How Does NetSuite Fix Assets Management?

NetSuite Fix Assets Management

With the help of NetSuite Fixed Assets Management, you have the ability to automate your company’s asset and lease management procedures, doing away with manual work and spreadsheets. The solution from NetSuite provides you with a configurable depreciation and amortization schedule, detailed asset reporting, an easy-to-manage version of the truth for company-owned and leased assets, and seamless integration with NetSuite’s core accounting features.

You can maintain and manage the whole asset lifespan with NetSuite Fixed Assets Management, from creation to depreciation, revaluation, and retirement. Multiple depreciation calculation types, handling of depreciating and non-depreciating assets, maintenance schedules, leasing accounting, and insurance are all supported by its comprehensive asset management capability.

You have the freedom to decide which accounting period to depreciate during NetSuite Fixed Assets Management. For instance, when it comes to fixed assets and seasonal withdrawal and depreciation, you can decide not to use asset lifetime consumption to reduce the asset’s value. Instead, you have the choice to halt asset deterioration while the system is down.

An asset may be given tax depreciation techniques. These assignments make it possible to track corporate reporting or tax reporting techniques on the asset. To help ensure that no equipment eludes detection, close integration with NetSuite Financials generates accounting entries and fixed assets from acquisitions.

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Key advantages

  • Complete asset lifecycle management.
  •  Completely combine accounting and asset management.
  •  Keep accurate records for reporting and compliance.
  • Do away with many spreadsheets and manual labor.
  • Easily track assets that the company owns or leases.
  • Make use of support for all common and unique depreciation techniques.
  • Ensure adherence to rules and standards for lease accounting.
  • Directly post asset transactions on an automatic basis to NetSuite accounts.
  • Report valuation, depreciation, expenditure, and amortization information accurately.
  • Manage the department’s leasing agreements and asset data.

Purchase, Retire, Transfer, Depreciate, and Revalue Assets

The complete asset management lifecycle of a business is supported by NetSuite Fixed Assets Management, from the creation of a purchase order within NetSuite to tracking, depreciation, and eventually retirement. It enables a limitless variety of asset categories, including both depreciating and non-depreciating assets that only need to be tracked. Asset creation is simple with NetSuite Fixed Assets Management because you can select and keep track of important fields and details pertaining to a specific asset as well as the default in asset types when creating an asset.

Comprehensive Depreciation Support

You have complete freedom to depreciate assets using the appropriate depreciation method thanks to NetSuite Fixed Assets Management. Depreciation techniques can be created using the flexibility offered by NetSuite Fixed Assets Management, which even supports depreciation for both financial and reporting purposes.

Compliance with Effective Lease Management

By making lease payments, amortization, and reporting simpler with NetSuite Fixed Assets Management, you can stay in compliance with the most recent tax laws and accounting standards. You can simply create, manage, and track finance and operational leases with NetSuite Fixed Assets Management. The monthly close process is simplified by NetSuite Fixed Assets Management, which separates lease and interest expenses and adjusts lease values automatically.

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Fixed Assets and Lease Reporting in Real-Time

You can utilize the full potential of NetSuite dashboards and reports with NetSuite Fixed Assets Management to evaluate and report on company-owned and leased assets.

Why Choose Folio3 for your Netsuite Integration?

After bagging several awards as a certified Netsuite partner, Folio3 is still at the top of its game. Folio3 is your one-stop solution for all things Netsuite. Integration, implementation, customization, you name it. Deep domain expertise from seasoned NetSuite development experts.

Get your Walmart ERP integration through Folio3. With Folio3’s NetSuite Walmart Integration, you can manage orders, inventory levels, and customers on the Walmart marketplace while maintaining the integrity of your systems to generate efficiencies that give you a competitive advantage.

Not only Walmart, but Folio3 also master eBay ERP Integration. With our NetSuite eBay integration, automatically sync orders, customers, goods, inventory, fulfillment, shipping, and billing information.

Get our developers online and transform your business into something you’ve always wanted to. Book a consultation now!

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