NetAsset 2025.1

Asset Creation

  • Creating Assets From Inventory
    • Added in the ability to perform inventory reclasses on assembly unbuild records.
    • Added NetAsset Inventory Reclass to the Transaction Type filters on the Create Asset pages
  • Multi-Book Assets
    • Added the ability to select default accounting books on the Asset Type to the respective schedule and upon creation will set and translate the main schedule's value to the alternate schedule. 
    • Made update to allow imports of the asset type on the alternate subtab of an asset to source in other information.
  • Schedule Generation
    • New global settings, "Generate Schedule on Asset Creation" and "Regenerate Schedule on Asset Save" to facilitate the automatic generation of depreciation schedules without the need to click the "Generate Schedule" button. - NetAsset Schedule Generation Global Settings

Build Ups

  • Added the ability to build up fully-depreciated assets so long as the remaining useful life is extended

  • Updated build up process to populate the source transaction on both the revaluation proposal (in the Source Transaction field) and the revaluation transaction (in the Source Transaction column field) if the asset was built up from a single transaction.

Depreciation

  •  Added the ability to create custom usage based depreciation formulas with support for new mappings
    • PU → Period Usage
    • RU → Remaining Usage
    • TU → Total Usage

Disposal

  • Added the ability to partially dispose of non-gl assets in a prior period.

Performance

  • Updated all depreciation schedule generating jobs (initial schedule generation, build-up, disposal, merge, revaluation, split, time machine, transfer) to perform updates as in-line edits to asset depreciation schedule sublist resulting in up to 8x performance improvement (results may vary)

    • NOTE: Because of these changes User Event Scripts and Workflows deployed to the NetAsset Schedule Line record will no longer fire - to opt back into the old schedule generation method, navigate to NetAsset > NetAsset Setup > System Setup and check the "Trigger UEs on Schedule Generation (Slow)" checkbox.

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  • NetAsset Automation Jobs now have a parameter to limit the number of results returned to help clients that want to slowly process large volumes of assets through the month.

Reporting

  • Updated the G/L roll forward reports to group by transaction fields rather than asset fields - mostly useful for the CIP roll forward since often there isn't an asset yet
  • Improved handling of Multi-Book Transaction Types in the Asset Balance Roll Forward Report.
  • Updated the Asset Register Report to dynamically populate alternate subtab information when an alternate subtab is selected as a filter.
  • Added ability to create custom filters on all Netgain scripted GL & Subledger Reports.

Revaluation

  • Update to allow for write-ups on fully-depreciated assets to be be brought back in-service.
  • Added support for true ups on assets with summarized depreciation.

Splits

  • Added the ability to perform intercompany splits - putting child records into multiple subsidiaries.

Tax

  • Added new global settings, "Ignore Build-Ups on Alternate Schedules" and "Ignore Disposals on Alternate Schedules" to ignore build ups and disposals respectively on all alternate schedules when performing those jobs on the main schedule.
  • Added tax depreciation methods to the import tools available by navigating to NetAsset > NetAsset Setup > System Setup > Import Tools - Tax Method Import Tool
  • Added ability to group subsidiaries for the Tax Engine to help assist cases where the tax payer is more than one NetSuite subsidiary.
  • New section 179 worksheet which will provide a way for users to input and edit the desired 179 amounts for any assets placed in service that year, and will allow more flexibility for specific tax complexities.

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  • Updated auto-calculation of alternate capitalized asset value when the currency on the alternate subtab is different than the currency on the asset header
  • Updated tax year record to be central point for tax complete processing including buttons to navigate to the following:
    • Apply Tax Rules
    • 179 Worksheet
    • Create Alt. Schedules
    •  Generate Tax Reports
  • Added a new out-of-the-box report, "Tax Register", as a variation on the Asset Register report with more tax information baked in by default - NetAsset Tax Register

Time Machine

  • Updated time machine with "Delete Child Assets" option that functions to delete all child assets whenever a split transaction is picked up in processing. - NetAsset Time Machine

Transfers

  • Updated transfer page to allow for individual accounting period selection on capitalized assets (instead of forcing selection of schedule line period number 1 which may be the following month under next period and mid-month cutoff conventions) when the capitalization date is still in an open period
  • Transfer Proposals
    • Added new custom record, NetAsset Transfer Proposal, to support the bulk processing of transfer of assets between subsidiary, department, class, location, and custom segments
      • Navigate to NetAsset > View Asset Registers > Transfer Register > New to create an individual transfer proposal
      • Navigate to NetAsset > Update or Modify Assets > Transfer Assets then click "Switch to Proposals" to bulk process approved transfer proposals

Misc.

  • Added better support for unicode characters for CSV exports.
  • Improved controls on the the Time Machine / Mass Disposal / Mass Transfer pages to require the number of of assets to be entered to proceed to update the selected assets.
  • Various bug fixes (see minor release notes).
  • Fully tested for the NetSuite 2025.1 release.
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