NetAsset 2024.1
NETASSET VERSION 2024.1 KEY UPDATES
- Alternate Schedules
- Tax
- Added option for bonus depreciation fields to be included for non-tax engine accounts
- Added browser side defaulting of alternate end of life date based on alternate useful life
- Improved handling of bonus depreciation when the asset is fully depreciated and then built up after the bonus depreciation is taken
- Multi-Book
- Added support for accounting books for alternate schedules 4-10
- Added the ability to filter for a single book when running monthly journals
- Tax
- Depreciation
- Depreciation Table Formulas
- Added support for changing the basis from which percentage depreciation table amounts are calculated with new table formula fields on the depreciation method
- Populate new fields on the NetAsset Depreciation Method to define the basis for table calculations at in-service and after modification:
- Table Basis In-Service Formula
- Table Basis Modification Formula
- Populate new fields on the NetAsset Depreciation Method to define the basis for table calculations at in-service and after modification:
- Added support for changing the basis from which percentage depreciation table amounts are calculated with new table formula fields on the depreciation method
- Depreciation Table Formulas
- Disposals
- Prior period disposals
- Navigate to NetAsset > NetAsset Setup > System Setup and check the "Allow Prior Period Disposals" checkbox to opt in
- Disposal will post as two separate schedule lines:
- One line to record a true up revaluation for depreciation that should not have been posted
- One line to record the disposal of the trued up balances
- Disposal will post as two separate schedule lines:
- Navigate to NetAsset > NetAsset Setup > System Setup and check the "Allow Prior Period Disposals" checkbox to opt in
- Prior period disposals
- Performance
- Implemented new batching mechanism to support higher volumes when running bulk jobs
- Reliability
- Updated link in "Page Limit Reached" message on Create Assets page to apply the currently selected filters
- Added a retry mechanism to the NetAsset Build-Up process if the initial tagging fails to retry tagging grouped by transaction
- Added control to prevent re-running of journals on transaction processing record until all journal processing jobs are complete
- Reporting
- Added filtering of user subsidiaries to the Asset Register report
- Added new option on asset register reports, Use Posting Dates if Available, that updates the schedule line report to pull in transaction posting dates when there is a posted transaction on the schedule line
- Updated subledger roll forward report so that accumulated depreciation impacts come in as negative amounts just like in the G/L roll forward report
- Transfers
- Updated transfer functionality so that non-depreciating assets with a status of capitalized transferred to an asset type with a depreciating depreciation method will automatically take on the new depreciation method, useful life, and the in-service date will be pulled forward to the transfer date
- Minor Updates
- Various bug fixes (see minor release notes)
- Added navigation pane to side of all NetAsset custom records and suitelet pages
- Fully tested for the NetSuite 2024.1 Release
WHAT DO YOU NEED TO DO?
Your NetSuite Administrator should follow the instructions outlined here for getting the upgrade.