NetAsset - Inventory Reclass Overview

Overview

Item records in NetSuite contain key information for accounting and inventory management. In some cases, inventory items need to be moved to fixed assets. NetAsset supports this by using a NetAsset Inventory Reclass to transfer items from an inventory account to a fixed asset clearing account.

For details on required configuration, refer to the NetAsset Inventory Reclass Setup article.

Once the system has been configured, a NetAsset Inventory Reclass will be triggered automatically when the applicable inventory clearing account is hit in a transaction. This article outlines some of the supported transaction types that can initiate this process.

Inventory Adjustment

  • Navigate to Transactions > Inventory > Adjust Inventory, then enter the required adjustment details. Ensure that the Inventory Clearing account mapped to the NetAsset Type records is selected in the Adjustment Account field:

  • Once the adjustment is saved, the system will automatically generate a NetAsset Inventory Reclass entry, which can be viewed under the Custom subtab:

  • The following is an example of a NetAsset Inventory Reclass:

Item Fulfillment

  • Navigate to Transactions > Sales > Enter Sales Orders and enter the applicable sales order details. Once the sales order is approved, select the Fulfill button:

  • Enter the relevant details on the Item Fulfillment record, then click Save to complete the transaction:

  • Once the fulfillment is complete (i.e., the items have been picked, packed, and shipped), the system will automatically generate a NetAsset Inventory Reclass entry, which can be viewed under the Custom subtab: 

  • The following is an example of a NetAsset Inventory Reclass:

Item Receipt

  • Navigate to Transactions > Purchases > Enter Purchase Orders and input the necessary purchase order details. After the purchase order is approved, select the Receive button:

  • Enter the relevant details on the Item Receipt record, then click Save to complete the transaction:

  • After the item receipt is saved, the system will automatically generate a NetAsset Inventory Reclass entry, which can be viewed under the Custom subtab: 


  • The following is an example of a NetAsset Inventory Reclass:

Next Steps

Once the NetAsset Inventory Reclass is generated and appears on the Create Assets from Proposals screen, the asset creation process proceeds as it would for any other transaction type: 





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