NetAsset - Capitalize From Single Vendor Bill

CAPITALIZE FROM SINGLE VENDOR BILL

Use Case: Smaller companies whose A/P teams also handle Fixed Assets may find it useful to be able to create an asset directly from a vendor bill. This script can also be deployed to automatically default in the asset type based on the CIP/Clearing account coded onto the transactions.

Prerequisite: A proposed asset to be capitalized is wholly contained on a single vendor bill and the script NetAsset - Create Assets from Bill UE needs to be deployed.

  • Search "NetAsset Scripts" in the NetSuite search bar

  • Find the script titled "NetAsset - Create Assets From Bill UE" and select View


  • Once in the script, select Deploy Script

  • Once on the script deployment page, make sure the following fields are filled out as as shown below, then click Save. Note that if you want to script to apply to more transactions then just vendor bills, a separate deployment will need to be created.
    • Applies To: Vendor Bill
    • Deployed: Yes
    • Status: Released
    • Roles: All, or desired specific roles
  • Optionally: If you would like the asset type to default onto the transactions based off the designated clearing or CIP account coded on the transactions, this can be accomplished by setting the Parameters, and checking the boxes labeled:
    • "Default Asset Type From Clearing Account"
    • "Default Asset Type From CIP Accout"
  • Once the transaction is saved, the asset type that matches the account will be defaulted in. If multiple types share the same Clearing/CIP accounts, the type that comes first in the list alphabetically will be defaulted in. 

STEP BY STEP PROCESS

  • Save a Vendor Bill with one of the following:
    1. An expense line item where the account is a Fixed Asset Clearing Account or a Construction in Progress from an Asset Type setup in the NetAsset instance.
    2. A line item where the native Asset account field references a Fixed Asset Clearing Account or a Construction in Progress from an Asset Type setup in the NetAsset instance.
  • View the Vendor Bill and click the Create Asset button

  • You will be redirected to a new asset record with the following pre-populated from the corresponding field on the Vendor Bill:

Vendor Bill Field

NetAsset Field

Subsidiary (Main)

Subsidiary

Currency (Main)

Currency

Department (Main)

Department

Class (Main)

Class

Location (Main)

Location

Project (Main)

Project

Transaction Date (Main)

In-Service Date

Transaction Date (Main)

Acquisition Date

Amount (sum of eligible lines)

Capitalized Asset Value

  • Fill out all the required fields on the asset and click Save.

  • Upon saving, the eligible Vendor Bill lines will be updated with a link to the newly created asset.
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