodian of.

• Physical Location – Enter the location of the asset.

• Include In Reports – Check this box to include the asset in the Asset Register and Asset Summary Report. By default, all assets are included in the report.

• Purchase Date – Enter the date when the asset was purchased.

• Depreciation Start Date – Enter the date depreciation starts. For example, an asset can be purchased but not received or placed into service until a few months later.

• Depreciation End Date – Enter the date depreciation is expected to end. By default, the value is set to the asset's depreciation start date plus the useful lifetime.

  The system shows an error if the end date is before the start date. If you enter valid start and end dates, the system automatically calculates the Asset Lifetime. If you change the end date and it's valid, the system recalculates the Asset Lifetime. The system shows a message whenever it changes the depreciation end date.

  Note:

  The SuiteApp can't recalculate the Asset Lifetime if you change the Depreciation End Date through CSV import or script.

• Last Depreciation Period – Set to zero by default.

• Last Depreciation Amount – Set to zero by default.

• Last Depreciation Date – Set to 1/1/1980 by default.

• Target Depreciation Date – Enter the next depreciation date.

• Depreciation Active – Select whether the asset is active and included in depreciation processing. For project assets, you can set depreciation to automatically start when the project ends.

  Note:

  The system automatically creates an Acquisition History Record when you set a depreciation start date for the asset. When Depreciation Active is set to False, no Acquisition History record is created. When Depreciation Active is set to On Project Completion, the Depreciation Start Date is automatically populated when the project ends.

• Depreciation Rules – Select from the following values:

  • Acquisition – The asset depeciates in the same period it's first activated.

  • Disposal – The asset depreciates in its final period.

  • Pro-rata – The asset depreciates in proportionally for partial months in the acquisition and disposal periods, using a standard 30-day month. For example, if depreciation starts on June 18, 2011 and ends on September 17, 2011, then 13 days worth of depreciation is recorded in the first depreciation period, and 17 days worth of depreciation is recorded in the final depreciation period.

    The following examples illustrate Pro-rata depreciation calculation when depreciation starts on the last day of the month:

    • If depreciation starts on the last day of a 30–day or 31-day month (for example, April 30 or January 31), depreciation is recorded for 1 day in the acquisition period, and for 29 days in the disposal period.

    • If depreciation starts on the last day of February, depreciation in the acquisition period is calculated for 1 day plus the number of days to complete 30 days. The asset depreciates for the corresponding partial month in the disposal period. For example, if depreciation starts on February 28, three days worth of depreciation (the 28th plus 2 days to make 30) is recorded for the first depreciation period, and 27 days worth of depreciation is recorded in the final depreciation period.

  • Mid-month – If Depreciation Start Date is in the first half of the month, then depreciation starts on the same month of the asset acquisition. Otherwise, depreciation starts on the month after the asset acquisition month.

• Revision Rules – Controls how revaluations affect the asset. The default value is set by Asset Type.

  • Current Period – The system recalculates depreciation to date and posts the difference between the calculated depreciation and the previously posted depreciation in the current period.

  • Remaining Life – The revision affects only future depreciation calculations.

• Manufacturer – Enter the asset's manufacturer.

• Date of Manufacture – If known, enter the asset's manufacture date.

• Supplier – Enter the supplier (vendor) the asset was purchased from.

• Purchase Order – Select the purchase order for the asset.

• Parent Transaction – Select the transaction that generated or represents this asset's acquisition.

Accounts Subtab

The Accounts subtab lists the ledger accounts used to post asset transactions. These accounts are set by default when you select an asset type, but you can edit them on this subtab.

You must enter account values if the tax method is associated to an accounting book. For more information, see Linking Accounting Books to an Asset.

Lease Subtab

Use the Lease Proposal subtab under the Lease Subtab to view lease agreement details for the asset.

• Lease Proposal – This field shows the link to the lease proposal record.

• Lease Company – This field shows the company the asset is leased from.

• Lease Contract Number – This field shows the contract number of the lease agreement.

• Lease Start Date – This field shows the start date for the lease.

• Lease End Date – This field shows the end date for the lease.

• Finance Lease – This box indicates if the asset is subject to a finance or operating lease.

• Rental Frequency – This field shows the frequency of rental payments.

• Lease Term – This field shows the expected term of lease.

• Annual Interest Rate – This field shows the implicit interest rate to be charged on the financing of this asset.

• Total Interest - This field shows the total interest based on the lease payments.

• Total NPV – This field shows the total net present value based on the lease payments.

• Total Lease Payment – This field shows the total lease payments based on the lease payment amounts.

Insurance Subtab

Use the Insurance subtab to enter insurance details, policy dates, and claims made for this asset.

• Insurance Company – Select the asset's insurance company.

• Insurance Policy Number – Enter the policy number of the insurance policy covering this asset.

• Policy Start Date – Enter the insurance policy start date.

• Policy End Date – Enter the insurance policy end date.

• Insurance Value – Enter the asset's insured value.

• Payment Frequency – Enter the payment frequency in months.

• Payment Amount – Enter the periodic payment amount.

Maintenance Subtab

Use the Maintenance subtab to enter maintenance details or warranty schedules for this asset.

• Maintenance Company – Select the company that maintains this asset.

• Maintenance Contract – Enter the maintenance contract number.

• Inspection Required – Check this box if the asset needs inspections.

• Inspection Interval – If the asset requires inspection, enter the inspection interval in months.

• Last Inspection Date – Enter the date of the last inspection.

• Next Inspection Date – Enter the date when the next inspection is due.

• Warranty – Check this box if this asset is covered by a warranty agreement.

• Warranty Period – If the asset is under warranty, enter the warranty period.

• Warranty Start Date – Enter the start date of the warranty period.

• Warranty End Date – Enter the expiry date of the warranty period.

• Repair & Maintenance Category – Select a category of repair and maintenance.

• Repair & Maint Subcategory A – Select a subcategory of repair and maintenance.

• Repair & Maint Subcategory B – Select a subcategory of repair and maintenance.

• Quantity – Enter the asset quantity.

• Units of Measurement – Enter the units of measurement.

• Quantity Disposed – Enter the quantity of assets disposed.

Components Subtab

The components subtab lists the child assets that make up the compound asset. In the Components sublist, click Edit next to the component to modify its asset record.

The Tax Methods sublist shows each component’s alternate methods, grouped by accounting book, method, and currency.

The Depreciation History sublist shows each component's history grouped by accounting book, alternate method, depreciation method, asset type, schedule, and date.

Asset Sale/Disposal Tab

Use the Asset Sale/Disposal subtab to enter details sale or disposal details for the asset.

Note:

The subtab only shows values reflecting the latest disposal processed for the asset. Previous disposal values are overwritten.

• Disposal Date – The date that the asset was disposed of, by sale or write-off.

• Disposal Type – Indicates whether the asset was sold or written off.

• Disposal Item – The sales item used on the sales invoice generated when the asset was sold.

• Customer – The buyer of the asset.

• Sales Amount – The amount the asset was sold for.

• Sales Invoice – The invoice for the sale.

Depreciation History Subtab

When you save a new asset record, the system automatically adds the Depreciation History subtab.

The subtab lists history records for both accounting and tax methods linked to the asset. You can click Depreciation Histories to open the Depreciation History page in a new tab or window. The Transaction Type column shows the history of asset activity (acquisition, depreciation, revaluation, disposal). If the activity involves financial adjustments, you can view the transaction details through the posting reference.

Note:

When the depreciation is zero, the system generates a zero-value depreciation history record with a blank Posting Reference field. No journal entry is created.

The Schedule filter on the Depreciation History page provides the following options:

• Yes – Shows only transactions from Depreciation Schedule Reports (Fixed Assets > Reports > Depreciation Schedule).

• No – Shows transactions from Asset Depreciation (Fixed Assets > Transactions > Asset Depreciation).

• All – Displays all depreciation history.

You can assign tax depreciation methods to an asset from this subtab. Each method can have a different asset lifetime and residual value. These assignments let you track tax or corporate reporting methods on the asset. The system calculates values automatically when you run a Depreciation Schedule report for the asset type. Tax depreciation methods are used for analysis purposes and don't generate financial transactions.

FAM Alternate Depreciation Sublist

The Method sublist in the Depreciation History subtab lets you view each alternate method defined on the asset record, and add new ones.

Note:

The S tore History box is checked by default.

To add alternate methods to a new asset record:

1. Go to Fixed Assets > Lists > Assets, and then click the View link of the asset.

2. On the FAM Asset page, click the Depreciation History subtab, and then click New FAM Alternate Depreciation.

3. Select field values. Most of the fields are automatically populated.

   Note:

   If the Override Flag is checked in the Alternate Method record, you can edit the Depreciation Method, Convention, Asset Life, Financial Year Start, and Period Convention fields when you add this tax method to an asset. For information about Alternate Method fields, see Creating Alternate Methods (Tax Depreciation Methods).

   • Alternate Method – Select a tax method name from the list (or click the + icon) to open a New FAM Alternate Methods record and create a tax method. See Creating Alternate Methods (Tax Depreciation Methods).

     Note:

     The list shows only alternate methods that match the asset’s Subsidiary on the General subtab.

   • Depreciation Method – By default, this is set to the depreciation method defined in the selected Alternate Method.

   • Original Cost – Sourced from the Asset record.

   • Current Cost – Sourced from the Asset record.

   • Residual Value Percentage – Sourced from the Asset record.

   • Residual Value (RV) – Sourced from the Asset record.

   • Asset Life (AL) – Sourced from the Alternate Method record.

   • Book Value (NBV) – Sourced from the Asset Current Cost.

   • Cumulative Depreciation – Set to zero by default.

   • Asset Status – Select the status of this tax method.

4. Under the General subtab, enter values for the following fields:

   • Subsidiary – Sourced from the Asset record.

   • Depreciation Start Date – Shows the date the tax method starts depreciating.

   • Depreciation End Date – The expected end date of the asset's depreciation. By default, this is set to the asset’s depreciation start date plus its useful life.

   • Last Depreciation Date – The most recent depreciation date of this tax method.

   • Last Depreciation Amount (LD) – The asset's most recent depreciation amount. This is set to zero by default.

   • Last Depreciation Period – The period number (within the tax method's life) when the asset was last depreciated.

   • Depreciation Active – Select whether the asset is active and included in depreciation processing. For assets related to a job, you can set depreciation to automatically start when the job completes. Default set by asset type.

   • Depreciation Rules – Select from the following values:

     • Acquisition – Asset depreciates in the same period it’s activated.

     • Disposal – Asset depreciates in its final period.

     • Pro-rata – Asset depreciates proportionally for partial months in the acquisition and disposal periods, using a standard 30-day month.

     • Mid-month – If the Depreciation Start Date falls within the first half of the month, then depreciation starts on the same month of the asset acquisition. Otherwise, depreciation starts on the month after the asset acquisition month.

   • Revision Rules – Select how revaluations affect the asset.

     • Current Period – The system recalculates depreciation to date and posts the difference between the calculated depreciation and the previously posted depreciation in the current period.

     • Remaining Life – The revision affects only future depreciation calculations.

   • Financial Year Start – Sourced from the Alternate Method record.

   • Annual Method Entry – Select whether annual depreciation posts on the Anniversary (based on the depreciation start date) or the Fiscal Year (based on the last day of the fiscal year).

   • Convention – Sourced from the Alternate Method record.

     Averaging conventions set how depreciation is handled in the asset’s first year. Conventions are supported for alternate methods only, and default value is None. For monthly depreciation, the supported convention is Mid-Month. For annual depreciation, the supported conventions are Half Year and Mid-Quarter. If the convention is set to Mid-Quarter, the asset depreciates for half of the first quarter, no matter when it entered service.

     Note:

     If the Convention is None, the asset follows the depreciation rule set in the parent asset record. For details on the depreciation rules, see General Subtab.

   • Period Convention – Sourced from the Alternate Method record.

   • Depreciation Period – Sourced from the Depreciation Method record.

   • Prior Year NBV – Sourced from the Asset Original Cost on the Asset record.

     The Prior Year Net Book Value is the asset's net book value for the selected tax method at the end of the previous fiscal year. The Financial Year Start field on the Alternate Method record determines the method's start and end of the year. The Prior Year NBV updates when the depreciated month for an Alternate Method (tax method) matches the Financial Year Start month. This captures the NBV as it stood for the financial year that ended.

   • Group Depreciation – Sourced from the Alternate Method record.

   • Group Master – You can check this box only if Group Depreciation is checked.

   • Allow Override – Sourced from the Alternate Method record. If this box is checked, you can edit the Depreciation Method, Convention, Asset Lifetime, Financial Year Start, and Period Convention.

5. Click Add to attach the alternate method to the asset. You can add as many tax methods as you need.

6. Check Store History if you want to keep depreciation history records. Otherwise, clear the box.

   Important:

   Checking the Store History box affects the depreciation performance.

7. Click Save.

   For more information on tax depreciation methods, see Using Tax Depreciation Methods.

For more information on tax depreciation methods, see Using Tax Depreciation Methods.

Asset Usage Subtab

When you save an asset record, the system automatically adds the Asset Usage subtab. This subtab records and displays an asset’s unit usage for unit-based depreciation. You can create new usage transactions on this subtab.

To enter asset usage from the Asset Usage subtab:

1. Click New FAM Asset Usage.

2. Provide values for the following fields:

   • Date – Enter the date of usage.

   • Period – Enter the period in which the usage took place. This could be a month, a week, an accounting period name, or any other meaningful period.

   • Units Used – Enter the number of units used.

   • Comments – Enter any comments or reference text relating to the usage.

3. Click Save.

Sub-Assets Subtab

When you save a new asset, the system adds the Sub-Assets subtab. Use this subtab to add child assets to an asset.

To add a sub-asset to an Asset record:

1. View or edit the asset record that you want to add sub-assets to. This asset will be the parent asset.

2. Click the Sub-Assets subtab.

3. Click New FAM Asset.

   On the New FAM Asset page, the Parent Asset field shows the parent's name.

4. Enter values for the new asset's fields and subtabs.

   For more information, see Creating Asset Records Manually.

5. Click Save.

   The new asset appears on the parent record's Sub-Asset subtab. The system automatically generates the FAM Asset ID. Click the sub-asset's FAM Asset ID to open and edit the record.

6. Repeat steps 3 to 5 to add more sub-assets.

To create a sub-asset by selecting a parent asset on the Asset record:

You can also create a sub-asset is by going to Fixed Assets > Lists > Assets > New. Select a parent asset from the Parent Asset list, enter values in the fields and subtabs, and save the record. For more information, see Creating Asset Records Manually.

• Creating Asset Records from Transactions

• Creating Asset Records through CSV Import

Income/Expense Subtab

The Income/Expense subtab shows the income earned from the asset and the expenses incurred, such as fuel or maintenance costs. It also shows the journal reference for quick access.

You can manually add transactions in this subtab to record the asset's income and expenses.

To record your income or expense:

1. On the Income/Expense subtab of the asset record, click New FAM Expense/Income.

2. Provide values for the following fields:

   • Expense/Income Amount — Enter the amount of income earned or expense incurred for this asset.

   • Transaction Reference — Select the transaction record where the expense or income originated.

   • Memo — Enter the memo from the transaction reference.

3. Click Save.

Notes Subtab

Use the Notes subtab to add notes related to this asset.

Files Subtab

Use the Files subtab to attach files related to this asset.

Related Topics

• Fixed Assets Management Overview
• Setting Up the Fixed Assets Management System
• General Ledger Accounts for Fixed Assets Management
• Asset Transfer Accounts
• Depreciation Methods
• Alternate Methods (Tax Depreciation Methods)
• Asset Types
• Creating Asset Records through CSV Import
• Updating Fixed Assets Management Records
• Creating Asset Records from Transactions
• Managing Assets

• Fixed Asset Recovery Script

• Fixed Assets Saved Searches
• Asset Reports
• Background Processing of Fixed Assets

General Notices