Fixed Asset Question - Trade In

Question

Hello, looking for advise and any guidance from the community on how to handle a fixed asset trade in.

Current asset will be turned in, new similar asset acquired at a greatly reduced cost.

We want to dispose of the current asset properly in the system and bring the new asset in under a new fixed asset record.

We are new to FAM in NetSuite and still learning the ropes.

Thanks,

Micah Timbol-Oracle · Accepted Answer

Hello User_ZRJXX! As of the moment, this is logged as an Enhancement in the system and is documented in Enhancement: 452135 Fixed Assets > Transactions > Asset Disposal>Add "Trade-In" in the Options Based on GAAP. What we can do for now is to dispose the asset and then manually create a new asset record. Other users creates a journal entry to record the gain or loss on the disposal.

We apologize for the current system limitation