NetClose - Saved Searches to Reconcile NetAsset
Overview
For users with NetAsset and NetClose, you can auto-reconcile your asset balances via a saved search. This process involves accessing or creating the search, attaching to the correct NetClose account grouping, and mapping the correct data columns from your search.
A Saved Search comes bundled into NetAsset for NetClose reconciliations. In your global search bar, search NetAsset NetClose Recon Search. If using this search, skip to step 6 below. If creating your own search, proceed to step 1 below.
Creating the Saved Search
- Create a New Saved search with Search Type NetAsset Asset.
2. Mark the search as public and give it a title.
3. Set the Criteria as follows:
| Status | is none of Pending, Disposed, Split, Ready to Capitalize, Ready to Expense, Expensed |
| Inactive | is false |
| NetAsset Schedule Line: Alternate Schedule | is none |
4. Set the Results as follows:
| Field | Summary Type | When Ordered by Field | Summary Label |
| ID | Group | ||
| Name | Group | ||
| Type | Group | ||
| Subsidiary | Group | ||
| Status | Group | ||
| Type: Fixed Asset Account | Group | ||
| Type: Accumulated Depeciation Account | Group | ||
| NetAsset Schedule Line: Period Start Date | Maximum | NetAsset Schedule Line : Period Number | Period Start Date |
| NetAsset Schedule Line: Gross Asset Value | Maximum | NetAsset Schedule Line : Period Number | Gross Asset Value |
| NetAsset Schedule Line: Accumulated Depreciation | Maximum | NetAsset Schedule Line : Period Number | Accumulated Depreciation |
| NetAsset Schedule Line: Net Book Value | Maximum | NetAsset Schedule Line : Period Number | Net Book Value |
5. Save the search. You may preview it to make sure all the assets are pulling into the search correctly.
6. Create a NetClose account grouping for assets if you have not already by going to NetClose > Setup > Account Groupings & Rules. Make sure the mapped accounts include all asset accounts from the GL that are used in NetAsset.
Account Grouping Options
You may decide whether to reconcile fixed asset and accumulated depreciation accounts together or separately. If reconciling separately, create two account groupings, one that includes only fixed asset accounts and one that includes only accumulated depreciation accounts. In this case, you will repeat the below steps for each account grouping.
7. 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.
8. 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 | Depending on if you're reconciling the net or gross balance, the label will be "Net Book Value", "Gross Asset Value", or "Accumulated Depreciation" |
| Search Date Field Internal ID | custrecord_fa_dse_asset.custrecord_fa_dse_period_start_date |
| Search Subsidiary Field Internal ID | If segregating your account grouping by subsidiary custrecord_fa_ast_subsidiary |
| Search Account Field Internal ID | If segregating your account grouping by account custrecord_fa_ast_type.custrecord_fa_type_fixed_asset_acct |
| 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 |
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.