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FAM Asset Disposal Error Department
Greetings! I am validating data in the Sandbox for FAM implementation. When I go to dispose of an asset that was sold, I get the error : USER_ERROR: Please enter value(s) for: Department, Sales Rep But I do not have anywhere to enter the Department or Sales Rep. I am also seeing NBV on several assets in the Asset Listing…
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NetSuite Admin Tip | Depreciation Rules for Fixed Assets in NetSuite
As a Fixed Asset Accountant, you'll often work with NetSuite to record assets. One really important part of this process is setting up depreciation rules. These rules determine how assets lose their value over time, which is important for financial reporting. Administrators should take the lead in setting up the…
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Selling of assets between two subsidiaries at a loss
An asset is depreciating in subsidiary 1, and in the mid of month it is being sold to another subsidiary at a loss. If the asset NBV is $5000, it is being sold to subsidiary 2 at $2000. Questions 1: How to record this in the system using the standard fixed asset module, as while using FA sale/dispose, we are getting error…
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NetSuite Lease Incentives
Hello Our company has a few rent leases (we are the lessee) that we manually calculate (under ASC 842) and book in NetSuite however we are exploring the possibility to enter them in NetSuite via the FA menu I would like to raise the following questions Can we input lease incentives? if not, is there a different solution?…
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Error when apply lease modification journal
Hi team, I have an issue when apply lease modification in the lease record. The error log only stated UNEXPECTED_ERROR: [object Object] and the lease modification journal did not created. Anyone have occured this issue? Kindly advise. Thanks
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New to NetSuite | New FAM Diagnostics for Depreciation History Records in NetSuite 2026.2
With NetSuite 2026.2, Fixed Assets Management (FAM) introduces new diagnostic capabilities designed to help identify depreciation history records (DHRs) that may affect depreciation processing. The FAM Diagnostics portlet now includes two new diagnostic processes: Check Duplicate DHRs Check Stale DHRs These…
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question on automatic Fixed asset creation
Hi, we are in the process of starting to use the Fixet Asset Management module. Now, we have certain so-called "Projects" (NOT a specific project in Netsuite) where we get multiple vendor bills from multiple vendors. These are now booked on an account like "Asset in contruction", and as soon as all the vendor bills are in,…
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New to NetSuite | Best Practice for Partial Disposal of a Fixed Asset (FAM)
In NetSuite Fixed Asset Management (FAM), the recommended best practice for partially disposing of an asset is to split the asset first, then dispose of the newly created split asset. This approach helps ensure the disposal is recorded cleanly and depreciation history remains accurate for the remaining portion of the…
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Impacts of changing Fixed Asset Acquisition amount
Hi, I think its a dumb question but what are the impacts of changing the Acquisition amount of a Fixed Asset? On the asset record we already changed the value: But on the Depreciation History the Acquisition amount is wrong due to the acquisition amount:
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Midlife Lease Accounting
What is the recommended approach to account for leases already in progress in the legacy system when migrating them to NetSuite for the balance of the lease term? Any guidance would be appreciated.