NetAsset - Inventory Reclass Overview

Overview

The item records in NetSuite track important information for accounting and inventory management. There may be times when inventory items should be moved to fixed assets. To do this, NetAsset facilitates the movement from an inventory item to a fixed asset clearing account by using a NetAsset Inventory Reclass. For information on the required setup, reference the NetAsset Inventory Reclass Setup article.

Once the system has been setup, a NetAsset Inventory Reclass will be triggered when the applicable inventory clearing account is debited in a transaction. The purpose of this article is to walk through some of the different item transactions that can be used to move an item from inventory to fixed assets.

Inventory Adjustment

Navigate to Transactions > Inventory > Adjust Inventory and enter applicable adjustment information. Be sure to put the Inventory Clearing account in the "Adjustment Account" field. 

Once the adjustment is saved, the system will automatically create a NetAsset Inventory Reclass entry. This entry can be seen under the Custom subtab:

Below you can find an example of the NetAsset Inventory Reclass:

This reclass journal will now be found on either the Create Assets from Proposals (Clearing) or Create Assets from Proposals (CIP) page—depending on how things are mapped on your asset types:

Item Fulfillment

Navigate to Transactions > Sales > Enter Sales Orders and enter applicable sales order information. Once the sales order is approved, select the Fulfill button:

Enter the applicable information on the Item Fulfillment Record:

Once the fulfillment is saved, the system will automatically create a NetAsset Inventory Reclass entry. This entry can be seen under the Custom subtab:

Below you can find an example of the NetAsset Inventory Reclass:

This reclass journal will now be found on either the Create Assets from Proposals (Clearing) or Create Assets from Proposals (CIP) page—depending on how things are mapped on your asset types:

Item Receipt

Navigate to Transactions > Purchases > Enter Purchase Orders and enter applicable purchase order information. Once the purchase order is approved, select the Receive button:

Enter the applicable information on the Item Receipt record:

Once the receipt is saved, the system will automatically create a NetAsset Inventory Reclass entry. This entry can be seen under the Custom subtab:

Below you can find an example of the NetAsset Inventory Reclass:

This reclass journal will now be found on either the Create Assets from Proposals (Clearing) or Create Assets from Proposals (CIP) page—depending on how things are mapped on your asset types:

Overview - Conclusion

Once the NetAsset Inventory Reclass has been generated and appears on the Create Assets from Proposals screen, the asset creation process continues as it would for any other transaction type:


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