NetAsset - Go-Live Overview
Go-Live Summary
Our go-live process is designed to be straightforward:
- Load assets using the CSV import tool or enter asset data via the user interface, then generate depreciation schedules.
- Post the system-generated go-live journal entries to establish the appropriate balances in NetAsset.
- 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 โ See guidance
- Asset types and account mappings finalized โ See guidance
- Assets loaded and reviewed โ See data upload and data validation guidance
Transition Method
Option 1: Recalculate Historical Depreciation
NetAsset will generate complete depreciation schedules beginning from each assetโs 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 NetAssetโs 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)
IMPORTANT:
- The entry booked by the customer must be a native NetSuite journal entry, not a NetAsset-specific transaction.
- Do not tag asset records to the manual reversing entry.
- The manual reversing entry may not exactly mirror the NetAsset-generated entry. Only the Go-Live Clearing Account amount will always be the same between the entries.
- While the system-generated and manual reversing entries should net to zeroโor nearly soโitโs common for a small difference to remain, typically due to a transition adjustment from recalculated depreciation. Any variance should be written off as of the go-live date.
- Validate your asset data carefully before go-live to understand what your system-generated journal entries will look like. This helps identify and resolve discrepancies in advance.
- NetAsset will create one journal entry per asset, but your manual reversing entry can be combined into a single entry.