NetAsset 2022.2

NETASSET VERSION 2022.2 KEY UPDATES

  • Asset Proposals
    • Ability to remove unwanted transactions from the Create Assets From Proposals and "Build Up Assets From Proposals" pages
  • Capitalization Thresholds for Direct Expensing of Assets
    • New transaction type, NetAsset Direct Expense, created when an asset record's gross asset value is less than the threshold for expensing set up on the NetAsset Capitalization Threshold custom record
  • Revaluations
    • Ability to specify the account through which to route any changes to the Gross Asset Value as part of True Up revaluations
  • Asset Splits
    • Ability to define splits based on quantity
    • Ability to split cost on a single transaction line and allocate it to multiple assets
    • Increased split volume limitation
    • Ability to perform partial splits for assets in the 'pending' status - allows parent asset to survive
  • Reporting and Exports
    • Ability to show Accumulated Impairment Expense as a column on the NetAsset Roll Forward
    • New report, Asset Register, allows users to access a customizable asset listing that displays both beginning/ending balances as well as activity for the period run
    • FX reporting enhancements to scripted reports (roll-foward, waterfall, etc.) allow user to select a specific date to pull exchange rates as of
  • Alternate Schedules
    • New fields on asset type allow users to default a specific Depreciation Method and Useful Life for the alternate schedule
    • Support for incorporation of partial disposals and mid-life build ups on alternate tax schedules
  • Improved Multi-Book Support
    • Additional support for use of NetSuite's Global Account Mapping record
  • Rentals
    • Ability to designate an asset as a rentable asset and manage the renting of the asset through the NetAsset Rental record and the NetRental dashboard

WHAT DO YOU NEED TO DO?

  • Ensure bundle is installed with ample time available before the next close as cutover scripts running to update fields on the schedule entry may take several hours
  • Your NetSuite Administrator should update your NetAsset bundle (Customization > SuiteBundler > Search & Install Bundles > List) with the bundle preferences outlined here
  • Update the preferred form on the NetAsset Asset record to hide unused new fields from the release
  • Reach out with questions on any of the new features
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