The Fixed Asset Management bundle provided by NetSuite has seen some major changes in the latest 17.2 release. These are the 4 changes that you must know to keep your Fixed Asset Management bundle running smoothly.
1. Depreciation Forecasting
Gone are the days of not knowing what your depreciation expense will be until the depreciate assets transaction is run in your system. The FAM bundle now generates depreciation history records for all assets ahead of time, which gives you the ability to forecast depreciation. The forecast can be seen on the asset record under the “Depreciation History” subtab. Simply click “View” next to the method you would like to see the forecast for:
There is also a new report available to see the total impact of depreciation for all assets. Navigate to Fixed Assets > Searches > Depreciation Monthly Report and filter to the desired period you would like to see.
The script that creates the depreciation forecast records is set to run weekly on Sunday nights out of the box. If you would like to see the depreciation history immediately, you will need to run the “FAM Trigger Pre-Compute SS” script manually.
2. Asset Value Records
There is a new record included with the 17.2 bundle update called “FAM Asset Values”. This record now stores the Current Net Book Value, Last Depreciation Amount, Last Depreciation Date, Prior Year NBV, and Last Depreciation Period. This is important to know if you are performing a saved search on the FAM Asset Record. If you would like to pull these values, you must use the Asset Value join on the saved search. If you pull the values from the “FAM Asset” record, they will be incorrect.
3. Importing Midlife Assets
When importing midlife assets in the 17.1 and prior bundles, one would have to follow process of loading the “FAM Asset” record values and then import two more “FAM Depreciation History” records in order to create acquisition and depreciation history for the asset. With the 17.2 release, acquisition records are automatically created upon the “FAM Asset” record load. Only the depreciation history is required to be loaded manually with the new release.
The new release has created two new permissions that are required for users of the bundle. If these are not added to the user’s role, they will not be able to run any transactions in Fixed Asset Management. These will need to be added to custom roles manually. The two permissions are “FAM Process” and “FAM Asset Values”.
By: Greg Cole