NetAsset 2022.1

NETASSET VERSION 2022.1 KEY UPDATES

• Build Ups
  • Bulk build ups
    • Build up costs to multiple assets at the same time
  • Build up reversals
    • Ability to reverse build ups recently performed and automatically un-tag source transactions
  • Pre-assignment of costs
    • New transaction line field, "Asset to Build Up", that allows users to pre-assign a cost to build up to a particular asset
  • Automated CIP cost to asset matching
    • New checkbox field on the NetAsset Custom Sourcing record, "Project Grouping", defines the mapping of a "From Transaction Field" and a "To Asset Field" as a project mapping
      • This facilitates automated cost to asset matching at the point of build up so that users can quickly allocate costs to assets based on project mappings
• Monthly Transaction Processing
  • Summarized depreciation
    • Ability to generate a single NetAsset Depreciation entry for each subsidiary (instead of for each asset). Opt-in via NetAsset > NetAsset Setup.
  • Clearing reconciliation on capitalization
    • Opt-in control on capitalization at the point of journal creation to verify that tagged clearing impacts match the cost on the asset prior to capitalizing
  • Support for capitalization prior to the account go-live date
    • Assets with an in-service date before the NetAsset go-live date will now be eligible for capitalization and catch-up depreciation in the current period
  • Monthly Transaction Reversals
    • Ability to reverse transactions associated with a particular NetAsset Transaction Processing batch or individual NetAsset Schedule Line while the accounting period is open
  • Allocations
    • Leverage Custom Sourcing to allocate journal impacts as a portion of a certain segmentation
  • Improved error handling
    • Errors related to invalid accounts and segmentation will now generate user-friendly messages that guide the user towards the resolution
• Revaluations
  • Ability to override accounts used during write up/down process at the point of revaluation. Opt-in via NetAsset > NetAsset Setup.
• Transfers
  • Ability to override intercompany payable and receivable accounts at the point of transfer. Opt-in via NetAsset > NetAsset Setup. Opt-in via NetAsset setup.
• Reporting and Exports
  • Approvals page export button
  • Create assets from proposals page export button
  • New subledger-based roll forward report
  • New asset additions waterfall report
  • New filter, "In-Service Period", on the CIP roll forward allows users to reconcile additions for the current period (with costs from previous periods) more easily
  • New filter, "Tagged Impacts Only", on the asset balance roll forward allows users to opt only look at transactions tagged with a NetAsset Asset
• Alternate Schedules
  • Support for alternate schedule disposals
  • Support for alternate schedule write-offs
• Improved Multi-Book Support
  • Multi-Book build ups
  • Multi-Book revaluations
• Asset Time Machine
  • Ability to roll back asset to it's previous state in previous periods while accounting periods are open

WHAT DO YOU NEED TO DO?

• Ensure bundle is installed with ample time available before the next close as cutover scripts running to update fields on the schedule entry may take several hours
• Your NetSuite Administrator should update your NetAsset bundle (Customization > SuiteBundler > Search & Install Bundles > List) with the bundle preferences outlined here
• Update the preferred form on the NetAsset Asset record to hide unused new fields from the release
• Reach out with questions on any of the new features