NetAsset - Mass Asset Revaluation
NetAsset can process asset revaluations in bulk. You will use the excel templates below to organize the revaluation information for all assets with changes, upload that to NetSuite via the CSV import tool, and then approve and process the revaluations. This option is especially useful for users with high volume asset activity.
Use Case: The revaluations will be processed as normal once uploaded and approved. Most asset changes are processed using the Prospective revaluation type, which wont post a journal and will update the schedule on a go-forward basis. Write Down and True Up revaluation types will post a journal in the current period and update the schedule going forward.
Prerequisites: Asset revaluations must be entered in NetAsset prior to month-end depreciation if you want the modification to be effective in the current month.
Step by Step Process
- Open the desired Revaluation Proposal Template Excel file and update your asset revaluation information. (Row 1 is the Information Description, Row 2 is if it is required or not, Row 3 is an example)
Asset Column Mapping
The "Asset" column is what will be used as the "key" to tell NetAsset which asset is getting updated. You can map the "Asset" column on the template based on either names or internal IDs.
Using the name option is easy to understand, but requires some excel work. It needs to be a concatenated field in the format of "'Asset ID' 'Asset Name'". For example: "FA0042 Ford F150".
- To do this in excel, use the formula: =CONCATENATE(Cell with ID, " ", Cell with Asset Name). For example: =CONCATENATE(B3," ", C3). Then copy and paste the formula down the column for all assets.
Using the internal ID is the cleanest option, but also the more technical option. It is the underlying ID assigned to your asset record by NetSuite (not the "ID" field often formatted as FA0042). Its a whole number like "33".
- You can find this by hovering over the "Home" icon > Set Preferences > Check the box for "Show Internal IDs". You will then see an additional column on your Asset Register with the internal IDs. This is the number to use in the Asset Column on your template. When doing your CSV upload later, make sure to change the mapping for Asset to Internal ID by clicking the pencil icon and selecting "Internal ID" on the mapping screen.
Effective Date Field
The revaluation effective date is not a choice. It is the first open period on the asset's schedule without a journal entry posted. It is not on the templates because it is not required to be filled out. It will be auto-populated by NetAsset when the revaluation is processed. For example, if you ran journals through July, the revaluation effective date will be August.
Prospective Revaluation Proposal Template
Write Down Revaluation Proposal Template
Standard True Up Revaluation Proposal Template
Manual True Up Revaluation Proposal Template
Mass Reval - Place Depreciation On Hold
Mass Reval - Place Back In-Service
- Delete any unnecessary information in the excel file and save file as a csv.
- Note you will need to delete the second row before upload.
- 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. If you want to update a revaluation record that was previously uploaded, you will need the revaluation proposal records internal ID in your CSV file in order to update it.
- Go through the regular NetSuite field mapping process and run the upload.
- Once the data has been uploaded 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.