NetAsset - Depreciation Elimination Journals

Prerequisites

• A native NetSuite subsidiary setup with the Elimination checkbox checked. The NetAsset Global Setting, Elimination Assets, enabled. 
• Capitalization entries have been made for the new asset on Subsidiary B’s books.

Step by step Process

1. Navigate to the historic asset record in the elimination subsidiary.
2. Run Monthly Depreciation on the historic asset in the elimination subsidiary just as you would on any other asset. 
   • Debit: Depreciation Expense
   • Credit: Accumulated Depreciation
3. Run Monthly Depreciation on the new asset created in Subsidiary B just as you would on any other asset. 
   • Debit: Depreciation Expense
   • Credit: Accumulated Depreciation

3a. When the monthly depreciation is run on the new asset in Subsidiary B, an elimination reversal journal entry with the new asset amounts is also automatically ran in the elimination Subsidiary.

• This journal Entry can be found on the schedule line of the new asset in Subsidiary B.
  • Debit: Accumulated Depreciation
  • Credit: Depreciation Expense