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New to NetSuite | Compound Asset Feature

edited Jul 13, 2023 5:46AM in Basic Accounting

The Compound Asset has no additional value itself and is made up of the individual assets (components). The main value of Compound Asset is that they match physical reality as many assets maybe combined (e.g. into a Bus) and then sold, disposed of or transferred as a single compound asset.

To create a Compound Asset, please follow the steps below:

  • Navigate to Fixed Assets -> Lists -> Build Compound Asset


Note:

  • A Compound asset is a primary asset which itself is made up of several child assets which are known as Components.
  • Components should be identified and depreciated separately if they have differing patterns of benefits (SuiteAnswers #

Katerina Winklerova

Basic Accounting/ OTC/PTP Guru

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