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Correcting Overstated Fixed Asset and Depreciation Entries in NetSuite FAM
I encountered an issue with a fixed asset entry in NetSuite's Fixed Asset Management (FAM) module and need guidance on the best practice for correction. Here's the situation:
· A construction project was recently completed, and the associated fixed asset accounts were impacted through a manual journal entry.
· This entry was subsequently used to propose and create an asset in the FAM, followed by performing the depreciation entry as part of our month-end close. The fiscal month in question is still open.
· Unfortunately, we realized that the original journal entry was incorrect, leading to an overstatement in both the fixed asset and its depreciation.