NetAsset - Intro to NetAsset
Overview
NetAsset is Netgain’s NetSuite-native fixed asset management solution. It brings the full fixed asset lifecycle – capitalization, depreciation, transfers, asset splits, revaluations, and disposals – into NetSuite itself, so there’s no separate system to log into and no data syncing back and forth. Assets are set up, depreciated, adjusted, and reported on right where your financial data already lives.
NetAsset is built around the fixed asset lifecycle – the sequence of activities an asset moves through from go-live or acquisition all the way to disposal:
- Identify & Configure Assets — Sets up asset types, depreciation methods, and GL account mappings, capturing the inputs NetAsset needs to generate a depreciation schedule before any cost is capitalized.
- Capitalize Assets — Moves costs from vendor bills, projects, or construction-in-progress into a fixed asset record, establishing the asset’s in-service date and cost basis on the books.
- Process Monthly Transactions — Recognizes monthly depreciation and posts the related journal entries across the asset population.
- Transfer, Build Up, or Revalue Assets — Handles changes to an asset’s classification, cost basis, or ownership, whether from an intercompany transfer, an additional capitalized cost, a split or merge, or a revaluation.
- Dispose of Assets — Closes out an asset record, writes off any remaining net book value, and locks the asset from further activity.
- Pull Asset Reports — Provides the reports needed to support fixed asset disclosure and audit requirements as well as management reports for budgeting and planning.
- Manage & Analyze Assets — Covers the ongoing management and analysis of the asset population – reconciling the subledger to the general ledger, tracking asset details, and other portfolio-level activity.
