NetAsset - Time Machine Assets

Use Case: Circumstances may require a current asset record to be completely refreshed or reverted back to a prior period. NetAsset has a function called Asset Time Machine (previously Refresh Assets) that will cause all the journal entries to be deleted through the selected period.

STEP BY STEP PROCESS

  • Navigate to NetAsset > NetAsset Setup > Time Machine


  • Optional: Enter any desired filters if you would like to narrow down the results to a subset of assets and wait for the page to refresh.
  • Optional: Select the applicable Depreciation Schedule if you would like only certain schedules to be refreshed. This is only applicable for clients that have the alternate schedule / multi-book add-on. 
  • Required: Select a From Period
    • A Full Rewind will PERMANENTLY delete all transactions and flip the status of the lease back to pending. In a pending status, all fields on the asset record are editable. 
    • Providing a period will PERMANENTLY delete all transactions on or after this period and revert the asset back to how it was at the beginning of the period.
  • Optional: Select an asset refreshing option.
Option
Description
Regenerate Schedules
Check this box to trigger the re-generation of depreciation schedules following the refresh.
Delete Assets
Check this box to delete all selected assets as part of the refresh.
  • Once the desired assets and options are selected, click the Submit button. 
  • A warning box will appear, prompting you to type "CONFIRM". This is a safeguard in order to proceed. As this is an action that cannot be undone, make sure that you have selected the correct assets and are sure you wish to permanently delete all journal entries associated with that asset from the selected period. Once you have confirmed, type "CONFIRM" and hit OK.
  • Continue to click Refresh until the status shows Complete. You will see a list of your Rewinded Assets 
  • Click the hyperlink of a refreshed asset to see the updated asset record.



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