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NetSuite Admin Tip: Fixed Asset Management > How to Best Handle Invalid Assets?

edited Jan 12, 2024 3:02AM in NetSuite Admin Corner

In industries such as construction, companies handle a substantial volume of assets, and using NetSuite simplifies asset management, offering a comprehensive solution to efficiently manage assets throughout their lifecycle. Instances may arise wherein users inadvertently generate erroneous entries, such as mistakenly inputting an incorrect Purchase date for a construction vehicle, leading to inaccuracies in the asset's depreciation schedule.

In this article, we’ll discuss 2 ways on how to handle invalid assets and determine what suits your business.

Let us use this example: 

As you can see on the photo, both assets are newly created and there has been no transaction that was processed.

Micah Patricia Timbol | Basic and Advanced Accounting, OTC Guru

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