Check out Oracle NetSuite upcoming events and conferences here
Now is the time to ask your NetSuite-savvy friends and colleagues to join the NetSuite Support Community! Refer now! Click here to watch and learn more!
Update your Profile with your Support type to get your Support Type badge.
Expand your NetSuite knowledge by joining our Ask A Guru Live sessions. RSVP on this event now.
Community Poll: What sort of content would you like to see more of?

NSC | How to Resolve Creation of Incorrect Assets and its Related Depreciation

edited Jan 10, 2024 4:23PM in Accounting / ERP


After running depreciation and generating the Monthly Depreciation Report, the user noticed that there is an overstatement in the total Depreciation Amount. The discrepancy was due to the 2 assets that were incorrectly created and were also included in the computation of depreciation for the month. 


1. The Depreciation Journal Entry must be deleted. This can be check on either the Depreciation History record on the Asset Record or on the Monthly Depreciation Report

2. The following fields must be updates: 

On the Asset record:

  • Asset Status = Disposed
  • Current Cost
  • Original Cost
  • Net Book Value = 0
  • Asset Lifetime = 1
  • Last Depreciation Period and Amount

Micah Patricia Timbol | Basic and Advanced Accounting, OTC Guru

Howdy, Stranger!

Log In

To view full details, sign in.


Don't have an account? Click here to get started!


Community Whiz

Quarter 2 ((Apr-Jun 2024) )

This Week's Leaders

This Month's Leaders

All Time Leaders