NetAsset - Multi-Book Setup

Overview

NetAsset has the ability to generate alternate depreciation schedules for an asset beyond just the primary schedule. While a primary schedule is intended to be used for GAAP or IFRS financials, a customer may also be required to maintain alternate schedules for local books or statutory reporting. Multi-book in NetAsset is an add-on feature, please contact your account manager if you have questions on adding this functionality into your system.

Once the Alternate Subtabs have been configured as desired. The following is the setup:

Configure System Setup 

Navigate to NetAsset > NetAsset Setup > System Setup > System Features and check the "Multi-Book" system feature and "Create Alternative Schedule" quick access button: View full size

Select "Save"

Configure NetAsset Asset Form 

Navigate to Customization > Lists, Records, & Fields > Record Types > NetAsset Asset and do the following:

1. Select "Form" subtab and "Edit" next to the preferred form.  View full size
2. Select "Fields" subtab and the applicable alternative schedule. View full size
3.  Confirm that the field "Alternative Accounting Book X" is set to show. View full size
4. Select "Save".

Navigate to an applicable asset and the applicable subtab and click "Edit" to add the Accounting Book. View full size

 Follow the instructions in the Multi-book Alternate Depreciation Schedules for the future process of generating schedules and running entries for multi-book assets. 

(Optional) Updating the Asset Type

For alternative schedules, the system is able to default in alternate schedule depreciation methods and useful lives as desired. Follow the below steps to add these defaults:

1. Navigate to NetAsset > NetAsset Setup > Manage Asset Types & Mapping
2. Select "Edit" next to the asset types that will have alternative schedules. View full size
3. Under the Alternate Schedule Defaults subtab, enter the default depreciation method and useful life for each applicable schedule. View full size
4. Select "Save".