NetAsset - Transaction Forms & Proposal Items
NetAsset has all new assets proposed as an impact to the Fixed Asset Clearing Account on an originating transaction. Most of the time this is a purchase recorded on a Vendor Bill or Journal Entry, but all NetSuite transactions that are posting can be used to propose an asset.
In order to facilitate this, an Asset field is available as a transaction line field to tag proposals that have been processed. Additionally, the Asset Type can be defined on the transaction line by the A/P team to facilitate faster month end addition of new assets. This section outlines how to update transaction forms with these fields exposed as well as the setup of different methods to propose assets (expense line vs. item line).
STEP BY STEP PROCESS
Navigate to the Vendor Bill Form by accessing Customization > Forms > Transaction Forms
Select Edit next to the existing customized and preferred vendor Bill you need to edit.
NOTE: If you are using a locked Vendor Bill record, you can select “Customize” next to the bill, provide it a preferred name and id, and mark it as preferred.
OPTION A: Add the NetAsset Asset and NetAsset Type field to each expense item of a Vendor Bill (if assets will be recorded as expenses).
- On the Screen Fields, select the Expenses subtab, scroll down until you see NetAsset Asset and NetAsset Type, and mark the checkbox in the Show column.
USER TIP: You will likely want to rename and reorder the NetAsset Asset field column on the vendor bill so that the table has a clean layout and is placed in a logical location in the item table.
OPTION B: Add the NetAsset Asset and NetAsset Type field to each line item of a Vendor Bill (if assets will be brought into NetAsset as items)
- Select the Sublist Fields subtab, scroll down to until you see NetAsset Asset and NetAsset Type, and mark the box in the Show column.
USER TIP: You will likely want to rename and reorder the NG Asset field column on the vendor bill so that the table has a clean layout and placed in a logical location in the expense table.
For a non-inventory item to be considered for asset capitalization, it must be coded to a Fixed Asset Clearing Account or a Construction in Progress Account from one or more of your Asset Types. On a new or existing item, select the Accounting subtab to update the native Expense Account field with the proper account.
The NetAsset Type can also be defined directly on the item record sourcing to the line to facilitate mass capitalization of new assets. Follow the same process used to update the transaction form to update the item form if this is required (Customization > Forms > Entry Forms)