NetAsset - Delayed Multi-Book Go-Live
Overview
Due to a lack of time or lack of information availability, you might find yourself in a situation where you are ready to go live in NetAsset with your primary accounting book, but not yet ready to go live with your secondary accounting book. For example, you want to go live in NetAsset with your primary accounting book in October, but will not be ready to go live with your secondary accounting book until December. Luckily, NetAsset can handle a situation like this, and can run go-live entries for two separate books in two separate periods, for individual assets.
Configure Multi-Book System Setup
If not done already, ensure that your NetAsset Multi-Book is set up correctly. This includes ensuring that Multi-Book is enabled in your NetAsset system setup and that alternative schedules can be generated. You will also want to ensure that you have renamed all multi-book related subtabs and fields, for consistency across your NetSuite. Once your multi-book is set up, you are ready to begin the go-live process.
Going live in your Primary Book
The next step is for you to go-live with your primary book as normal. This includes uploading your primary book data, generating your schedules, validating your data, going live, and posting manual reversing entries. If the primary book go-live and secondary book go-live are multiple months apart, then you would also post monthly journal entries in your primary book as normal.
Helpful tip: When uploading the asset information into NetAsset for your primary book, do not forget to fill out the 'Accounting Book' field. If this field is not visible to you, it might be hidden on your form.
Going live in your Secondary Book
Once you are ready to start the go-live process for your secondary book, besides configuring your system settings, the next step will be to gather your secondary asset information and to upload it into NetAsset.
Gathering your Secondary Book Information
The information you will need to gather for upload is the following. Please keep in mind that a lot of the information might be the same as in your primary book. And depending on your situation, the information for your secondary may differ from your primary book.
| Field | Example |
| Asset Type | Equipment |
| Depreciation Method | Straight Line |
| In-Service Date | 10/01/2023 |
| End of-Life Date | 10/31/2025 |
| Useful Life at In-Service | 24 |
| Capitalized Asset Value at In-Service | $24,000 |
| Accumulated Depreciation at In-Service | $0 |
| Residual Value Estimate | $0 |
| Residual Value Percentage Currency | 0% |
| Accounting Book | Tax |
| Currency | USD |
Uploading your Secondary Book Information
You can easily upload your secondary book information with a CSV upload. To start a CSV upload, navigate to Setup > Import/Export > Import CSV Records.
Set the import type and select your CSV file. The import type will always be Custom Records when you are importing data to NetAsset. The Record Type for our situation will be NetAsset Asset, as shown in the example below.
Click 'Next'. On the next page, under import options, select 'Update'. This is a very important step, as it is how the system knows you are updating existing data rather than importing new data. If you select 'Add' you could potentially duplicate your assets. As we are just adding secondary information to our assets, we are just updating existing assets.
When completing the mapping, please select the fields corresponding to your secondary book, not the primary book. The naming of your secondary book fields is determined when you manage your alternative schedules during setup. For example, when wanting to update the accumulated depreciation for your secondary book, you do not want to map your information to the field 'Accumulated Depreciation' field but rather to the 'Accumulated Depreciation - Secondary' field. If you falsely select the 'Accumulated Depreciation' field, the primary accounting book's information would be updated.
Your field mapping should look something like this:
Once the mapping looks good, click 'Next' and run the import.
Generating Schedules in your Secondary Book
Once your secondary book information has been uploaded, the next step is to generate your secondary schedules. To generate the schedules of your secondary book, navigate to NetAsset > Update or Modify Assets > Generate Depreciation Schedules. From the dropdown on the 'Alternative Depreciation Schedule' field, find and select your alternative book and click 'Filter Results.' Select the assets whose schedules you want generated and click 'Generate Schedules.'
You can also generate your asset's secondary schedule directly from the asset page by clicking the 'Create Alt. Schedule' button at the top of the asset page.
Once your schedules have finished generating, you can view and validate the secondary schedule. Navigate to NetAsset > View Asset Register > Asset Register and open the asset you would like to view/validate. Find the subtab related to your secondary book to view the information & depreciation schedule.
Going Live with your Secondary Book Information
Once your schedules have generated and you have validated your data, we can begin the go-live for your secondary book. Begin by navigating to NetAsset > NetAsset Setup > System Setup to update your go-live date. Save your changes.
Please keep in mind that updating your go-live date will influence which periods you can now post entries in. For example, if updating the go-love date to be 12/1/2023, please ensure you are done running journals for all periods up to that date, as you will only be able to post in periods as of the go-live date. In this example you would want to make sure that all journals for November have been ran.
Once the go-live date has been updated, navigate to NetAsset > NetAsset Setup > Run Go-Live Journals. From the dropdown on the 'Depreciation Schedule' field, find and select your alternative book. The page will automatically refresh. If needed, use the other filters to find the assets you want to take live. Once you have selected the assets you want to go live, click the 'Go-Live' button.
These go-live journals need to be ran prior to any other journals for that period. Meaning, that the depreciation entries of the primary book need to wait to be processed until after the go-live entries of the secondary book.
You will now be navigated to the 'NetAsset Transaction Processing' screen. You can click the 'Refresh' button until the transaction has finished processing. Once finished processing, your asset will show under the 'Batch Information' subtab along with a hyperlink to your go-live journal entry.
If your system settings are setup in a way so that go-live journals require approvals, navigate to NetAsset > Process Monthly Journals > Approve Monthly Asset Journals to approve the journals.
If you navigate back to your asset and its secondary book's subtab, you will now be able to see the go-live journal entry tagged to the schedule line.