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NetSuite provides a Fixed Assets Management (FAM) module that helps businesses manage their fixed assets throughout their entire lifecycle, from acquisition to depreciation and eventual disposal. This module integrates seamlessly with NetSuite's accounting and ERP system, ensuring accurate tracking, reporting, and compliance with financial regulations.
1. Asset Lifecycle Management:
Tracks assets from acquisition, valuation, and depreciation to revaluation, transfer, and disposal.
Provides complete visibility into the lifecycle of an asset.
2. Asset Types and Categorization:
Supports customizable asset categories (e.g., machinery, vehicles, equipment) and classifications.
Helps manage physical and intangible assets.
3. Depreciation Management:
Automates depreciation schedules using standard methods like:
Straight Line
Declining Balance
Sum-of-the-Years’ Digits
Custom Depreciation Methods
Allows for multiple depreciation books, such as tax and accounting books, to comply with different reporting requirements.
4. Asset Acquisition and Capitalization:
Automatically creates fixed assets from purchase orders or vendor bills.
Provides an option to capitalize assets directly from transactions in NetSuite.
5. Asset Revaluation:
Supports revaluation of assets based on market value or business needs.
Tracks revaluation gain/loss for accurate financial reporting.
6. Asset Transfer:
Manages the transfer of assets between departments, locations, or subsidiaries.
Ensures accurate tracking and reporting across entities.
7. Asset Disposal:
Handles asset disposals, including sales, retirements, and write-offs.
Tracks disposal gain or loss for proper accounting entries.
8. Multi-Currency and Multi-Subsidiary Support:
Ideal for global businesses, as it supports multi-currency transactions and consolidates asset tracking across subsidiaries.
9. Reporting and Compliance:
Generates detailed reports, including asset registers, depreciation schedules, and asset summary reports.
Ensures compliance with accounting standards like GAAP, IFRS, and SOX.
10. Integration with Core Accounting:
Seamlessly integrates with NetSuite’s General Ledger, Accounts Payable, and Purchasing modules to automate asset creation and reporting.
Automation:
Reduces manual effort by automating asset tracking, depreciation calculations, and financial reporting.
Accuracy:
Minimizes errors in asset accounting with consistent and rule-based workflows.
Improved Visibility:
Centralizes fixed asset data for better insights into asset performance, valuation, and lifecycle.
Compliance:
Ensures adherence to financial regulations and accounting standards.
Cost Savings:
Identifies underutilized or obsolete assets to optimize resource allocation.
Setup:
Define asset types, categories, and depreciation methods in the Fixed Assets Management module.
Configure accounting preferences and assign assets to proper accounts.
Asset Acquisition:
Create or import assets manually, or link them directly to purchase transactions.
Depreciation:
Assign depreciation schedules to assets, and NetSuite will automatically calculate depreciation.
Asset Reporting:
Use built-in reports to track asset performance, monitor depreciation, and generate compliance-ready financial statements.
Asset Disposal:
When disposing of an asset, record the transaction in NetSuite to ensure accurate gain/loss accounting.
Asset Register: Detailed listing of all assets.
Depreciation Schedule: Displays calculated depreciation amounts over time.
Asset Summary: Summary of asset valuation, revaluation, and disposal activities.
Gain/Loss Report: Tracks financial impact of asset disposals.