Saved Searches to Reconcile NetAsset
Adding a saved search to an asset reconciliation grouping is easy if you have NetAsset installed and fully implemented. You will need to create the saved search, attach it to the correct grouping, and direct the data to the correct fields and columns.
This Saved Search also comes bundled into NetAsset. You can find it by searching NetAsset NetClose Recon Search.
Creating the Saved Search
- Create a New Saved search from NetAsset Assets.
2. Mark the search as public and give it a title.
3. Set the criteria as follows:
| Status | is none of Pending, Disposed, Split, Ready to Capitalize, Ready to Expense, Expensed |
| Inactive | is False |
4. Set the Results Page as follows:
| Field | Summary Type | When Ordered by Field | Summary Label |
| ID | Group | ||
| Name | Group | ||
| Type | Group | ||
| Subsidiary | Group | ||
| Status | Group | ||
| Type: Fixed Asset Account | Group | ||
| Type: Accumulated Depeciation Account | Group | ||
| NetAsset Schedule Line: Period Start Date | Maximum | NetAsset Schedule Line : Period Number | Period Start Date |
| NetAsset Schedule Line: Gross Asset Value | Maximum | NetAsset Schedule Line : Period Number | Gross Asset Value |
| NetAsset Schedule Line: Accumulated Depreciation | Maximum | NetAsset Schedule Line : Period Number | Accumulated Depreciation |
| NetAsset Schedule Line: Net Book Value | Maximum | NetAsset Schedule Line : Period Number | Net Book Value |
5. Save the New Saved Search. You may preview it to make sure all the assets are pulling in to the search correctly.
6. Create a reconciliation grouping for assets if you have not already by going to NetClose > Setup > Account Groupings & Rules. Make sure the mapped accounts include all asset accounts from the GL are used in NetAsset.
You can either create a grouping with ONLY Fixed asset accounts and a separate grouping with ONLY accumulated depreciation accounts OR you can pull all of the accounts into one grouping. This depends on how you would like to reconcile your assets.
7. Under the Reconciliation Rules tab, check the box that says "Subledger within NetSuite; Agrees to Search". This will allow you to fill in the other fields in the "Auto-reconciliation Rules - General" section.
8. The Search Column Label will depend on if your grouping includes fixed asset and depreciation accounts or if they are in separate groupings. For example, if the grouping includes all asset accounts, the label will be "Gross Asset Value". If the groupings are separate, the label will either be "Net Book Value" or "Accumulated Depreciation".
9. Add the search you made to the "Search" field. Note: If the search is not marked as "public", the search will not be available to select. Fill in the other fields as follows:
| Search Date Field Internal ID | custrecord_fa_dse_asset.custrecord_fa_dse_period_start_date |
| Search Subsidiary Field Internal ID* | custrecord_fa_ast_subsidiary |
| Search Account Field Internal ID* | custrecord_fa_ast_type.custrecord_fa_type_fixed_asset_acct |
You will only need the subsidiary internal ID if you are segregating the account grouping by subsidiary. You will only need the account field internal ID if you are segregating the grouping by account.
Testing the Saved Search
1. On the account grouping, click the "Validate Search Result" button. If the internal IDs are correctly entered and the save search is set up correctly, the system will give you a value.
2. Next, generate the Fixed Asset Grouping tied to the saved search by going to NetClose > Close Management > Generate Reconciliations.
3. After the grouping has finished generating, go to prepare the reconciliations by going to NetClose > Reconciliations > Prepare Reconciliations and filter for the grouping you generated. You should see the "Explained Balance" is auto-filled by the saved search results. Click on a reconciliation to see the item. Then click the item to download the excel of the saved search.
If the saved search pulls a different amount than what is listed as the "GL Ending Balance", click on the item and download the search. This will allow you to reconcile the differences. Most likely there are assets missing, extra assets, or assets with the wrong amounts. This could be an issue with the saved search criteria or filters, it could be a reconciliation issue, or an FX adjustment difference if your subsidiaries have different currencies.