RSMUS.comNetSuite’s Fixed Asset Management SuiteApp has an Asset Proposal feature that allows you to propose new assets from transaction(s) recording new assets. Users can also propose assets from Inventory Adjustments if they would like an Inventory Item to become a Fixed Asset.
What is Fixed Asset Management?
Automated management of fixed assets acquisition, depreciation, revaluation, and much more is provided by NetSuite’s Fixed Asset Management SuiteApp. The SuiteApp supports a variety of businesses with different requirements for asset range, types, and depreciation methods.
What is an Inventory Adjustment?
An Inventory Adjustment is a NetSuite transaction that changes an inventory item’s quantity and value.
Why Use Asset Proposals?
Asset Proposals help prevent assets from being overlooked. Proposals also save time spent re-entering asset details during creation.
Adjusting Inventory to Propose New Assets:
Adjust Inventory:
Fill out a Subsidiary and other required header information on the Inventory Adjustment form:
In the Adjustment Account field, choose a Fixed Asset account of the Asset Type you will be proposing from the adjustment:
On the Adjustments subtab, enter the Item the adjustment is for:
- In the Adjust Qty By field, enter a negative amount to take that quantity out of the inventory account
- Configure the Inventory Detail for each line
Save the inventory adjustment
- View the GL impact of the adjustment to see a debit to the Fixed Asset account that was entered in the Adjustment Account field – this will be the original cost of the proposed asset.
Propose Assets from Inventory Adjustment:
Navigate to Fixed Assets > Transactions > Asset Proposal
Enter a Date Range or a specific Start Date and End Date and choose a Subsidiary, then choose the Asset Type(s) for the proposal – Assets will be proposed based on these criteria points
Click Propose New Assets
Navigate to Fixed Assets > Transactions > Manage Asset Proposals
Click the checkbox next to each asset to generate or reject – Use the Asset Type(s) and Subsidiary(s) filters to narrow down the list that appears
Find the Inventory Adjustment proposal and click the Select checkbox
Click Generate Assets
A new asset will be created from the Inventory Adjustment
Conclusion:
Asset Proposals and Inventory Adjustments can be used to move Items out of Inventory and into your Fixed Asset accounts. However, proposals are not the only way to create new assets. Depending on the case, assets can be created manually or through CSV imports. CSV imports can also be used to merge fixed asset data from a previous system into NetSuite.
NetSuite’s Fixed Asset Management SuiteApp can be installed and configured to suit your business’s needs. Please contact our team to learn more about NetSuite Fixed Asset Management SuiteApp and how to install it in your NetSuite environment.
Brittany Quinlan
Brittany is a NetSuite consultant specializing in the industrials and TMT (Technology, Media, and Telecommunications) sectors. She is experienced in order-to-cash, procure-to-pay processes, and revenue recognition. Her NetSuite experience has included a variety of clients with deliverables, including new implementations, integrations, assessments, and optimization projects.
