General Ledger Accounts for Fixed Assets Management

The Fixed Assets Management SuiteApp provides predefined general ledger accounts for fixed assets, but you can set up your existing general ledger accounts to be used with the SuiteApp.

Predefined Accounts in Fixed Assets Management

Upon installation of the NetSuite Fixed Assets Management bundle, the following accounts are already defined:

FAM Account Field (for Assets, Asset Types, and Asset Proposals)	Account Types
Asset Account	Fixed Asset
Depreciation Account	Fixed Asset
Depreciation Charge Account	Deferred Expense, Expense, Other Expense
Write Off Account	Fixed Asset, Deferred Expense, Expense, Other Expense
Write Down Account	Fixed Asset, Deferred Expense, Expense, Other Expense
Disposal Cost Account	Expense, Income, Other Expense, Other Income

Setting Up General Ledger Accounts to be Included in Fixed Assets Management

If you have existing general ledger accounts that you want to use in the Fixed Assets Management SuiteApp, you can edit your accounts to make them available for selection on Assets, Asset Types, and Asset Proposals.

To set up general ledger accounts to be included in Fixed Assets Management:

1. Go to Lists > Accounting > Accounts.

2. Click the Edit link of the account that you want to set up.

3. In the Show in Fixed Assets Management field, select the Fixed Assets Management accounts. To select multiple accounts, hold down the CTRL key and click on the accounts.

   • Asset Account

   • Depreciation Account

   • Depreciation Charge Account

   • Write Off Account

   • Write Down Account

   • Disposal Cost Account

4. Click Save.

To verify successful account definition in Asset Type and Asset records:

1. Go to Fixed Assets > Setup > Asset Types > New.

2. On the Accounts subtab, verify that the account you defined is available in the dropdown menu of the following fields (if applicable to the account you defined):

   • Asset Type Asset Account

   • Asset Type Depreciation Account

   • Asset Type Depreciation Charge Account

   • Asset Type Write Off Account

   • Asset Type Write Down Account

   • Asset Type Disposal Cost Account

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

4. On the Accounts subtab, verify that the account you defined is available in the dropdown menu of the following fields (if applicable to the account you defined):

   • Asset Account

   • Depreciation Account

   • Depreciation Charge Account

   • Write Off Account

   • Write Down Account

   • Disposal Cost Account

Related Topics

Fixed Assets Management Overview

Asset Transfer Accounts

Asset Types

Creating Asset Records Manually

General Notices