NetAsset - Asset Fields - Overview
ASSET FIELDS – MAIN
Primary Information
Field Name | Required | Description | Example |
ID | Auto-generated | A unique ID for the asset and the primary identifier within NetAsset for the asset record. | FA00370 |
Name | Yes | Free form input for NetAsset users. This can be used for the asset’s contract # or other identifying information for the asset. | 17 Cherry Tree Lane, London KY |
Type | Yes | Assign the asset type from the drop-down list, which are defined as part of global settings. | Buildings |
Depreciation Method | Yes | The method by which the asset will depreciate. Defaults from Asset Type. | Company, Inc. |
Subsidiary | Yes | The subsidiary where the asset will reside. | Company, Inc. |
Notes | No | A text area field to include any relevant notes or asset-related information. | NNN; no renewal |
Photo | No | Optional file field to upload a picture of the asset. | Building.jpg |
Schedule Information
Field Name | Required | Description | Example |
Status | Yes | Pending = schedules can be created, but journals will not. In-Service = the asset is ready for GL postings. Fully Depreciated = the asset has depreciated down to the residual value estimate. Split = the asset has been split into child assets. Disposed = the asset has been disposed of. | In-Service |
| Acquisition Date | No (unless set as global Capitalization Date) | The date the asset was acquired. | 01-Feb-2020 |
In-Service Date | No (unless set as global Capitalization Date) | The date the asset was placed into service. | 01-Jan-2020 |
End of Life Date | Calculated | The anticipated end date of the asset, which is calculated (in-service date + useful life) | 31-Dec-2021 |
Capitalized Asset Value at In-Service | Yes | The capitalized value of the asset at the time of the in-service date. | $1,000,000 |
Accumulated Depreciation at In-Service | Yes | The current accumulated depreciation posted to the general ledger for the asset since the in-service date. | $200,000 |
Useful Life at In-Service | Yes | The useful life of the asset at the In-Service date entered as an integer in the interval (months, quarters, half-years, or years) of the Depreciation Method. | 35 |
Residual Value Estimate | Yes | The estimated residual value at the end of the asset’s useful life. Residual Value Estimate can be entered as a raw amount or as a percentage. | $500,000 |
Residual Value Percentage | Calculated | The estimated residual value at the end of the asset’s useful life. Residual Value Estimate can be entered as a raw amount or as a percentage. | 50% |
Processing Status
| Yes | The status of the script currently processing the asset. | Processing
|
Current Financial Information
Field Name | Required | Description | Example | |
Gross Asset Value | Yes | The current capitalized value of the asset posted to the general ledger for the asset since the in-service date. | $1,000,000 | |
Accumulated Depreciation | Yes | The current accumulated depreciation posted to the general ledger for the asset since the in-service date. | $200,000 | |
Net Book Value | Calculated | Capitalized Asset Value - Accumulated Depreciation. | $800,000 | |
ASSET FIELDS – ACCOUNTING SUBTAB
Use Case: NetAsset allows flexibility in the accounting for an asset. The Accounting subtab captures key information that is used to properly account for the asset over its useful life.
KEY DATA CAPTURED WITHIN THE ACCOUNTING SUBTAB
- The Segmentation Data section of the Accounting subtab captures the native NetSuite classifications which will impact the general ledger whenever transactions post from the asset.
Field Name | Description | Example |
Department | Select the appropriate DEPARTMENT where all asset transactions should be recorded to. This list references the existing accounting structure. | Finance |
Class | Select the appropriate CLASS where all asset transactions should be recorded to. This list references the existing accounting structure. | Services |
Location | Select the appropriate LOCATION where all asset transactions should be recorded to. This list references the existing accounting structure. | US: Denver |
- The Physical Asset Details section of the Accounting subtab captures key tracking data for the asset.
Field Name | Description | Example |
Asset Tag ID | This field is a free-form text field that can be used for the asset tag ID or other unique identifier for tracking. | CO-987XYZ
|
Assigned To | The owner this asset is assigned to. | Zach Nelson |
Parent Asset | Select this field to link this asset to a parent asset. This should only be used to connect multiple assets that have a parent-child relationship (e.g., separate asset components under a single asset or a split resulting in a separate asset).
| FA00367 |
Last Physical Inventory | Indicates the last date on which the asset existence was physically validated via a fixed asset physical inventory observation & verification. | 15-May-2020
|
Quantity | The quantity of asset owned. | 25 |
Project | The project the asset is associated with. | J75921 |
- The System Controls & Overrides section includes fields that are used to help enable NetAsset to run smoothly. These fields should not be adjusted without a complete understanding of the functionality.
Field Name | Description | Example |
Locked (Transactions Recorded) | This field will typically NOT be manually adjusted by NetAsset users.
This box is checked when journal entry transactions have been recorded against the asset, preventing the system from allowing changes to the depreciation schedule. Future adjustments to the schedule should be performed via asset revaluations. (See Asset Revaluations articles for more information) | ✓ |
No GL Impact
| Check this box if the asset should NOT have any GL activity applied to it (e.g., for tracking purposes only as it is on a custom record with no connection to a NetSuite ledger).
This field prevents recording of journal entries against the asset. As a further control, the asset record can be kept with the status as PENDING on the asset header. | ✓
|
Flagged for Mass Update | When a high volume of assets must be transferred, are ready for capitalization, or disposed of, this checkbox can be checked via CSV Import then used as a search filter when running any of the aforementioned mass updates.
Checkbox will be cleared out after the update is performed. | ✓
|
| Clearing Account | The account the asset was originally proposed from - only visible if the global setting, Override Clearing Acccount, is enabled. | |
Elimination Subsidiary | The elimination subsidiary to post reversal journals to should an elimination be necessary - only visible if the global setting, Elimination Subsidiaries, is enabled. | Canada Elimination |
- At the bottom of the Accounting subtab, the account mappings are listed for the corresponding asset type.
UPLOAD CONTRACT DOCUMENTS & OTHER FILES
Use Case: NetAsset can capture and associate any relevant documents or contracts related to an asset and store/link to the asset record.
STEP BY STEP PROCESS
- During initial asset creation or in edit mode of any existing asset record, select the Documents subtab
- Press the New File button to upload contracts or other files that you would like associated with the asset to the NetSuite file cabinet or press the Attach button to attach a file that already exists in the file cabinet to the asset.