NetAsset - Asset Deletion

Overview

Assets may need to be deleted from NetAsset for a variety of reasons, including accidental duplicate asset creation, data entry errors, or CSV import issues. This article outlines two methods for deleting an asset: using the Rewind / Time Machine feature and performing a manual deletion. Use the appropriate method based on your situation and the state of the asset record.

Note: This article covers deleting an asset record entirely. If you are looking to dispose of an asset at end of life, see the NetAsset - Asset Disposals article instead.

Prerequisites

Before deleting any incorrect asset, confirm the following:

You have the appropriate role permissions in NetAsset to delete assets.
You have identified which asset record is the duplicate/incorrect asset and which is the correct/intended record.
If using the Rewind method, confirm the asset was created in a period that can be rewound (open period).
If using the Manual deletion method, confirm the asset to be deleted is not referenced in any existing records or transactions (e.g., depreciation schedules, journal entries, or source transactions).

Step-by-Step Process

Method 1: Rewind / Time Machine

Use this method when the incorrect asset was created in a period that is eligible for rewind. This approach undoes the asset creation as part of the period rollback.

Steps

Navigate to NetAsset -> NetAsset Setup -> Time Machine.
Select the asset(s) that needs to be deleted.
Set the From Period field to "Full Rewind."
Ensure the "Delete Assets" checkbox is selected.
Proceed with the rewind by selecting "Submit" to remove the incorrect asset.
1. A dialogue box will appear requiring you to confirm your selection. Users should follow the instructions in the dialogue box to confirm the decision.
Once confirmed, the rewind job will begin processing. Click "Refresh" on the page to update the job status. Continue refreshing until the status shows "Complete" before navigating away from the page.

The Full Rewind option will reverse asset records back to the beginning of the asset history for the selected scope. Confirm the scope carefully before proceeding to avoid unintentionally removing valid assets.

Method 2: Manual Deletion

Use this method when the incorrect asset can be individually identified and safely deleted without a full period rewind.

Steps

Open the incorrect asset record in NetAsset and confirm that the asset is in a "Pending" status.
Verify the asset is not referenced in any existing records or transactions. If it is, delete those references before proceeding.
Click Edit on the asset record.
Navigate to the Actions menu.
Select Delete.
Confirm the deletion when prompted.
1. If an error appears indicating the asset cannot be deleted due to dependent records, click the link within the error message to view the dependent records. Delete those records first, then return to the asset and attempt the deletion again.

Important: Deleting an asset that is tied to existing transactions or records may cause data integrity issues. Always verify there are no dependencies before deleting.

Why Duplicate Assets may Occur

Understanding the root cause of a duplicate can help prevent recurrence:

Removal of the NetAsset Asset column value in the source transaction: If the asset field is cleared on a source transaction after an asset has already been proposed or created, the system may initiate a new proposal process, resulting in a second asset record.
Errors during CSV import: Importing asset data via CSV can create duplicates if the same asset appears more than once in the file, or if a previous import was only partially completed.
System issues during the asset proposal process: Intermittent system errors or timeouts during the proposal workflow can occasionally cause an asset to be submitted and processed more than once.

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