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NEW TO NETSUITE | Fixed Asset Management > How to Create Asset Types

edited Apr 23, 2024 3:28AM in Basic Accounting

After discussing the Fixed Asset Management Setup Overview, you are now allowed to create an Asset Type for your assets. This will aid in categorizing your fixed assets based on classifications and usage, allowing you to group similar assets together.

Here’s how you can create an Asset Type:

  1. Navigate to Fixed Assets > Setup > Asset Types > New
  2. Enter values on the following required fields:
  • Name
  • Accounting Method
  • Residual Percentage
  • Asset Lifetime

You can further customize the Asset Type by adding the following:

  • Description
  • Accounts to be used on the different Fixed Asset transactions.
  • Whether it will be depreciated or not; and

Micah Patricia Timbol | Basic and Advanced Accounting, OTC Guru

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