NetAsset - Multi-Book Setup

Overview

NetAsset's Alternate Schedules add-on allows multiple depreciation schedules to be maintained on a single asset record — commonly used for tax depreciation or other local and statutory reporting requirements. By default, however, NetAsset only posts journal entries based on the primary schedule.

The Multi-Book add-on extends this functionality by enabling book-specific journal entries to post against alternate schedules as well. Both add-ons are required to generate and post entries across multiple accounting books. Contact your account manager for information on adding either or both of these features.

Prerequisites

  • The Alternate Schedules add-on must be purchased, installed, and configured prior to completing this setup. Refer to the Alternate Schedule Setup article for guidance.
  • The Multi-Book add-on must be purchased.

Step-by-Step Process

Configure System Setup

  • Navigate to NetAsset > NetAsset Setup > System Setup.
  • Select the System Features subtab. 
  • Check the Multi-Book system feature checkbox.
  • Check the Create Alternate Schedule quick access button checkbox.

  • Click Save. 

Configure the NetAsset Asset Form

  • Navigate to Customization > Lists, Records, & Fields > Record Types.
  • Select NetAsset Asset from the list of record types.
  • Select the Forms subtab and click Edit next to the preferred form.

  • Select the Fields subtab, then select the applicable alternate schedule tab (e.g., Alt. 2). 

  • Confirm that the Alternate Accounting Book X field is set to Show.

  • Click Save.

Assign Accounting Books to Assets

  • Navigate to the applicable asset record and click Edit.
  • Select the relevant alternate schedule subtab (e.g., Alt. 2).
  • Populate the Accounting Book field with the desired accounting book.

  • Click Save.

For the process of generating schedules and running journal entries for multi-book assets, refer to the Multi-Book Alternate Depreciation Schedules article.

(Optional) Update the Asset Type

Default values for alternate schedules can be configured at the asset type level, including fields such as depreciation method, useful life, and accounting book. 

  • Navigate to NetAsset > NetAsset Setup > Manage Asset Types & Mappings.
  • Click Edit next to the applicable asset type.
  • Select the Alternate Schedule Defaults subtab.
  • Populate the desired default values for each applicable alternate schedule.

  • Click Save.

Considerations

Auto-Approval for Multi-Book Journal Entries 

When journal entry approval workflows are active in NetSuite, multi-book entries generated by NetAsset may be subject to approval requirements. To enable auto-approval of these entries, the approval workflow must be configured to exclude any journal where the NetAsset Asset column on the journal line is populated.

Failure to configure this exclusion will require manual approval of each multi-book journal entry generated by the system.

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