NetAsset - Generating Alternate Schedules
Overview
NetAsset has the ability to generate alternate depreciation schedules for an asset beyond just the primary schedule. While a primary schedule is intended to be used for GAAP or IFRS financials, a customer may also be required to maintain alternate schedules for statutory or tax reporting.
Alternate Schedules in NetAsset is an add-on feature; contact your account manager if you have questions on adding this functionality into your system.
Alternative Schedules are non-posting schedules that are generated for reporting purposes. If these schedules should be posting, NetAsset Multi-Book must be set up in the system.
Once the Alternate Subtabs have been configured, follow the steps below to generate alternate schedules.
Step-by-Step Process
Generate Alternate Schedules for a Single Asset
- Create or navigate to the desired asset to generate an alternate depreciation schedule.
- Navigate to the alternate schedule subtab.
- Ensure the information in the Schedule Information field group properly reflects any differences between the primary asset information and the information that should be used on the alternate schedule (for example, the depreciation method may be a MACRS method instead of straight-line if the alternate schedule is for tax purposes). If adjustments are needed, click Edit and make the necessary changes.
- Once the schedule information is correct, click Create Alt. Schedule at the top of the asset record. The Generate Depreciation Schedules page will open.
- By default, a filter will be set for the asset previously viewed. Adjust the Alternate Depreciation Schedule filter to generate schedules for different subtabs on the asset record.
- Select any applicable Alternate Schedule Options from the table below:
| Field Name | Description | Example |
Override Depreciation Method | A depreciation method selected here will override whatever is shown on the asset line below, or the primary asset depreciation method if blank. | MACRS 5-Year Half Year |
Depreciation Convention in Disposal Period | The convention used to determine depreciation in the disposal period if the asset is disposed before its end-of-life date. | Half Depreciation |
Write Off Date | If the date the asset will be written off via tax deduction is known, it may be entered here. | 6/1/2024 |
| Generate Schedule Up To Date | Limits schedule generation to a specific date. If left blank, the schedule generates through the asset's end-of-life date. Use this to speed up generation when only the schedule through a certain period is needed (e.g., current tax year). This field applies to alternate schedules only and does not affect primary schedules. Defaults to the value of the Generate Alternate Schedules Up To Date field configured in NetAsset > NetAsset Setup > System Setup, if set. Note: This option is intended primarily for organizations with large asset volumes where limiting the generation range is necessary to reduce processing time. It should not be used in most circumstances. | 12/31/2025 |
| Lock Schedules (No Schedule Generation) | No schedule will be generated, and a new schedule cannot be created to override the current one. | Unchecked |
| Unlock Schedules (And Regenerate Schedules) | Unlocks a locked schedule and regenerates the alternate schedule according to the newly-input parameters. | Checked |
- Click Generate Schedules.
- The processing page will open. Refresh the page until the asset appears in the sublist, then select the asset link to return to the asset record.
- The schedule will now appear in the sublist at the bottom of the alternate schedule tab, along with any information overridden during schedule generation.
For information on updating the asset record upon disposal, refer to the Alternate Depreciation Schedule Disposals article.
Generate Alternate Schedules for Assets in Mass
- Navigate to NetAsset > Update or Modify Assets > Generate Depreciation Schedules.
- Use the Alternate Depreciation Schedule filter to specify which Alternate Subtab the schedule should be created on. Apply any additional filters as needed, then click Filter Results.
- Configure any applicable options under the Alternate Schedule Options section, including Override Depreciation Method and other fields described in the table above — these options are available in both single-asset and mass generation flows.
- Select the assets to generate alternate schedules for, then click Generate Schedules.
- The status page will open. Refresh periodically to see assets with updated depreciation schedules.