NetAsset - FAM to NetAsset Conversion Tool

Overview

The FAM to NetAsset Conversion Tool in NetAsset is designed to streamline the transition from FAM to NetAsset by automatically importing both asset types and asset records. This tool simplifies the setup of NetAsset by directly transferring data from FAM, eliminating the need for manually filling out data upload templates while ensuring consistency and accuracy during the transition. The conversion process supports a cut-over approach, bringing in only current balances and depreciation, rather than full asset histories.

Key Assumptions

• Users migrating from FAM to NetAsset will retain access to historical asset records in FAM.

• Only active (non-disposed) assets will be brought into NetAsset.

• Clearing accounts specific to NetAsset may need to be created before the import process.

Step-by-Step Process

Accessing the Tool:

1. Navigate to:
   NetAsset > NetAsset Setup > System Setup

2. Locate the tool under the Import Tools section.

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Converting Asset Types:

1. The FAM Asset Type Conversion page shows all FAM asset types, including:

   • Name, Residual Value Percentage, Default Useful Life, Default Depreciation Method, GL Accounts

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2. Select the Asset Types you would like to import and click Submit.

3. In the pop-up window, assign the required GL accounts or other required default fields:

4. Click Assign to apply the selections to the highlighted rows. View full size

5. Click Submit to initiate the import process for the selected types. After processing has completed, the asset type will then be removed from the list to avoid duplicate imports.

6. View imported types by navigating to the NetAsset Asset Types page. Toggle the Linked filter to view types that were imported directly from FAM. View full size

Converting Asset Records:

1. Click the  Go To Assets button from the main tool interface. View full size

2. The screen displays all FAM asset records that are not disposed and are eligible for import into NetAsset. (Disposed assets are intentionally excluded, as clients maintain historical record of these within FAM.)

3. Select desired asset records for import (use filters to narrow by Subsidiary or Asset Status if needed).

4. Click Submit to review required fields:

   • Populate any missing Type or Subsidiary values

   • Use Assign for bulk updates or manually fill fields per asset View full size

5. Verify that the below values that are being pulled in from the FAM Asset record are accurate:

   • Acquisition Date is taken from the "Asset Purchase Date" field on the FAM record

   • In-Service Date is based on the "Last Depreciation Date" on the FAM record

   • Capitalized Asset Value at In-Service is taken from the "Asset Current Cost" field on the FAM record

   • Accumulated Depreciation at In-Service is taken from the "Cumulative Depreciation" field on the FAM record

   • Net Book Value is the Capitalized Asset Value at In-Service less the Accumulated Depreciation at In-Service

   • Useful Life at In-Service is calculated by taking the "Asset Lifetime" less the "Last Depreciation Period" from the FAM record

   • Residual Value Estimate is taken from the "Residual Value" field on the FAM record

   • Residual Value Percentage is taken from the "Residual Value Percentage" field on the FAM record

6. Click Submit to process the records.

   • Users may leave the page during processing

   • Completed imports will appear in the NetAsset Assets page

7. Toggle the Linked filter to view imported records connected to their original FAM records.

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8. Click on any asset to access a direct link back to its FAM record for historical reference.

Limitations/Things to Be Aware Of

• Disposed assets are excluded from the import process.

• Missing GL accounts on FAM types must be resolved prior to import.

• The tool does not currently support validation logic beyond required fields.

• If asset data requires bulk editing or inclusion of custom fields, users may opt to export the listing as a CSV and re-import with the desired values directly into NetAsset.

Troubleshooting

• Missing GL Accounts: Ensure all required NetAsset clearing accounts are available and assigned.

• Unprocessed Assets or Types: Confirm all required fields are filled and records are not disposed.

• Bulk Editing Issues: Use the export to CSV option for comprehensive field edits or custom data inclusion.