NetAsset - Mass Asset Revaluation
Overview
NetAsset can process asset revaluations in bulk. You will use the Excel templates below to organize the revaluation information for all assets with changes, upload that to NetSuite via the CSV import tool, and then approve and process the revaluations. This option is especially useful for users with high volume asset activity.
The revaluations will be processed as normal once uploaded and approved. Most asset changes are processed using the Prospective revaluation type, which won't post a journal but will update the schedule on a go-forward basis. Write Down and True Up revaluation types will post a journal in the current period and update the schedule going forward.
Prerequisites
Asset revaluations must be entered in NetAsset prior to month-end depreciation if you want the modification to be effective in the current month. For the correct order of other month-end asset tasks, refer to the NetAsset Month End Playbook.
Step by Step Process
Populating your Template
- From the list below, download and open the desired Revaluation Proposal Template Excel file
- Fill out the file with your proposal information
- Row 1 is the Information Title, Row 2 lists if the field is required or not, and Row 3 is an example
Asset Column Mapping
The "Asset" column is what will be used as the "key" to tell NetAsset which asset is getting updated.
You must populate this field in the concatenated field format of "'Asset ID' 'Asset Name'".
For example: "FA0042 Ford F150".
- To do this in Excel, use the formula: =CONCATENATE(Cell with ID, " ", Cell with Asset Name). For example: =CONCATENATE(B3," ", C3). Then copy and paste the formula down the column for all assets.
The spelling of the value entered in the "Revaluation Type" field must exactly match how it appears in NetAsset. Any variation will cause the import to fail. Use only the following values:
- Prospective (No GL Impact)
- Write Up
- Write Down
- True Up
- Place On Hold
- Place Back In-Service
Effective Date Field
The revaluation effective date is not a choice. It is the first open period on the asset's schedule without a journal entry posted. It is not on the templates because it is not required to be filled out. It will be auto-populated by NetAsset when the revaluation is processed. For example, if you ran journals through July, the revaluation effective date will be August.
List of Templates Available
Prospective Revaluation Proposal Template
Write Down Revaluation Proposal Template
Standard True Up Revaluation Proposal Template
Manual True Up Revaluation Proposal Template
Mass Reval - Place Depreciation On Hold
Mass Reval - Place Back In-Service
Uploading your Template
- Once you have populated the template with your revaluation data delete the description row (which indicates whether each field is required) and the example row.
- Ensure the only rows that remain are the header in row 1, followed by your revaluation data in the rows below.
- Save the file as a CSV.
- Open NetSuite's Import Assistant by navigating to Setup > Import/Export > Import CSV Records
- With the Import Assistant open, update the Import Type to Custom Records and the Record Type drop-down to NetAsset Revaluation Proposal.
- Under the CSV files section, click on the Select button and upload the .csv file you saved. Click Next.
- Select Add on the "Import Option" tab if this is a new revaluation that hasn't been entered before.
- Note: the only time you would choose Update for a revaluation proposal would be if you previously entered revaluation records that you need to edit. For example, you realized you entered the wrong end date for your asset depreciation on the upload and want to change it before processing the revaluation. If the revaluation has already been processed in NetAsset, reverse the revaluation and then reupload a new revaluation proposal record.
- Go through the regular NetSuite field mapping process and run the upload.
Process the Revaluation
- Once the data has been uploaded you can navigate to the Mass Revalue Assets Screen (NetAsset > Update or Modify Assets > Mass Revalue Assets.)
- All your assets should then appear on the screen.
- Select "Mark All" and then click "Revalue"
- Once your Revaluations have processed, the system will show the status as complete with a list of assets that have been revalued
- Click on the "Drill Down" number to the right of the asset to see the asset before and after the revaluation.
