NetAsset - Multi-Book Alternate Schedule Type Defaulting
Overview
This guide explains how to configure NetAsset to default the capitalized asset value from the primary accounting book to the alternate book during asset creation when currencies differ. This setup is particularly useful for clients using multibook accounting who want to avoid manual currency conversions between books.
Key Assumptions
- The primary accounting book is set to a different currency than the alternate book.
- Users need to set up the automatic capitalization value defaults for each asset type where this feature is required.
Prerequisites
- Ensure you have administrative access to NetAsset to edit asset type configurations.
- Identify the relevant asset types that require this setup.
Step-by-Step Process
Navigate to the Asset Type Setup:
Go to NetAsset > NetAsset Setup > Manage Asset Type & Mappings.Select the Asset Type:
Locate and select Edit next to the asset type you want to configure.Configure Alternate Schedule Defaults:
- Go to the Alternate Schedule Defaults subtab.
- In the Default Accounting Book 1 dropdown, select the desired accounting book that matches the currency for the alternate schedule.
Save the Changes:
- Click Save to apply the configuration.
Repeat the Process:
- Ensure you set the Default Accounting Book for each alternate schedule and asset type requiring this feature.
Limitations/Things to Be Aware Of
- This setup must be manually configured for each asset type; it is not a global setting.
- Users need to ensure accurate exchange rates are maintained in the system for automatic calculations.
Troubleshooting
- Issue: Incorrect or missing values on alternate schedules during asset creation.
- Solution: Verify that the correct accounting book is selected in the Alternate Schedule Defaults subtab.
- Ensure that exchange rates are properly updated in the system.
This setup streamlines asset management by automating the capitalization process across different books, reducing the manual workload for finance teams.