NetAsset - Tax Depreciation Method Import Tool

Overview

The NetAsset Automatic Import of Tax Depreciation Methods feature enables users to import IRS tax depreciation methods directly into NetAsset without manual CSV imports. This streamlined approach is designed for users leveraging alternate schedules or the Tax Complete add-on within NetAsset. Previously, users needed to manually import both the depreciation methods and associated table lines, which was time-intensive. The new tool provides a faster, automated way to complete this process.

Key Assumptions

• This feature applies to users who require tax depreciation methods in NetAsset.
• Users should have the Tax Complete add-on or be using alternate schedules within NetAsset for tax management.

Prerequisites

• Ensure that NetAsset is installed and configured within your NetSuite environment.
• Confirm access permissions for the Import Tools tab in the System Setup of NetAsset.

Step-by-Step Process

• Navigate to Import Tool
  Go to NetAsset > NetAsset Setup > System Setup > Import Tools

• Open the Bulk Tax Depreciation Methods Import Tool
  On the System Setup page, select the Import Tools tab and click on Bulk Tax Depreciation Methods Import Tool to open the import page.

• Select Depreciation Methods
  Use the Depreciation Type drop down to choose from "All", "GDS - Standard", or "GDS - 150% DB Election" methods. The import page will display tax depreciation methods available for download based on your selection in the table on the page.

  • To Import All Visible Methods: Click Mark All and then select Create Methods.
  • To Import Specific Methods: Manually check the Select box for the desired methods from the table, then click Create Methods.

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• Initiate and Monitor Import Process

  • Once you select Create Methods, the system will begin creating the selected depreciation methods.
  • The page will automatically refresh as the methods are imported, allowing you to monitor the progress in real-time.

• Review Imported Methods
  After completion, click into any of the newly created methods to verify the details, including depreciation method lines. These methods are now ready to be used with your tax assets. All required information for the Tax Complete logic to auto-populate depreciation methods will be prepopulated on the methods. 

Custom Depreciation Methods

If the method needed for tax depreciation is not an out of the box option (see the table below), then you will need to create the methods. 

See NetAsset - Configure Depreciation Methods for a step by step guide to creating depreciation methods. 

Supported Methods