NetAsset - Mass Asset Revaluation
NetAsset can generate asset revaluations in bulk as a single batch process. This step is especially useful for users after asset data uploads with high volume asset activity or during initial setup.
Use Case: The mass asset revaluation defines a change to the asset useful life or the residual value estimate. The mass revaluation will only affect the depreciation schedules on a go-forward basis – no journal entry is required to perform the revaluation.
Prerequisites: Asset revaluations must be entered in NetAsset within the month and prior to month-end depreciation.
STEP BY STEP PROCESS
- Open the desired Revaluation Proposal Template CSV file and update your asset revaluation information. (Row 2 shows an asset revaluation example)
Asset Column Mapping
When filling out the 'Asset' column on the templates, you can map based on either names or internal IDs. If you are using names, you will need to concatenate the respective asset's ID field with its Name field in order for NetSuite to identify the correct asset.
Prospective Revaluation Proposal Template
Write Down Revaluation Proposal Template
True Up Revaluation Proposal Template
Mass Reval - Place Depreciation On Hold
Mass Reval - Place Back In-Service
- Delete any unnecessary information in the csv file and save file as a csv.
- Navigate to the Import Assistant by accessing Setup > Import/Export > Import CSV Records
- With the Import Assistant open, update the Import Type to Custom Records and the Record Type drop-down to NetAsset Revaluation Proposal.
- Under the CSV files section, click on the Select button and upload the .csv file you saved
- Select "Add" on the "Import Option" tab if this is a new revaluation that hasn't been entered before and for already existing revaluations that you would like to update select "Update". Note: The import option selected does not refer to the asset record itself but the revaluation record. This means that even if you are revaluing an existing asset you would select "Add" if this specific revaluation has not been run previously.
- Go through the regular NetSuite field mapping process and run the upload.
- Once the data has been updated you can navigate to the Mass Revalue Assets Screen (NetAsset>Update or Modify Assets>Mass Revalue Assets.)
- All your assets should then appear on the screen.
- Select "Mark All" and then click "Revalue"
- Once your Revaluations have processed, the system will show the status as complete with a list of assets that have been revalued
- Click on the "Drill Down" number to the right of the asset to see the asset before and after the revaluation.