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WATCH: Why does the imported Midlife Fixed Asset's Depreciation History not return the correct value
This video will guide us on the things to consider when Importing Mid-life Assets to ensure that these assets will be imported correctly and successfully.
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Solution to Bonus Depreciation Rule (MACRS)
There is a separate thread for this topic that was closed by referencing a post to the Suite Ideas website. Since I liken this to prayer, I thought I would provide my solution for this issue. I also posted it to the comments of the suite ideas post, but thought it might find a larger audience here. The challenge with this…
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Fixed Assets Schedule not Reconciling with Depreciation Journal
Hi, I hope you can help me. I have this asset that is fully depreciated already. Depreciation Start Date: 10/31/2022 Depreciation End Date: 10/30/2025 on its Depreciation History, it does have a schedule for 10/31/2022 but no Journal was posted. So when you total all the depreciation expenses, it's not the same as the…
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FAM Depreciation Error SSS_MISSING_REQD_ARGUMENT:search.lookupFields: Missing a required argument:id
Hello all - tried looking for this error in the community, but it seems to be dependent on what you're trying to do in FAM. I have also submitted a support case since this is impacting our month-end close: 6595719 But hoping I can get some guidance here. It may be a coincidence, but our FAM bundle was updated on September…
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Asset Depreciation Reversal to Perform Asset Disposal
There are a group of Assets (+-200) that have been Depreciated for March 2025 and all Journals Posted to GL, the Business realized that the Assets were supposed to be Disposed in February 2025. What the Business wants is to reverse the Depreciation for March 2025 and then process the Depreciation for February 2025…
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Problems depreciating an asset in multibook
Hello everyone, We're facing a challenge with our multi-book accounting setup. We have two accounting books: our primary book is configured in USD, and our secondary book is in Mexican Pesos. The issue is that when we try to depreciate fixed assets, the process only runs in the principal (USD) book, and for some reason, it…
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NSC | Asset Depreciation > Not updating Last Depreciation Date, Last Depreciation Period and NBV
A user encountered a problem with the asset depreciation process in the Fixed Asset Management SuiteApp. Despite successfully running the Asset Depreciation and generating depreciation journals, asset records remained unchanged in critical fields: Last Depreciation Date, Last Depreciation Period, and Net Book Value. Check…
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NSC | Creating a New Depreciation Method
When you're new to NetSuite's Fixed Assets module, setting up depreciation methods is a breeze. Follow these simple instructions: Navigate to Fixed Assets > Setup > Depreciation Methods > New. This will open a page where you can create your custom depreciation method. 2. On the left side of the page, you'll find several…
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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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Depreciation Report/Search Combining Asset Categories
I need a report/search that can be run that will let me choose a date range and show the total depreciation expense as a summary for each GL so that it would combine asset categories that go to the same depreciation expense code.