NetAsset - Global Settings

As part of the initial setup, a user must navigate and set the global accounting preferences. Those preference selections serve two important functions:

  1. Dictate how NetAsset will perform its calculations and record asset go-live entries, transactions, and revaluations.
  2. Enable what NetAsset system features will be available to users with access to the NetAsset Asset record.

Navigation

  • Once the NetAsset bundle is installed, navigate to NetAsset setup page via NetAsset > NetAsset Setup > System Setup

  • The navigation will bring you to the General Tab for the NetAsset Setup which constitutes your global settings:

General Settings

Field NameRequiredDescriptionExample

Go-Live Date

YesThe go-live date on which assets will be placed into service and accounts will be impacted.
Note that no journal entries will be recorded to the GL prior to the date indicated in this field.
10/1/2023
Allow Direct Input of AssetsNoIndicate whether to allow users to create a stand alone asset without first selecting an asset proposal.

Auto-Numbering PreferenceYes

Indicate the method by which asset IDs should be populated.

Default: Uses the prefix and the numbering conventions laid out directly on the NetAsset Asset custom record.

Manual: Forces users to specify the asset ID manually whenever creating a new asset record.

Custom: Allows user to specify their own asset ID prefix.

Asset Type: Uses the asset prefix listed on the asset type record and numbers according to the number of assets within that asset type.

Subsidiary: Uses the asset prefix listed on the subsidiary record and numbers according to the number of assets within that subsidiary.

Default
Auto-Numbering PrefixNoIndicate the prefix used when auto-generating asset IDs. Only editable if Custom, Asset Type, or Subsidiary are selected as the preference.
FA
Auto-Numbering Minimum DigitsNoIndicate the minimum number of digits that should follow the prefix when auto-generating asset IDs.
4
Create Assets SearchYesIndicate the search that should be used to identify transaction proposal impacts eligible for the creation of the assets.

This saved search can be copied and customized to include additional available filters and results on the Create Asset from Proposals (Clearing), Create Assets from Proposals (CIP), Build up Asset from Proposals (Clearing), and Build up Asset from Construction in Progress suitelets; all four suitelets will reflect changes made to this saved search.
 
Note: be sure to make a copy of the default saved search to avoid edits being overwritten and replace the default saved search in the system setup. 
NetAsset Default Create Assets Search
Allow Proposal AllocationsYesIndicate whether users should be allocated to allocate impacts to the fixed asset clearing and CIP accounts from the proposals pages.
Never
Allow Override of Clearing AccountNoIndicate whether to allow users to override the clearing account used to capitalize the asset.
Perform Clearing Reconciliation on Capitalization by DefaultNoCheck that tagged clearing transactions add up to equal the cost of the asset prior to creating the capitalization entry by default (can be disabled prior to running transactions).

Asset Capitalization DateYes

Indicate the date the asset should have its cost capitalized - the Acquisition date or the In-Service date. The Acquisition Date should be chose if there exists assets where the costs are capitalized, but depreciation does not begin for one or more months.

Note that depreciation will always begin at the In-Service date.


Allow Invoicing on DisposalNoIndicate whether to allow users to invoice customers for cash received upon asset disposal.

Allow Partial DisposalsNoIndicate whether to allow users to dispose of part of an asset.

Disposal Invoice Transaction FormYesSpecify the transaction form to use when automating the creation of invoices on disposal.
- Preferred Form -
Allow Override of Revaluation AccountsNoIndicate whether to allow users to override the accounts used on asset revaluation.

Revaluation AccountingYesIndicate the adjustment accounting approach to be utilized for revaluation, whether adjustments should all be recorded to gross asset balances, all recorded to accumulated, or split between increases to gross and decreases to accumulated depreciation or accumulated impairment.
Increase to Gross; Decrease to Accumulated Depreciation
Allow Override of Transfer AccountsNoIndicate whether to allow users to override the accounts used on asset transfer.

Allow Merge into another Asset upon TransferNoIndicate whether to allow users to merge an asset into another asset from the transfer page.
Book Transfer Journal On Department ChangeNoRequire the automated creation of an NetAsset Transfer Entry to re-establish the Fixed Asset and Accumulated Depreciation account balances with the updated department in order to change the department on an asset.
Book Transfer Journal On Class ChangeNoRequire the automated creation of an NetAsset Transfer Entry to re-establish the Fixed Asset and Accumulated Depreciation account balances with the updated class in order to change the class on an asset.
Book Transfer Journal On Location ChangeNoRequire the automated creation of an NetAsset Transfer Entry to re-establish the Fixed Asset and Accumulated Depreciation account balances with the updated location in order to change the location on an asset.
Book Transfer Journal On Segment ChangeNoRequire the automated creation of an NetAsset Transfer Entry to re-establish the Fixed Asset and Accumulated Depreciation account balances with the updated segment in order to change the location on an asset.

Allow Closed Period SelectionNoCheck this box to enable the selection of closed period for processing on the monthly journal and time machine pages.


Allow Summarized DepreciationNo

Indicate whether users should be allowed to post depreciation entries by subsidiary instead of by asset.

Journal Deletion ControlNo

Indicate whether your organization has a control against the deletion of journals. Note: when this feature is enabled, no system activities can be reversed.

Default Transaction Booking DateYes

Indicate the default date to book all transactions created by NetAsset. "From Asset Record" will set the transaction date based on the Asset Depreciation Schedule. "From Accounting Period" will set the transaction date based on the accounting period being run. 

Note: This setting can be used to run catch up entries in the current or any desired period that is open in NetSuite. To do this, you must set this to "From Accounting Period," then when running entries, you must do so through the "Process Monthly Journals" page in NetAsset. The resulting entries will all have a transaction date and posting period in the selected month.

From Asset Record
Default Transaction Booking DayYes

Indicate the default day of the month to book all transactions created by NetAsset. For 4-4-5 (or similar) calendars a mid-month day (e.g. 15th) is recommended to ensure that the transaction books to the correct accounting period.

Note that capitalization journals will book on the capitalization date and go-live journals will book on the go-live date.

31st (or last day of month)
Auto Approve TransactionsYes

Indicate the asset transactions to automatically approve upon generation within the NetAsset module.

Note that systematic transactions are typically approved automatically, however, users may default to pending approval and plug into workflow or choose an alternative approval approach.

NetAsset Build Up Entry
NetAsset Capitalization Entry
Automatically Filter SublistsNoAutomatically apply filters entered on asset selection pages (recommended unless volume is very high).

Default Script Concurrency LimitYesSpecify the number of processors to use when running map/reduce scripts.
- None -
Default Script PriorityYes

Specify the priority when running map/reduce scripts.

High: Use to mark critical scripts that require more immediate processing. These jobs go to the processing pool first.

Standard: This is the default setting. It is considered to be a medium priority level. These jobs go to the processing pool after all high priority jobs.

Standard
 

System Features



Field NameRequiredDescriptionExample
Alternate Schedules
No
Indicate whether Alternate Schedules should be enabled.
Elimination Assets
No
Indicate whether you want to enable Elimination Assets, in which all journal entries related to such assets are reversed in an elimination entity.

Custom CalendarsNoIndicated whether Custom Calendars should be enabled.
Multi-BookNoIndicate whether you want to post book-specific journals of alternate depreciation schedules.
Rental ManagementNo

Indicate whether Rental Management should be enabled.


Tax EngineNoIndicate whether the Tax Engine should be enabled.
Usage Based DepreciationNo

Indicate whether Usage Based Depreciation should be enabled. Note that usage can be tracked and added independent of depreciation as well.

Note that you may need to contact your NetAsset administrator to get this feature installed before enabling.


Build Up AssetNo

Indicate whether a "Build Up" button should be added to the asset record to allow a user to quickly build up the asset via clearing or CIP.

Create Alternate ScheduleNoIndicate whether a "Create Alt. Schedule" button should be added to the asset record to allow a user to quickly generate an alternate schedule for an asset.


Depreciate AssetNoIndicate whether a "Capitalize" and "Depreciate" button should be added to the asset record to allow a user to quickly book monthly journals for a single asset.
Direct ExpensingNoIndicate whether transactions can be expensed directly from the Create Assets from Proposals (Clearing) or (CIP) screen, instead of creating an asset record.
Dispose AssetNo

Indicate whether a "Dispose" button should be added to the asset record to allow a user to quickly perform a disposal of an asset.

Export AssetNo

Indicate whether a "Export" button should be added to the asset record to allow a user to quickly export the depreciation schedule for analysis or re-import.

Mass Create AssetsNo

Indicate whether a "Mass Asset Capitalization" button should be added to the Capitalize From Clearing/CIP pages.

Queue for CapitalizationNoIndicate whether a "Queue for Capitalization" button should be added to the asset record to allow a user to quickly update the status of a "Pending" asset to "Ready to Capitalize".
Place Asset on HoldNo

Indicate whether a "Place On Hold" button should be added to the asset record to allow a user to quickly update the status of a "Pending" asset to "On Hold".

Revalue AssetNo

Indicate whether a "Revalue" button should be added to the asset record to allow a user to quickly perform an asset revaluation.

Split AssetNo

Indicate whether a "Split" button should be added to the asset record to allow a user to quickly split out an asset into multiple assets.

Transfer AssetNo

Indicate whether a "Transfer" button should be added to the asset record to allow a user to quickly transfer an asset to another subsidiary, department, class, and/or location.

Import Tools Tab:

This tab houses various tools and links that a user might find helpful with regards to the import process. The tools/links are described in more detail below:

Import Tools Descriptions:

Field Name
Description
Add Assets CSV Import TemplateClick the link to download a CSV import template, which can be used to import asset records.
Update Assets Saved SearchClick the link to run a saved search on all asset types, which can be downloaded as a CSV and re-imported in order to update existing asset type records.
Bulk Custom Role Permissions ImportClick the link to open a tool that will help you get started in NetAsset by allowing you to bulk import role permissions to NetAsset custom records and transactions.
Request Knowledge BaseClick the link to request user access to Netgain's knowledge base.




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