4 Feb, 2022

NetSuite Fixed Assets Management

NetSuite Fixed Asset Management gives you the capability to avoid spreadsheets and manual processes from a company’s asset and hire management processes. NetSuite acts as a solution to easily manage the company-owned and leased assets, flexibility in depreciation, schedules for settlements of debts, detailed reporting of assets, and enable an enhanced integration with NetSuite’s key accounting feature.

NetSuite Fixed Asset Management allows you to manage the entire asset life cycle from generation to depreciation, reassessment, and retirement. Its extensive asset management function deals with multiple depreciation calculation types, control of depreciation, maintenance schedules, rental accounting, and insurance. Additionally, it allows you to select the required accounting period for depreciation. As an example, with periodic withdrawals and depreciation of fixed assets, you may choose not to reduce assets through lifetime use of the assets. Although, there is a facet to stop the depreciation of assets during the breakdown.

It also helps to enable tax depreciation functionalities to an asset. Along with it, it also adds tax reporting features and other reporting methods to manage and track assets. The integration with NetSuite Financials makes accounting entries and real estate from purchases to help prevent any instrument from slipping through the cracks. 

Benefits of NetSuite Fixed Assets Management

1. Acquire, Depreciate, Retire, Transfer and Revalue Assets

Manages a company’s complete asset management lifecycle, from the generation of purchase orders on NetSuite to its eventual retirement. It manages all types of assets including the depreciating and non-depreciating which only needs tracking. In addition, the asset management module helps to easily generate assets and classify their type while creating. It also helps to add details and key fields related to that particular asset. NetSuite Fixed assets management helps to:

 Generate, control, track and report on any asset easily.

Manage all transactions related to assets including generation, reassessment, depreciation, proposals for assets, disposal, split, and transfer.

Easily manages the tracking of deprecating and non-depreciating assets.

Generate assets based on various asset types and make reports on them easily.

Create assets of the right size and value that allow users to keep multiple offer records to create multiple assets from multiple transactions.

Keep all property information related to the assets, including lease agreements, schedules of maintenance, and insurance.

Use automatic defaults with minimal effort for asset creation, depreciation, and eventually retirement.

Based on the depreciation cost of the components, and their life, NetSuite fixed management assets can depreciate them along with their tracking.

Helps in the transfer of assets between various locations.

Manages the changes in the asset values according to market values with the help of revaluation.

2. Detailed Support for Depreciation

NetSuite Fixed Management assets completely help to manage the depreciation of assets based on the accurate depreciation method. It also helps to customize our own methods for depreciation and supports both financial and reporting purposes. 

Offers inbuilt support to all standard depreciation techniques, including, fixed decline straight line, usage of assets, and year points.

Generate depreciation methods according to the requirements of users.

Utilizes “chain” depreciation method for detailed asset valuations.

For reporting depreciation, users can apply different depreciation for a single asset.

Directs the calculation of monthly and daily depreciation.

3. Efficient Lease Management Compliance

NetSuite Fixed Assets Management simplifies the reporting of assets, lease payment, calculation of the initial cost of assets, and manages compliance with the new accounting standards and tax implications. It also enables you to generate, update and manage all financial and operational leases. In addition, it automatically splits the lease and interest expenditures and updates their values by streamlining the monthly wise close process.

Makes your lease accounting process standardized.

Enable compliance with GASB 87, ASX 842, and IFRS 16 standards.

Add the schedules of the current amortization or generate schedules when new leases are added.

Enhances the accuracy and visibility of financial statements.

4. Entire Integration with NetSuite Accounting

NetSuite Fixed Asset Management helps to generate fixed assets easily from purchase and ensures that all asset depreciation and disposals are shared to the core accounting system.

Generation of assets automatically from purchase orders.

Saving all depreciation and retirements of assets to NetSuite accounts.

Enhances the complete process including the various billing postings and journal posting.

5. Live  Fixed Assets and Lease Report

NetSuite Fixed Asset Management benefits you with the entire features of NetSuite’s dashboard and reporting capabilities. This also helps to analyze the company and leased assets based on the reports.

Manages reports of all fixed and leased assets.

Detailed reports on the fixed and leased assets, evaluation, current prices, expenditures, and depreciation. 

Cut down on real and leased properties, locations, subsidiaries, property types, and more.

Quickly run pre-made saved searches for items including monthly depreciation, asset addition/removal, asset inventory, asset register, rental offer history, inspection arrears, insurance renewal, lease term, and more.

Do you wish to manage your assets more efficiently? Implement NetSuite with your business and reap more benefits to enhance your business. Jobin & Jismi is an Oracle NetSuite partner.