NetAsset - Go-Live Overview

Go-Live Summary

Our go-live process is designed to be straightforward: 

1. Load assets using the CSV import tool or enter asset data via the user interface, then generate depreciation schedules.
2. Post the system-generated go-live journal entries to establish the appropriate balances in NetAsset.
3. Reverse your existing balances using a manual NetSuite journal entry. 

Prerequisites

The following steps must be completed prior to go-live:

• NetAsset global settings configured – See guidance
• Asset types and account mappings finalized – See guidance
• Assets loaded and reviewed – See data upload and data validation guidance

Transition Method

Option 1: Recalculate Historical Depreciation

NetAsset will generate complete depreciation schedules beginning from each asset’s original in-service date. 

Pros:

• Maintains full reporting flexibility across the entire lifecycle of each asset 
• Provides complete visibility into historical depreciation details

Cons:

• May result in a transition adjustment if historical depreciation values differ from NetAsset’s calculations
• Historical asset changes (e.g., revaluations or other adjustments) are not captured, as the system cannot account for prior modifications made outside of NetAsset

Asset Upload Rules:

• In-Service Date: Original placed-in-service date
• Useful Life at In-Service: Full useful life
• Capitalized Asset Value at In-Service : Gross value at original in-service date
• Accumulated Depreciation at In-Service: Usually 0

Option 2: Take Over Existing Depreciation 

NetAsset will use your existing accumulated depreciation and begin depreciating the net book value over the remaining useful life.

 Pros:

• Avoids transition adjustments

Cons:

• No view of prior depreciation in the NetAsset subledger 

Asset Upload Rules:

• In-Service Date: Typically the first day of the current fiscal year, or an alternative cutover date such as the go-live date 
• Useful life at In-Service: Remaining useful life as of the first day of the fiscal year (or the selected cutover date)
• Capitalized Asset Value at In-Service: Gross asset value as of the first day of the fiscal year (or the selected cutover date)
• Accumulated Depreciation at In-Service: Life-to-date depreciation as of the first day of the fiscal year (or the selected cutover date) 

Transition Journal Entries

NetAsset will book the following for each asset: 

• Debit: Gross Asset Value
• Credit: Accumulated Depreciation (as of go-live date)
• Credit: Go-Live Clearing Account (plug to balance the entry)

Customer should book the following (manual NetSuite journal entry):

• Credit: Gross Asset Value
• Debit: Accumulated Depreciation (as of go-live date) 
• Debit: Go-Live Clearing Account (same amount as in the system-generated NetAsset entry)