NetAsset - Multi-book: Creating a Secondary Book Only Asset

Overview

This article explains how to create a secondary-only book asset within NetAsset and highlights recent enhancements to reporting that simplify this process. A secondary-only book asset allows you to record and report depreciation and capitalization exclusively in a non-primary accounting book, without affecting the primary book.


Key Assumptions

  • You are familiar with asset creation in NetAsset.

  • The desired secondary accounting book has already been configured in your NetSuite environment.

Prerequisites

  • Confirm that the Multi-Book add-on feature has been purchased and correctly configured. 

  • Access to NetAsset with permissions to create and capitalize assets.

  • The secondary accounting book must already exist and be selectable in the Accounting Book field.

  • You must have access to run reports such as the Asset Register.

Step-by-Step Process

  1. Create the Asset

    • Navigate to NetAsset >Create New Assets  >Create Assets

    • Enter the applicable asset information into the standard fields.

    • In the Accounting Book field, select the secondary book (e.g., USD Book, Secondary Book, Statutory Book).

    • Click Save.

  2. Generate the Depreciation Schedule

    • After saving, queue the asset for capitalization and then click Capitalize.

    • Click to Create Journals and wait for the processing to complete.

  3. Verify Journal Entries

    • Once status is Complete, return to the asset record.

    • Scroll to the Depreciation Schedule.

    • You’ll notice that the journal entries created are standard NetSuite book- specific journal entries, not NetAsset custom transactions.

    • Open one of the journal entries to verify that it is only affecting the specified accounting book.

Limitations/Things to Be Aware Of

  • When an asset is only associated with a secondary accounting book, it will not display in reports filtered by the Primary Book or a blank Accounting Book.

  • If the asset needs to impact multiple accounting books, you must configure Alternate Schedules.

    • Set the Primary Book on the asset and the Secondary Book on the alternate schedule.

  • When filtering the Asset Register, be sure to:

    • Select the correct Accounting Book (e.g., USD Book).

    • Use the new All Schedules filter under Alternate Schedules to ensure all applicable assets are displayed.

    • Previously, there was no way to multi-select alternate schedules, but the All Schedules filter now solves this issue.

Troubleshooting

  • Asset not appearing in reports?

    • Check that the Accounting Book filter is not blank if your asset was created as a secondary-only asset.

    • Ensure you're using the All Schedules filter under Alternate Schedules for complete results.

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