NetClose - Saved Searches to Reconcile FAM
Overview
This article explains how to use a NetSuite FAM (Fixed Asset Module) saved search as a subledger source for auto-reconciling your fixed asset accounts in NetClose. These steps are based on the standard NetSuite FAM setup.
Prerequisites
- FAM must be installed, configured, and actively used.
- Identify GL accounts for Fixed Asset and Accumulated Depreciation.
- Confirm whether the mid-life Depreciation History was imported into FAM.
Creating the Saved Search
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. Save the search. You may preview it to make sure all the assets are pulling into the search correctly.
5. Create a NetClose account grouping for accumulated depreciation accounts if you have not already by going to NetClose > Setup > Account Groupings & Rules. Make sure the mapped accounts include all accumulated depreciation accounts from the GL that are used in FAM.
6. On the Account Grouping record under the Reconciliation Rules tab, check the box that says "Subledger within NetSuite; Agrees to Search". This will allow you to fill in the other fields.
7. In the Search field, select the appropriate saved search. Please note: if the search is not marked as "public", the search will not be available to select. Fill in the other fields as follows:
| Search Column Label | The column name containing the total amount of your search |
| Search Date Field Internal ID | Example: custrecord_deprhistdate |
| Search Subsidiary Field Internal ID | If segregating your account grouping by subsidiary |
| Search Account Field Internal ID | If segregating your account grouping by account. Example: custrecord_deprhistassettype.custrecord_assettypeassetacc |
| Search Segment Field Internal ID | If segregating your account grouping by segment |
| Search Accounting Book Field ID | If segregating your account grouping by accounting book |
Reconciliation Method
If FAM mid-life asset data was imported, select the Reconciliation Method to be Ending Balance; if not, select Activity. This field is called "Method" on the Account Grouping record.
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. Save the search. You may preview it to make sure all the assets are pulling into the search correctly.
5. Create a NetClose account grouping for accumulated depreciation accounts if you have not already by going to NetClose > Setup > Account Groupings & Rules. Make sure the mapped accounts include all accumulated depreciation accounts from the GL that are used in FAM.
6. On the Account Grouping record under the Reconciliation Rules tab, check the box that says "Subledger within NetSuite; Agrees to Search". This will allow you to fill in the other fields.
7. In the Search field, select the appropriate saved search. Please note: if the search is not marked as "public", the search will not be available to select. Fill in the other fields as follows:
| Search Column Label | The column name containing the total amount of your search |
| Search Date Field Internal ID | Example: custrecord_deprhistdate |
| Search Subsidiary Field Internal ID | If segregating your account grouping by subsidiary |
| Search Account Field Internal ID | If segregating your account grouping by account. Example: custrecord_deprhistassettype.custrecord_assettypeassetacc |
| Search Segment Field Internal ID | If segregating your account grouping by segment |
| Search Accounting Book Field ID | If segregating your account grouping by accounting book |
Reconciliation Method
If FAM mid-life asset data was imported, select the Reconciliation Method to be Ending Balance; if not, select Activity. This field is called "Method" on the Account Grouping record.
Testing the Saved Search
Validate Search Result
Once your saved search is linked on your NetClose account grouping record, you can validate your search by clicking the Validate Search Result button on the NetClose account grouping. This button triggers a script to read your saved search and pull in the balance for the current period. If the search has been linked correctly and field IDs are correct, the system will give you a value, as shown below.
Please note that this button does not validate whether your Subsidiary and Account filters are correct. It is primarily useful for checking the saved search criteria, your Search Column Label, and your Search Date Internal ID.
If one of your fields is incorrect, you'll instead see an error like the following:
In this case, the Search Date Internal ID is incorrect and needs to be looked at.
Generate Reconciliations
Next, generate the Fixed Asset Grouping(s) tied to the saved search by going to NetClose > Close Management > Generate Reconciliations. Select the appropriate accounting period and account grouping(s) and click Submit.
After the groupings have finished generating, go to NetClose > Reconciliations > Prepare Reconciliations and filter for the grouping you generated. You should see the "Explained Balance" is auto-filled by the saved search results. Click on a reconciliation to see the item. You may download the search results via the download icon on the item line.
If the saved search amount does not tie out to the GL Ending Balance, see our Troubleshooting article for tips.
Balance Changes
Please note that the saved search balance is synced to the reconciliation at the time the reconciliation is generated. In the event of a balance change, the user should re-submit the reconciliation on the Auto-Reconcile page to update the saved search balance.