Fixed Asset Process Overview
In the fixed Asset Management Process the roles associated with it includes
- ERP Purchasing & Inventory Managers
- Asset Manager/Accountant
- Asset Manager/Controller
Fixed Assets are physical items your company purchases to conduct business operations. These are not intended for resale to a customer. Fixed assets can include land, buildings, cars, furniture’s and office equipment. NetSuite can identify when to create fixed assets for new items when purchasing transactions. The transaction may need to be approved first then received into inventory. You can then run an asset proposal after a vendor bill is created for the purchase or when creating an asset journal entry to record the acquisition.
NetSuite generates a list of proposed fixed assets to review. If the proposed assets are correct, you can generate the fixed asset record. You can also reject the asset. Once the fixed asset record exists, you can update and maintain it as needed. Make use of asset transactions, such as asset depreciation, disposal through write off or sale, revaluation, transfer, and split.
When the Fixed Asset Management SuiteApp is enabled, users with access to accounting roles, such as controller, accounting analyst, and accounting manager can access to fixed asset lab. This gives you access to all fixed assets functions including Fixed Asset Management Setup, Asset Lists, Fixed Asset Management Transactions and Fixed Assets Reports and Searches. Access to specific functions may vary according to the role permissions.
The NetSuite Fixed Assets Management SuiteApp provides automated management of fixed assets acquisition, depreciation, revaluation, and retirement, as well as maintenance schedules and insurance. You can import new assets and mid-life assets into NetSuite to track asset depreciation, including the depreciation history of mid-life assets. New asset records can also be created manually or from purchases, expenses, and inventory transfers in NetSuite.