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NetSuite Admin Tips: Tracking the Construction in Progress (CIP) in Fixed Asset Management
A manufacturing company may be in need to track Capitalized Interest on each asset during the build of an asset and then once the asset is built and delivered to a customer the company can then accrue interest to the cost of the asset. NetSuite does not have a process specific to a Construction in Progress as of now. We…
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Intercompany Fixed Asset Disposal Issue
Hi All, do you know how to issue correctly an invoice from asset disposal page for intercompany customer? This is the scenario: Go to asset disposal page Select Sale - Date for invoice, customer, item and tax code If I select an intercompany customer, I see this message from netsuite: The subsidiary of the selected…
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How can assets be depreciated to 0.00 without defining a useful life?
How can assets be depreciated down to 0.00 using the WDV method without any dependency on asset lifetime, when no useful life is defined? We have a requirement where assets must be depreciated down to 0.00 using the WDV (Written Down Value) formula, without relying on asset lifetime, as no useful life is defined for any of…
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NSC | How to Add Column in Asset Listing Report
Scenario: The user would like to add Class and Department on the Asset Listing report and would like it to be set it as a default format for the report moving forward. Solution: Navigate to Fixed Assets > Reports > Customize Report Template On the Report Type, select Asset Listing Report Put a tick mark on the Set As…
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NSC | How to resolve Error when Disposing Asset
Scenario: In the process of disposing assets, the user receives the following error: Solution: Navigate to Customization > Scripting > Script Deployments On the Filters region, set all the filters to except-All- for the filter Script On the filter Script, select FAM Migrate to Precompute SS Click on Edit Set the following:…
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NSC | Asset Depreciation > How to resolve error due to Accounting Period
One reason a Fixed Asset Management (FAM) asset may not behave as expected—such as being excluded from depreciation calculations or failing to process depreciation entries—is due to a mismatch between the asset’s Last Depreciation Date and the accounting periods configured in your NetSuite account. Specifically, the issue…
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NSC | How to Resolve Unexpected Error when Creating a New Asset Through CSV
There are many possible reasons why an Unexpected Error can occur when importing new assets through CSV. In this article we'll discuss one of it. Scenario: Can you check what may have caused the error? One potential cause of this error is an invalid or incorrectly formatted value entered in the Depreciation Start Date…
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Best way to uninstall Fixed Assets Management
Hi, We are not using this bundle I like to know if is ok to removed so we don't incur in fees.
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Pause in Fixed Asset Deprecation
We have active assets that are being pulled from service, and will be returned to service in a few months. I know I can stop depreciation by setting the depreciation flag to "false". My asset record has the original start depreciation date, and depreciation end date. Do I put the target depreciation date as the date I want…
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NSC | Fixed Asset > How to Change the Current Net Book Value
Scenario: The user would like to edit the Current Net Book Value of an Asset. Solution: Edit the FAM Asset Adjust the Asset Fields to their accurate values as needed. Save the modifications. Reopen the FAM Asset for editing. Access the General tab, on the Depreciation Active field > Set it to false. Save the changes. This…