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.
- See the Flagged for Mass Update article 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.
- See article on alternate depreciation schedules (tax tables)
- See article on multi-book alternate depreciation schedules
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.

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.

Since the Time Machine function will not delete journal entries from a closed period, if you run the Asset Time Machine for a closed period, you will likely receive the warning message shown in the screenshot below indicating that you need to reverse the outstanding GL impact of the asset through a manual entry in NetSuite (outside of NetAsset). Select the Outstanding G/L Impact Summary tab to see the amounts you will need to reverse.

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