NetAsset - Time Machine Assets
Overview
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. This can be done in bulk or on a per asset basis.
STEP BY STEP PROCESS - Bulk
- 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.
- See the Flagged for Mass Updatearticle for more information on how to utilize this specific filter.
Note
If there are more than 1,000 assets in the Assets to Rewind list, Mark All will be auto-selected and cannot be unselected. If you would like to be able to individually check the box for specific assets, filters will need to be applied to reduce the Assets to Rewind count to less than 1,000.
- 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. |
| Delete Child Assets From Splits | Check this box to delete assets that have been created as a result of an asset split. |
- 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.
Note
The Time Machine function will not delete any entries from periods that are closed. If you would like to select a closed period as the From Period field, you will first need to enable closed period selection.
- Navigate to NetAsset > NetAsset Setup > System Setup.
- On the General tab, check the "Allow Closed Period Selection" field. As shown in the screenshot below.
- Click Save.
STEP BY STEP PROCESS - Single Asset
- Navigate to NetAsset>NetAsset Setup> System Setup, click on the System Features and ensure that the "Rewind Asset" quick access button is checked.
- Navigate to the asset record that you would like to rewind, and you should now see a "Rewind" button on the record. Note that this button will only appear on the asset record if the quick access button is enabled and the asset has had journal entries run on it.
- Click the "Rewind" button then select the appropriate "From Period" option, and other options as desired then click Submit, then type "Confirm" when prompted.
- Continue to click Refresh until the status shows Complete. You will see your refreshed asset.
- Click the hyperlink of the refreshed asset to see the updated asset record.