After the creation of asset types, we create asset records. Each asset must be assigned an asset type. There are different ways to create an asset in NetSuite.
- Asset creation through asset proposal – The Asset Proposal feature enables you to capture the original transaction that indicates a new asset has been recorded in the general ledger.
- Navigate to Fixed Assets -> Transactions -> Asset Proposal
- Select subsidiary and Asset type
- Click Propose Assets. A process status page will open. When the status shows completed, navigate to Fixed Assets -> Transactions -> Asset Proposal.
- Mark the checkbox against the proposed asset under the Proposed Assets section. Click Generate Assets.
- Navigate to Fixed Assets -> Lists -> Assets to view the newly created asset.
- If the asset is not listed, the process may still be running. Navigate to Fixed Assets -> Background Processing -> Status to review the processing status.
- Creation through asset creation process – When you run the Asset Creation process, the system automatically creates asset records for all new transactions posted to the fixed asset general ledger accounts. Assets that are already proposed will not be processed by Asset Creation.
- Navigate to Fixed Assets -> Transactions -> Asset Creation
- Select Asset Type and Subsidiary. Click Create Assets.
- The FAM Process page opens. Click refresh until the status shows completed.
- Navigate to Fixed Assets -> Lists -> Assets to view the asset.
- Manual asset creation – assets created manually are not automatically posted to the fixed asset general ledger accounts. You must create the journal entries manually to post the values for these assets.
- Navigate to Fixed assets -> Lists -> Assets -> New
- Add the relevant details like depreciation method, lifetime, original cost, etc. If any asset’s current cost value is entered, the current net book value will be automatically filled with the same amount. We can also enter other details like asset account, department, location, class, depreciation rules, etc.
- Click Save. We can review the details under the tab after saving too.
- Asset creation through CSV import – assets created through CSV import are not automatically posted to the fixed asset general ledger accounts. You must create the journal entries manually to post the values for these assets.
- Navigate to Setup -> Import/Export -> Import CSV Imports
- Select Custom records as the Import type and FAM Assets as the Record type. Upload the file.
- Select the Data Handling button and set the Advanced Options, if applicable. Click Next.
- Select the field from Your Fields on the left and map it to the NetSuite fields. Click Next.
- Enter an Import Map Name. Enter a Description. Click the Save and Run button.
- To view the status of asset creation, navigate to Fixed Assets -> Background Processing -> Status.
