NetAsset - Global Settings

Overview

As part of the initial setup, users should navigate to the NetAsset Setup module to configure the system according to their operational preferences. Within the various tabs of the Setup module, users can enable settings, activate features, and set defaults, among other configurations.

This article will guide you through the different subtabs on the Setup page and their respective components.

Navigation

After installing the NetAsset bundle, navigate to the NetAsset setup page by selecting NetAsset > NetAsset Setup > System Setup

This will bring you to a page with several key subtabs:

General

The General subtab in the NetAsset Setup houses your global settings. During initial setup, select the appropriate options under the General tab, as detailed below: 

Transition Selections

Field NameRequiredDescriptionExample
Go-Live DateYesThe go-live date determines when asset balances will be established in NetAsset and when GL accounts will be impacted. Please note that no journal entries will be recorded in the general ledger prior to the specified date.1/1/2023

Asset Creation Settings

Field NameRequiredDescriptionExample
Allow Direct Input of AssetsNoSpecify whether users can create standalone assets without first selecting an asset proposal. 
Auto-Numbering PreferenceNoChoose the method for populating asset IDs:
  • Default: Uses the out-of-the-box prefix and numbering conventions defined on the NetAsset Asset custom record.
  • Manual: Requires users to manually input the asset ID when creating a new asset record.
  • Custom Prefix: Allows users to specify their own asset ID prefix.
  • Asset Type Prefix: Uses the asset prefix defined on the asset type record and numbers based on the total assets within that type.
  • Subsidiary Prefix: Uses the asset prefix defined on the subsidiary record and numbers based on the total assets within that subsidiary.
  • Internal ID: Uses a custom prefix, but ensures the number in the ID matches the internal ID of the asset.
Default
Auto-Numbering PrefixNoDefine the prefix for your asset IDs. Note, this field will only be editable if you select a custom option for the Auto-Numbering Preference.FA
Auto-Numbering Minimum DigitsNoDefine the minimum number of digits for your asset IDs. Note, this field will only be editable if you select a custom option for the Auto-Numbering Preference.4
Create Assets SearchYes

Specify the saved search to identify transaction proposal impacts eligible for asset creation. This search can be customized to include additional results, and it will be reflected in the following suitelets:

  • Create Asset from Proposals (Clearing)
  • Create Assets from Proposals (CIP)
  • Build up Asset from Proposals (Clearing)
  • Build up Asset from Construction in Progress

Note: To preserve customizations, make a copy of the default saved search before editing, and replace the default saved search in the system setup.

NetAsset Default Create Assets Search
Allow Proposal AllocationsNoIndicate whether users can allocate impacts to the fixed asset clearing and CIP accounts from the proposals pages.Never
Generate Schedule on Asset CreationNoSpecify whether to automatically generate the asset schedule when creating the asset record in the user interface. Note, this will not apply to CSV imports. 
Regenerate Schedule on Asset SaveNoSpecify whether to automatically regenerate the asset schedule when schedule-impacting changes are made to pending asset records in the user interface Note, this will not apply to CSV imports. 
Trigger UEs on Schedule Generation (Slow)NoSpecify whether to use a slower method (~10x) for creating schedule lines, which allows user event scripts to be executed for each schedule line.

Capitalization Settings

Field NameRequiredDescriptionExample
Allow Override of Clearing AccountNoSpecify whether users should be allowed to override the clearing account used to capitalize the asset.
Perform Clearing Reconciliation on Capitalization by DefaultNoEnsure that tagged clearing transactions match the asset's cost before creating the capitalization entry by default. This setting can be disabled prior to running transactions.
Asset Capitalization DateYesSpecify the date on which the asset’s cost should be capitalized—either the Acquisition Date or the In-Service Date. Choose the Acquisition Date if there are assets where the costs are capitalized but depreciation does not begin for one or more months.

Note: Depreciation will always begin on the In-Service Date.

In-Service Date

Disposal Settings

Field NameRequiredDescriptionExample
Allow Override of Disposal AccountsNoSpecify whether users are allowed to override the Gain/Loss and Receivable/Payable Clearing Accounts that will be impacted upon asset disposal. 
Allow Invoicing on DisposalNoSpecify whether users should be allowed to invoice customers for cash received upon asset disposal. 
Allow Partial DisposalsNoSpecify whether users should be allowed to dispose of part of an asset.
Allow Prior Period DisposalsNoSpecify whether users should be allowed to dispose of assets in closed periods, with depreciation booked since the selected date being reversed.
Disposal Invoice Transaction FormNoSelect the transaction form to be used when automating the creation of invoices for asset disposals.- Preferred Form -

Revaluation Settings

Field NameRequiredDescriptionExample
Allow Override of Revaluation AccountsNoSpecify whether users should be allowed to override the accounts used for asset revaluation. 
Preserve Residual Value % on Build-UpNoSpecify whether the residual value percentage should be maintained when building up an asset.
Revaluation AccountingYesSpecify the accounting method for asset revaluation adjustments. Choose whether adjustments should be applied entirely to gross asset balances, entirely to accumulated depreciation or accumulated impairment, or divided between increases to gross and decreases to accumulated depreciation or impairment.  Increase to Gross; Decrease to Accumulated Depreciation 

Transfer Settings

Field NameRequiredDescriptionExample
Allow Override of Transfer AccountsNoSpecify whether users should be allowed to override the accounts used during an asset transfer.
Allow Merge Into Another Asset Upon TransferNoSpecify whether users should be allowed to merge an asset into another asset during the transfer process. Note, merges must be processed one at a time, mass merges are not supported by the system. 
Allow Prior Period TransfersNoSpecify whether users should be allowed to transfer assets in closed periods, with depreciation impacts booked since the selected date being corrected.
Update Useful Life on Asset Type TransfersNoSpecify whether the useful life should be updated when transferring an asset from one asset type to another, based on the default useful life of the new asset type.
Book Transfer Journal on Department ChangeNoRequire the automatic creation of a NetAsset Transfer Entry to re-establish the Fixed Asset and Accumulated Depreciation account balances with the updated department when changing the department of an asset.
Book Transfer Journal on Class ChangeNoRequire the automatic creation of a NetAsset Transfer Entry to re-establish the Fixed Asset and Accumulated Depreciation account balances with the updated class when changing the class of an asset.
Book Transfer Journal on Location ChangeNoRequire the automatic creation of a NetAsset Transfer Entry to re-establish the Fixed Asset and Accumulated Depreciation account balances with the updated location when changing the location of an asset.
Book Transfer Journal on Segment ChangeNoRequire the automatic creation of a NetAsset Transfer Entry to re-establish the Fixed Asset and Accumulated Depreciation account balances with the updated segment when changing the segment of an asset.

Tax Settings

Field NameRequiredDescriptionExample
Automatically Update Tax SchedulesNo

Specify whether you want alternate tax schedules to be updated when non-standard events occur. Please note that alternate schedules are an add-on feature, and you may need to contact your NetAsset administrator to have this feature installed before enabling it.

Ignore Build Ups on Alternate SchedulesNoSpecify whether you want alternate schedules to ignore build-ups applied to the main schedule. Please note that alternate schedules are an add-on feature, and you may need to contact your NetAsset administrator to have this feature installed before enabling it. 

Transaction Settings

Field NameRequiredDescriptionExample
Allow Closed Period SelectionNoCheck this box to enable the selection of closed periods for processing on the monthly journal and time machine pages.
Allow Summarized DepreciationNoSpecify whether users should be allowed to post depreciation entries by subsidiary instead of by asset.
Journal Deletion ControlNoSpecify whether your organization has a control in place to prevent the deletion of journals. Note, when this feature is enabled, no system activities can be reversed.
Default Transaction Booking DateYesSpecify the default date for booking all transactions created by NetAsset.
  • From Asset Record: Sets the transaction date based on the Asset Depreciation Schedule.
  • From Accounting Period: Sets 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 open period in NetSuite. To do this, set this to "From Accounting Period," and then run entries through the "Process Monthly Journals" page in NetAsset. The resulting entries will have a transaction date and posting period in the selected month.

From Asset Record
Default Transaction Booking DayYesSpecify the default day of the month to book all transactions created by NetAsset. For 4-4-5 (or similar) calendars, it is recommended to use a mid-month day (e.g., the 15th) to ensure the transaction is booked to the correct accounting period.

Note: 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 TransactionsNoSpecify which asset transactions should be automatically approved upon generation within the NetAsset module.

Note: Systematic transactions are typically approved automatically, but users may default to pending approval, integrate into a workflow, or choose an alternative approval approach.

Approved

System Settings

Field NameRequiredDescriptionExample
Automatically Filter SublistsNoThis setting controls whether filters applied on asset selection pages are automatically enforced. It is recommended to enable this feature unless the data volume is exceptionally high. 
Hide Side Navigation BarNoCheck this box to hide the side navigation panel in NetAsset.
Default Script Concurrency LimitYesDefine the default number of processors that should be allocated when executing map/reduce scripts. - None -
Default Script PriorityYesSet the priority level for map/reduce scripts. The priority determines the order in which jobs are processed in the pool.
  • High: Assign this priority to critical scripts that require immediate processing. These jobs will be placed in the processing pool first, ensuring they are executed promptly.
  • Standard: This is the default setting and represents a medium priority level. Jobs marked as "Standard" will be processed after all high-priority tasks.
Standard

System Features

The System Features subtab allows users to enable NetAsset functionalities, add quick access buttons, and manage Suitelet access. The features are detailed below: 

Enable System Features

Field NameRequiredDescriptionExample
Alternate SchedulesNoIndicates whether Alternate (Tax) Schedules should be enabled.

Note: This is an add-on feature, and you may need to contact your NetAsset administrator to have it installed before enabling it.
Elimination AssetsNoSpecifies whether Elimination Assets should be enabled. These assets reverse all journal entries in an elimination entity.
Custom CalendarsNoCheck this box to enable the creation of custom accounting calendars (e.g., 4-4-5), which will determine the start and end dates for depreciation schedule periods.
Multi-BookNoSpecifies whether book-specific journals for alternate depreciation schedules should be posted.

Note: This is an add-on feature, and you may need to contact your NetAsset administrator to have it installed before enabling it. Multi-book accounting in NetSuite must also be enabled to activate it. 
Rental ManagementNoIndicates whether Rental Management functionality should be enabled.

Note: This is an add-on feature, and you may need to contact your NetAsset administrator to have it installed before enabling it.
Maintenance ManagementNoIndicate whether the Maintenance Management sub-module should be enabled.

Note: While this is a free add-on feature, you still may need to contact your NetAsset administrator to have it installed before enabling it. 
Usage Based DepreciationNoIndicates whether Usage-Based Depreciation should be enabled. Note that usage can be tracked and added independently of depreciation.
Tax EngineNoIndicates whether the Tax Engine should be enabled.

Note: This is an add-on feature, and you may need to contact your NetAsset administrator to have it installed before enabling it.
Tax SchedulesNoIndicate whether tax-specific fields, such as bonus depreciation for Sections 168 and 179, should be enabled.

Note: This is an add-on feature, and you may need to contact your NetAsset administrator to have it installed before enabling it.
Tax Multi-BookNoIndicate whether you wish to enable the ability to book bonus depreciation when both Multi-Book and Tax Schedules are active.

Note: This is an add-on feature, and you may need to contact your NetAsset administrator to have it installed before enabling it.

Quick Access Buttons

Field NameRequiredDescriptionExample
Build Up AssetNoIndicates whether a "Build Up" button should be added to the asset record, allowing users to quickly build up the asset via clearing or CIP.
Create Alternate ScheduleNoIndicates whether a "Create Alt. Schedule" button should be added to the asset record, enabling users to quickly generate an alternate schedule for an asset.
Depreciate AssetNoIndicates whether "Capitalize" and "Depreciate" buttons should be added to the asset record, allowing users to quickly book monthly journals for a single asset.
Direct ExpensingNoIndicates whether transactions can be expensed directly from the "Create Assets from Proposals (Clearing)" or "CIP" screen, bypassing asset record creation.
Dispose AssetNoIndicates whether a "Dispose" button should be added to the asset record, enabling users to quickly dispose of an asset.
Export AssetNoIndicates whether an "Export" button should be added to the asset record, allowing users to quickly export the depreciation schedule for analysis or re-import.
Mass Create AssetsNoIndicates whether a "Mass Asset Capitalization" button should be added to the "Capitalize From Clearing/CIP" pages for mass asset creation.
Queue for CapitalizationNoIndicates whether a "Queue for Capitalization" button should be added to the asset record, enabling users to quickly update the status of a "Pending" asset to "Ready to Capitalize".
Place Asset on HoldNoIndicates whether a "Place On Hold" button should be added to the asset record, enabling users to quickly update the status of a "Pending" asset to "On Hold".
Revalue AssetNoIndicates whether a "Revalue" button should be added to the asset record, enabling users to quickly perform an asset revaluation.
Split AssetNoIndicates whether a "Split" button should be added to the asset record, allowing users to quickly split an asset into multiple assets.
Transfer AssetNoIndicates whether a "Transfer" button should be added to the asset record, enabling users to quickly transfer an asset to another subsidiary, department, class, or location.

Restrict Feature Permissions

The "Restrict Feature Permissions" section lets you control which users can perform specific actions within NetAsset. For detailed instructions on how to restrict access to particular users, please refer to the NetAsset Suitelet Access article.

Import Tools

This tab contains a variety of tools and links designed to assist users with the import process. A detailed description of each tool/link is provided below:

Assets

Field NameDescription
Add Assets CSV Import TemplateClick the link to download a CSV import template, which can be used to upload asset records into NetAsset.
Update Assets Saved SearchClick the link to run a saved search for all assets. The results can be downloaded as a CSV file and re-imported to update existing asset records.

Tax Depreciation Schedules

Field NameDescription
Bulk Tax Depreciation Methods ImportClick the link to download a CSV import template that can be used to import MACRS Depreciation Methods. 

Permissions

Field NameDescription
Bulk Custom Role Permissions ImportClick the link to access a tool that allows you to bulk import role permissions for NetAsset custom records and transactions, helping you get started more efficiently. 

Manage Upgrades

This tab allows you to configure your preferences for managing bundle upgrades. For more information on managed bundles, please refer to the NetAsset Managed Bundle FAQ article.

(Note: This section will only appear in production accounts.)

Field Name
Description
Example
Upgrade PreferenceDetermines the timing of your product upgrades. You can select to upgrade automatically every time there is a change, annually, bi-annually, or on a custom date of your choosing.
Accept All
Next Upgrade DateSpecifies the date for your next upgrade if you have selected a custom upgrade schedule. Note: This date must be within one year of the last upgrade.
7/1/2025
Allow UninstallCheck this box to permit the uninstallation of the NetAsset Bundle—even if transactions have been posted using the bundle.

Block Managed UpgradesCheck this box to prevent Netgain from performing managed upgrades.

Last Upgrade DateDisplays the date your product was last upgraded.
1/12/2025
Send Release Notes ToList the individuals and their email addresses who should receive release notes when the bundle is updated.
Brittley Eldredge



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