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 DateNo (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 AccountThe 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

 

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.

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