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Fixed Assets - Revaluation or Related Assets?

edited May 22, 2013 7:13PM in Accounting / ERP 3 comments

Good Afternoon,

We currently have an existing asset record that requires to be revalued with a line item expense from an existing journal entry in NetSuite.

For example, asset record FAM001 is created. We have Journal Entry #1, with one line item posting to a fixed asset account. Rather than creating a new asset off of JE #1, we want to apply debit amount to the existing FAM001. What is the best practice on applying this revaluation?

We tried using the "related asset" column on the journal entry form to associate JE #1 to the FAM. Now, JE #1 is showing up on the income/expense subtab on the FAM record and we had to manually change the NBV and current asset cost (the asset is in a new status and is non depreciating). Is this correct? We find it odd the NBV and/or current asset cost did not automatically update from the Income/Expense change.

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