Prerequisites and things to note while importing Depreciating Fixed assets:
- Before installation of the bundle, the Custom records, custom transactions, Client SuiteScript, and Server SuiteScript is to be enabled under the SuiteCloud subtab in Setup > Company > Enable Features.
- Fixed Asset Management bundle is then to be installed
- The system setup of FAM must be configured according to the client’s preferences.
- If asset values are also to be imported along with fixed assets, it is advisable to enable the ‘Allow asset value editing‘ option in the system setup
- The accounts associated with the fixed assets must be included in the Chart of Accounts prior to the import of Asset types.
- The fixed asset accounts must have the relevant account type configured in the ‘Show in Fixed Asset Management‘ field in account records.
- The depreciation methods must be verified according to client practices. If custom methods are to be created or existing methods are to be edited, it must be done before the import process.
- The Fixed asset type must be imported before importing fixed assets.
- Ensure that the fixed asset types are properly configured before importing the assets.
- Sample data of fixed assets needs to be imported first. If successful, the same can be performed for the rest of the assets.
- Internal ID of asset type is preferred over the name of asset type at the time of import of fixed assets.
- Fields that can be hardcoded need to be done so. [eg – subsidiary, revision rules, depreciation period, etc]
In other words, if a certain field is common for all assets, we can hardcode it while mapping. - Ensure that the Run Server SuiteScript and trigger Workflows box is checked in the import option.
If this option is not checked, the asset’s last depreciation date, last depreciation period, last depreciation amount and current Net Book Value will not be imported along with the asset record. - Spaces between lines in the Asset name may cause errors while uploading the file in import assistant. Hence, avoid spaces among lines.
- Ensure that the date fields in the import file are in the same format as configured in Set Preferences.
- It is advisable to allocate external IDs for assets during import for future reference.
- On import of Fixed assets, in most cases, only acquisition records will be available in Depreciation histories. In order to display the depreciation amount after the last depreciation date till the end of the life of the asset, we can perform the ‘Precompute depreciation Values‘.
- When we run depreciation, Journal entries will be automatically created for the period and the Journal# will be displayed under Posting reference in Depreciation histories.