NetAsset - Advanced Location Tracking

Overview

The Advanced Location Tracking feature in NetAsset enables users to monitor an asset’s location or other segment history at a more granular level. This enhancement leverages the existing NetAsset Transfer Proposal record but introduces additional capabilities that allow for precise tracking of changes related to capitalization, transfer, and disposal events. These events now generate dedicated tracking records with segment details and exact dates, offering clearer insight for historical reporting.

Prerequisites

• Enable the Advanced Location Tracking feature via the checkbox in the NetAsset System Setup by navigating to NetAsset>NetAsset Setup>System Setup>System Features record. This will rename and repurpose the existing NetAsset Transfer Proposal record to a NetAsset Location Tracking record. View full size
  

Step-by-Step Process

1. Capitalize the Asset

   • Navigate to the desired Asset Record, queue the asset for Capitalization and run applicable journal entries.

   • Once the system finishes processing, revisit the asset record.

   • Under the Transfer Proposals sub-tab, a Location Tracking Record will be automatically created.  View full size
     

   • Open the newly created Location Tracking record by clicking on the ID. Note that the system automatically set the Tracking Start Date to the In-Service Date. View full size
     

2. Create a Transfer

   • Click the Transfer button on the desired asset.

   • Note the new field: Tracking Date.

     • This date allows for operational precision and does not have to match the Effective Transfer Date.

     • The Effective Transfer Date should always be the first of the month for accounting purposes. View full size

   • Input the Tracking Date (e.g., 10th of the month) to reflect the actual transfer date.

   • Update the Location and other segment information as required (e.g., transfer to San Francisco location).

   • Click Transfer.

3. System Behavior Upon Transfer

   • The system will:

     • Book the transfer entry like normal.

     • Update the first tracking record’s Tracking End Date to the day before the entered Tracking Date. View full size

     • Create a new tracking record with the Tracking Start Date as the entered Tracking Date. View full size

   • Navigate back to the Transfer Proposals sub-tab to review the created records and their respective segment histories.

4. System Behavior Upon Disposal

   • The system will:

     • Book the disposal entry like normal.

     • Update the latest tracking record’s Tracking End Date to the day the asset was disposed. View full size
       

Limitations/Things to Be Aware Of

• Tracking Date and Effective Transfer Date serve different purposes and must be managed accordingly:

  • Effective Transfer Date = always first of the month (for accounting).

  • Tracking Date = actual physical or operational movement date.

• Location tracking records are only generated and updated upon capitalization, transfer, or disposal.

Troubleshooting

• If a location tracking record is not generated after capitalization:

  • Confirm that the asset status is Capitalized or In-Service and that entries have been run on the asset.

  • Verify that the Advanced Location Tracking checkbox is enabled in the system setup.

• If tracking dates appear incorrect:

  • Ensure that Tracking Date is correctly entered during the transfer. If needed, these dates can be manually updated on the records.

• Reporting currently relies on saved searches created from Transfer Proposal/Location Tracking Records. Additional reporting tools may be introduced in future updates.