NetAsset - Alternate Schedule Setup

Overview

NetAsset can generate alternate depreciation schedules for an asset beyond just the primary schedule. This is frequently used for tax or statutory reporting. Up to 10 schedules are available per asset to be used to create an alternate depreciation schedule. This section outlines how to rename those schedules.

Step by Step Process

Configure System Setup 

Navigate to NetAsset > NetAsset Setup > System Setup > System Features and begin by enabling "Alternate Schedules" and the "Create Alternative Schedule" quick access button.

Select "Save"

Naming your Alternate Schedule on the Schedule List

Navigate to the NetAsset alternate schedules setup page by selecting NetAsset > NetAsset Setup > Manage Alternate Schedules

Click Edit on one of the NetAsset Alternate Schedule records and change the name to match the name you’ll give to the matching schedule on the NetAsset form


Naming your Alternate Schedule on the Asset Form

To update the name on the actual schedules to match, navigate to Customization > Lists, Records, & Fields > Record Types 

Select the NetAsset Asset record hyperlink

On the Forms subtab, select “Edit” to the left of the Preferred Form

On the Subtabs subtab, rename one of the Alt. 1-10 subtabs to match the newly renamed NetAsset Alternate Schedule record. If the "Show" checkbox is not already checked, check the box to show the new subtab on your asset forms.


Naming Your Alternate Schedule Fields

On the Fields subtab on your Preferred Form selected in the step above, navigate to the subtab for the alternate schedule you are working on. Add a unique identifier to each field label in order to differentiate the field on the alternate schedule from the corresponding field on the main schedule and any other alternate schedules. Select "Save."


(Optional) Updating the Depreciation Methods

For alternative schedules, often new depreciation methods are needed outside of the methods installed in the bundle. Reference the configure depreciation methods article for how to do this process manually. This article will walk through how to do it via CSV upload. 

As an example, we will use the MACRS depreciation tables that are required under United State tax laws. 

Many clients who need to be compliant with United State tax laws, use the alternate schedules to track their assets under IRS Publication 946. The most common MACRS tables used for this compliance are found in the file below. 

MACRS_DEPR_METHODS

Any tax depreciation methods that are not applicable can be deleted from this file. Additionally, if there are desired methods not present in this file, these can be added as applicable.

Once all the other methods are determined, the percentages per period that correspond with each method must be confirmed. The file below includes these percentages for the most common MACRS depreciation methods.

MACRS_TABLE_LINES

Any tax depreciation methods that are not applicable can be deleted from this file. Additionally, if there are desired methods not present in this file, these can be added as applicable. Note that for some of the methods, the decimals must be rounded to 4 decimal places, otherwise, the depreciation will not equal 100% of the asset value.

Once the methods and applicable percentages per period have been configured, these files should be saved as a CSV  file and imported following the steps below:


  1. Navigate to Setup > Import/Export > Import CSV Records
  2. Select Import Type of "Custom Records"
  3. Select Record Type of "NetAsset Depreciation Method"
  4. Attach the CSV file for the applicable tax methods
  5. Select "Next" 
  6. On the Import Assistant select "Add" under the Data Handling and confirm that the checkbox is selected to "Run Server Suitescript and Trigger Workflows"
  7. Select "Next"
  8. Map the columns in the file to the applicable NetSuite fieldSave the Import if desired or select "Run" to finish the methods upload
  9. Select "Next"
  10. Save the Import if desired or select "Run" to finish the methods upload. Once the methods have been uploaded into the system you can upload the applicable percentages by following the steps below:
    1. Navigate to Setup > Import/Export > Import CSV Records
    2. Select Import Type of "Custom Records"
    3. Select Record Type of "NetAsset Depreciation Table Lines"
    4. Attach the CSV file for the applicable tax depreciation table lines
    5. Select "Next" 
    6. On the Import Assistant select "Add" under the Data Handling and confirm that the checkbox is selected to "Run Server Suitescript and Trigger Workflows"
    7. Select "Next"
    8. Map the columns in the file to the applicable NetSuite field
    9. Select "Next"
    10. Save the Import if desired or select "Run" to finish the methods upload. Once the imports are complete, you will be able to see the new depreciation methods by navigating to NetAsset > NetAsset Setup > Manage Depreciation Methods.

(Optional) Updating the Asset Type

For alternative schedules, the system is able to default in alternate schedule depreciation methods and useful lives as desired. Follow the below steps to add these defaults:

  1. Navigate to NetAsset > NetAsset Setup > Manage Asset Types & Mapping
  2. Select "Edit" next to the asset types that will have alternative schedules
  3. Under the Alternate Schedule Defaults subtab, enter the default depreciation method and useful life for each applicable schedule
  4. Select "Save"
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