NetAsset 2020.2

NETASSET VERSION 2020.2 KEY UPDATES

  • Mass capitalization of asset proposals > includes the ability to tag transactions with an asset type that will carry forward to the capitalization screen
  • True-up revaluation type > allows customers to adjust life-to-date asset values in the current period AS IF those settings had been in place since the in-service date
  • Addition of department & class filters to Netgain scripted reports
  • Ability to record impairment against a separate accumulated impairment account
  • New historical asset fields >  “Capitalized Asset Value at In-Service” and “Accumulated Depreciation at In-Service”
  • Separate record for asset disposal
  • Default residual value % by asset type
  • Usage-based depreciation impairment support
  • Alternate tax table mass generation

WHAT DO YOU NEED TO DO?

  • Update your NetAsset bundle (Customization > SuiteBundler > Search & Install Bundles > List). Default settings should be as follows:
    • Custom Field Bundle Settings: All set to “Hide on Existing Forms”
    • Custom Lists Updates: All set to “Replace Date”
    • Custom Record Updates: All set to “Preserve Data”
    • SuiteScripts-Suitelets:
      • Waterfall Report SL & Roll Forward Report SL both set to “Do Not Update Deployments”
      • Any deployments updated with custom permissions/links should also be set to “Do Not Update Deployments”
      • All others set to “Update Deployments”
  • Update your preferred NG Asset form to use the new “Capitalized Asset Value at In-Service” and “Accumulated Depreciation at In-Service” and hide any fields that are not needed
  • Update account mappings and default residual values for the two new populated fields on the NG Asset Type record (NetAsset > NetAsset Setup > Manage Asset Types & Mappings)
    • Default Residual Value Percentage: If left blank, will default to zero
    • Accumulated Impairment Account: If unused, just map to accumulated depreciation
    • Basis Reduction Expense Account: If unused, just map to depreciation expense
  • Enable the defaulting of asset types from originating transactions, apply the new bundled transaction line field “NG Asset Type” to your forms so they can be viewed and populated on the transaction record (Customization > List, Records, & Fields > Transaction Line Fields)
    • Navigate to the field record and select “Apply to Forms,” which will allow you to opt in to display the field on the desired originating forms
  • Enable the defaulting of asset types from item records to the transaction line, apply the new bundled item field “NG Asset Type” to your forms so they can be viewed and populated on the item record
  • (Customization > List, Records, & Fields > Item Fields)
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