1. Accounting
  2. Fixed Assets Management
  3. Creating Fixed Assets Management Records
  4. Creating Asset Records Manually

Creating Asset Records Manually

In the Fixed Assets Management SuiteApp, you can add fixed assets by importing existing data, creating records manually, or generating asset records from transactions. Generating asset records from transactions is typically done for newly acquired assets.

The asset record defines the asset and its depreciation rules, and shows it's net book value, depreciation life to date, last depreciation date, original cost, and residual value. After asset types are entered, details of each asset can be entered on individual asset records. When you select an asset type, the system populates some fields with default values, so you don't have to retype them.

Important:

Unlike assets generated from transaction records, values for assets you create manually or migrate to NetSuite through CSV import aren't automatically posted to the fixed asset general ledger accounts. You must create the journal entries manually to post the values for these assets.

Important:

To ensure that FAM bundle scripts run on assets created through CSV import, you must enable the following settings:

  • Run Server Scripts on CSV Import (Fixed Assets > Setup > System Setup)

  • Run Server SuiteScript and Trigger Workflows (Setup > Import/Export > CSV Import Preferences)

To create an asset record:

  1. Go to Fixed Assets > Lists > Assets > New.

  2. Enter values for the following fields:

    Note:

    The ID is system-generated.

    • Name – Enter a name for the asset.

    • Asset Description – Enter a brief description of the asset.

    • Asset Serial Number – Enter a serial number to track or identify the asset.

    • Alternate Asset Number – Enter an additional asset reference number.

    • Parent Asset – If this asset is part of a collection of assets, select the parent asset that this asset belongs to. Child assets depreciate automatically when the parent does and may be affected by other operations on the parent asset.

    • Project – Select the related project for the asset. You can set Depreciation Active to On Project Completion so depreciation automatically starts when the project ends. For more information on Depreciation Active, see Asset Type General Subtab.

      Note:

      If the asset record is generated from a proposal, the Project field is populated based on the defined project on the transaction or proposal record. The project name also appears on the Name field in the depreciation journal entries.

    • Asset Type – Select the asset type for this asset.

      When you select an asset type, the system populates most fields with its default values. The asset type also categorizes assets in reports and other processes.

    • Asset Original Cost – Enter the original (purchase) cost of the asset.

    • Asset Current Cost – Enter the current cost of the asset. This includes any write-down already applied to the asset.

    • Residual Value Percentage – Enter the percentage of the original cost that the asset will be worth at the end of its life. For example, an asset purchased for $1,000.00 may be worth $100.00 at the end of its lifetime, so the residual value percentage would be 10% (10% of $1,000.00 is $100.00). Entering a residual value always overrides the default value calculated using the percentage. The default value is set by asset type.

      For operating lease asset types, this field is set to 0% and won't be editable.

    • Residual Value – Enter the value that the asset will be worth at the end of its life. For example, an asset purchased for $1,000.00 may be worth $100.00 at the end of its lifetime.

      For operating leases, the residual value equals the total interest amount, but is shown as a negative value

    • Accounting Method – Select the depreciation method (formula) to use when depreciating this asset. This accounting method is used to calculate the values entered into the accounting system. The default method is set by asset type.

    • Asset Lifetime – Enter the expected lifetime of the asset, in multiples of the depreciation period. Currently, only months are supported.

      If you enter a value for Asset Lifetime and Depreciation Start Date, the system automatically sets the Depreciation End Date field (see General Subtab). If you leave this field blank, the system automatically computes the asset lifetime if valid values are manually entered in the Depreciation Start Date and Depreciation End Date. If either the Depreciation Start Date or Depreciation End Date is changed and the new value entered is valid, the system automatically computes the new asset lifetime. The system shows a notification whenever the asset lifetime is automatically changed.

      Note:

      The system automatically creates an Acquisition History Record when you set a depreciation start date for the asset. The SuiteApp can't recalculate the Asset Lifetime if you change the Depreciation End Date through CSV import or script.

    • Depreciation Period – Inline HTML text showing the Depreciation Period of the selected Accounting Method. For information, see Depreciation Methods.

    • Asset Lifetime Usage – If you depreciate the asset based on usage (for example, mileage), enter a lifetime usage figure representing its total units. The asset reaches the of its life when the total usage to date equals the lifetime usage.

    • Current Net Book Value – The current book valuation of the asset.

    • Cumulative Depreciation – The total depreciation amount applied to date to the asset.

    • Asset Status – The status is set to New by default. Asset Status automatically changes to Disposed when you dispose the asset.

    • Customer Location – Select a customer or create a new customer record.

  3. Enter values in the fields on each of the subtabs:

  4. Click Save. Enter values on the additional subtabs that appear:

  5. Click Save.

Related Topics

General Notices