NetAsset is a NetSuite app that automates fixed asset management. It ingests assets from clearing accounts, generates depreciation schedules with one click, handles lifecycle actions like revaluation and disposal, and supports up to 10 alternate depreciation methods with built-in reporting.
At Netgain, we know fixed assets should be in NetSuite, but the current options lack flexibility and finesse. So we created NetAsset, a fully embedded suite app in NetSuite that can handle your fixed asset needs from the simple to the complex. The app was built to make CIP and buildups easy and provide necessary reporting directly in the system. As a fully embedded app, NetAsset will show as an additional tab. Once downloaded into your NetSuite instance, all the functionalities will then be accessed from the drop down menu. At a quick glance you can see we have the abilities ranging from individual asset creation to mass transfers and disposals to easily pulling up favorite reports. I'll touch on some of the main benefits of Net Asset, but please see our specific functionality videos for more details. We have multiple ways of putting assets into the system, but the clean as transition from inventory or bill to asset will be through our Create From Clearing Account pages. By mapping to a clearing account in the GL Impact, all potential assets will flow to our creation pages. Here you can see those line items flowing through, then simply select the relevant transactions and either mass create individual asset records or combine them into one record. You can see when I click Create Single Asset, the page will upload and bring all the relevant fields into the asset record in the system. This process allows potential assets to sit in a clearing account until they are ready to be put into service. By clicking Save, this asset will be saved to my register where I can see all the fixed assets in my system. I can then continue to build up the assets via our buildup pages. CIP is an important aspect of many companies assets, so we made sure you can continue to add value to asset records both before and after the asset is in service. Once the assets are created, it's simply a one button process to generate the depreciation schedules and then another button to capitalize them. Here we see an asset that has already been put into service. At the top of the screen you can see the ability to run journals as well as the options to revalue, dispose, transfer, build up, place depreciation on hold and split. All of these processes can be kicked off individually from the asset record or done in mas from our MAS processing pages. The entire life of the depreciation schedule shows here at the bottom of the screen. You can also see the journal entries we have run for this asset tagged here. Other benefits of Net Asset include records of any modifications and disposals easily accessed from our subtabs. We also provide alternate schedules allowing reporting for tax basis and foreign depreciation methods. We allow up to 10 alternate schedules that can each have their own depreciation method. We designed Net Asset to handle large quantities of assets so that it runs efficiently and can do your standard monthly processes in mass. Reporting is another major advantage point of Net Asset. Because we generate all your depreciation schedules up front, we can do forecasting reporting as well as GL reporting. We have extensive reporting included out of the box. Some favorites are the Roll Forward report and the Depreciation Waterfall Report. Our scripted reports are drillable and linked. They can also be exported easily and sent to auditors. NetAsset was designed by accountants who understand the pain of current solutions and want to make these repetitive processes smooth and simple. Make the switch and make it easy to handle your fixed assets.
