NetAsset - Booking Catch-Up Reversal Entries for Multibook Assets

Overview

In cases where multibook accounting is applied retrospectively to an asset in NetAsset, it is necessary to reverse journal entries previously booked under the default (main) schedule to avoid duplication in financial reporting. This article outlines how to identify the duplicate journal entry impact and use the standard journal script to create reversal entries in the secondary accounting book.


Key Assumptions

  • The asset was initially created without selecting an accounting book.

  • Depreciation was posted before multibook was implemented.

  • Multibook was added retroactively, and an alternate schedule was created with a designated secondary accounting book.

  • Users have access to script customization and permission to deploy scripts.

Prerequisites

  • The asset must have both a main schedule and an alternate schedule defined.

  • Journal entries must exist under both the main and alternate schedules.

  • Users must be able to access Customization > Scripting > Scripts to deploy the standard journal script.

Step-by-Step Process

1. Deploy the Standard Journal Script

  • Navigate to Customization > Scripting > Scripts.

  • Locate and View the script titled NetAsset Journals - SL.

  • Click Deploy Script and configure the following:

    • Audience: Select appropriate user roles or leave as all users.

    • Status: Set to Released.

    • Execute As Role: Choose Administrator.

    • ID: (Optional) Assign a custom deployment ID.

    • Parameters:

      • Title: Example – NetAsset Multi-book Reversal JEs

      • Sublist Search: Select NetAsset MB Journal Processing Processing Selection [USED ON LAYOUT]

      • Threshold (Optional): Limits the number of entries brought into the screen.

      • Book-Specific Reversals Only: Ensure this checkbox is selected.

  • Click Save to create the deployment.

2. Run the Reversal Journal Entries

  • After saving, click the deployment URL to open the journal processing page.

  • Filter by the Asset ID to display relevant entries.

  • Click Create Reversal Journals to initiate reversal entry creation.

3. Review Reversal Entries

  • Once processing is complete, navigate to the Reversal Details tab.

  • Open any reversal journal to confirm:

    • It credits the fixed asset account and debits the clearing account.

    • The memo line includes “Multi-book Reversal”.

  • On the asset’s Schedule Line, under the Multibook section, confirm that a book-specific reversal entry is tagged.

Limitations/Things to Be Aware Of

  • Custom journal entries in NetSuite hit all accounting books by default.

  • Without reversal, retroactive multibook implementation leads to duplicated GL impacts.

  • The standard journal script only creates book-specific reversals when the configuration checkbox is selected.

Troubleshooting

  • If reversal entries do not appear:

    • Verify that the deployment was saved and executed correctly.

    • Confirm the asset has existing journal entries on both schedules.

    • Ensure the Book Specific Reversals Only checkbox is selected in deployment settings.

  • Check the asset's Schedule Line > Multibook section to confirm whether a reversal has been booked.

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