NetSuite Fixed Assets Management
What is NetSuite Fixed Assets Management?
NetSuite's Fixed Assets Management feature is designed to help businesses keep track of their fixed assets, including equipment, vehicles, and real estate. In addition, the Fixed Assets Management module integrates with other NetSuite modules, such as Accounts Payable and Inventory, to provide a comprehensive view of an organization's financial picture.
Benefits List
- Manage the complete asset lifecycle
- Seamlessly integrate with accounting module
- Maintain accurate records for compliance and reporting
- Eliminate manual work and redundant spreadsheets
- Track company-owned and leased assets
- Support for all standard and custom depreciation methods
- Ensure compliance with lease accounting standards and regulations
- Automatically post asset transactions directly to NetSuite accounts
- Accurately report valuation, depreciation, expense and amortization
- Manage asset data and lease agreements department and other segments
Features List
Acquire, Depreciate, Retire, Transfer and Revalue Assets
NetSuite Fixed Assets Management simplifies asset creation a breeze allowing you to:
- Create, manage, track and report on any asset type
- Control all asset-related transactions to company assets
- Easily track depreciating or non-depreciating company assets
- Quickly create assets based on unlimited asset types, and report on them
- Create assets with the correct quantity and values
- Maintain all relevant asset details for assets
- Use automated defaults for asset creation, depreciation, and eventual retirement
- Move assets between locations
- Increase or decrease asset values
- Account asset’s expenses for repairs
End-to-end Support for Depreciation
NetSuite's Comprehensive Support for Depreciation feature provides a complete and automated solution for managing your company's depreciation expense. This includes the ability to generate accurate depreciation schedules and journal entries, as well as track and manage your depreciation expense on an ongoing basis.
- Built-in support for all standard depreciation methods
- Create custom depreciation methods.
- Use “chain” depreciation methods to support comprehensive asset valuations
- Apply multiple depreciations per asset for reporting depreciations
- Computes monthly and daily depreciation
Lease Management Compliance
NetSuite's Lease Management Compliance is a powerful solution that helps companies compliance with Sarbanes-Oxley and other regulatory requirements.
- Standardize lease accounting processes
- Ensure compliance with ASC 842, IFRS 16 and GASB 87 standards.
- Import existing amortization schedules or create custom schedules
- Automatically post journal entries
Complete Integration with NetSuite Accounting
All of your asset data will be automatically populated into NetSuite's accounting records. Plus, all future changes to your asset data will be automatically reflected in the accounting records. This provides you with a single source of truth for your asset data, which makes it easy to reconcile your books and maintain accurate financial statements.
- Automate the creation of assets from purchase orders
- Post depreciation and asset retirements directly to NetSuite accounts
Real-Time Fixed Assets and Lease Reporting
- Run preconfigured reports for all your fixed and leased assets
- Report across fixed and leased assets, valuation, present value, expense, and depreciation
- Automatically create reports for leased payments
- Divide up fixed and leased assets across locations, subsidiaries, and more