NetAsset - Mass Asset Revaluation
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.
Use Case: The revaluations will be processed as normal once uploaded and approved. Most asset changes are processed using the Prospective revaluation type, which wont post a journal and 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.
Step by Step Process
- Open the desired Revaluation Proposal Template Excel file and update your asset revaluation information. (Row 1 is the Information Description, Row 2 is if it is required or not, 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.
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.
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
- Delete any unnecessary information in the excel file and save file as a csv.
- Note you will need to delete the second row before upload.
- Navigate to the Import Assistant by accessing 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.
- 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.