NetAsset - Custom Calendars
Overview
Clients who do not use a calendar year for their accounting but use alternate accounting periods (for example a 4-4-5 [13 period] calendar) can manually set up the periods in NetAsset. This article will walk through 1) how to create custom calendars, 2) how to apply custom calendars to NetAsset asset records, and 3) how to update your depreciation methods if prorated.
Prerequisite: Custom calendars must be enabled in the NetAsset System Setup. Enable them by navigating to NetAsset > NetAsset Setup > System Setup. Under the System Settings tab, check the box next to Custom Calendars:
1) Creating a custom calendar
- Navigate to NetAsset > NetAssetSetup > Manage Custom Calendars
- Click "Create New Calendar" to create a new NetAsset calendar.
- Give the calendar a name, then add the period names, start dates, and end dates below. These accounting periods can be added manually, by syncing your NetSuite accounting periods, or can be added by CSV upload.
Synching to Accounting Periods
- If your accounting periods in NetSuite are set up the same way you'd like your custom calendar in NetSuite, you can sync the data. Click the "Sync to accounting periods" button and it will automatically pull in your accounting periods from NetSuite.
CSV Upload
- To easily add all accounting periods, create a CSV file with the name of the custom calendar, accounting period name, start date, and end date. Navigate to Setup > Import/Export > Import CSV Records
- Import Type > Custom Records
- Record Type > NetAsset Custom Calendar Period
- Map the data from your CSV to the NetSuite Fields as shown below:
- Click "Next", then run the import to finish setting up the custom calendar.
2) Applying custom calendars to NetAsset records
- With custom calendars enabled in the NetAsset System Setup, a new box appears on the NetAsset Type record for "Default Custom Calendar":
- A new field also becomes available on the NetAsset Asset record on the accounting subtab for "Custom Calendar":
- To apply a custom calendar to all assets of a certain type, select a custom calendar in the "Default Custom Calendar field on the Asset Type record. This can be overridden at the individual asset level.
- To apply a custom calendar only to specific assets, leave the "Default Custom Calendar" field on the Asset Type record blank and select the custom calendar on the individual asset records. Select the custom calendar to be used on the asset prior to generating the depreciation schedule to apply the custom calendar.
3) Updating depreciation methods if prorated
If you do not require proration, the standard straight-line method will suffice—even with a 13-period calendar, so you can skip this step.
1. Create Custom Copies of Each Applicable Depreciation Method
- Navigate to NetAsset > NetAsset Setup > Manage Depreciation Methods
- Identify the current depreciation methods used that are impacted by the custom calendar (e. g., Straight Line).
- Click Edit
- Duplicate the existing depreciation method by hovering over Actions and then selecting Make Copy.
You cannot modify the out-of-the-box methods directly, as these changes would be overwritten in future system updates.
- Update the following fields:
- Name: (e. g., Straight Line - 13 Periods)
- Override Depreciation Convention: Prorated Period
- Depreciation Posting Interval: Custom Calendar Periods
- Depreciation Calculation Interval: Custom Calendar Periods
- Click Save
- Repeat this process for every applicable Depreciation Method
3. Apply the Custom Depreciation Method to the Asset Types
- Navigate to NetAsset > NetAsset Setup > Manage NetAsset Types and Mappings
- Select Edit next to the corresponding Asset Type and select the new Default Depreciation Method that you created (e. g., Straight Line - 13 Periods).
- Click Save
- Repeat this process for every applicable Asset Type