NetClose - Saved Searches to Reconcile FAM
Overview
This article explains how to create Fixed Asset and Accumulated Depreciation saved searches from the NetSuite native Fixed Asset Module (FAM) for auto-reconciliation in NetClose. These steps are based on the standard NetSuite FAM setup.
Prerequisites
- FAM must be installed and configured.
- Identify GL accounts for Fixed Asset and Accumulated Depreciation.
- Confirm whether the mid-life Depreciation History was imported into FAM.
Step-by-Step Process
Fixed Asset Grouping (Gross Balance)
1. Navigate to: Reports > Saved Searches > New
2. Populate the Criteria tab using fields & formulas shown below.
3. Populate the Results tab with fields & formulas shown below.
4. Navigate to NetClose > Setup > Account Groupings & Rules
5. Create or edit an existing account grouping for fixed assets. Fill out the information under “Auto-reconciliation Rules – Search," referring to the search created above.
Accumulated Depreciation Grouping
1. Navigate to: Reports > Saved Searches > New
2. Populate the Criteria tab using fields & formulas shown below.
3. Populate the Results tab with fields & formulas shown below.
4. Navigate to NetClose > Setup > Account Groupings & Rules
5. . Create or edit an existing account grouping for accumulated depreciation. Fill out the information under “Auto-reconciliation Rules – Search," referring to the search created above.
6. If FAM mid-life asset data was imported, select the Reconciliation Method to be Ending Balance; if not, select Activity.
Testing the Saved Search
- On the account grouping, click the Validate Search Result button. If the saved search has been set up correctly and Internal ID's are correct, the system will give you a value.
Map Accounts
Ensure that all Fixed Asset and Accumulated Depreciation accounts are mapped to the relevant account grouping following this guide.
Limitations
Netgain does not control the NetSuite FAM module. Any configuration within FAM is outside the scope of the Netgain implementation. This guide assumes a standard FAM configuration.
Troubleshooting Tip
If the saved search amount does not tie out to the GL Ending Balance, download the search to investigate the difference. There may be assets missing from the search, transactions outside of FAM hitting your asset accounts, missing capitalization/depreciation entries for the period, or an FX adjustment difference if subsidiaries have multiple currencies. Additionally, review the setup of your saved search criteria and filters.