NetSuite's Fixed Assets Management feature is designed to help businesses keep track of their fixed assets, including equipment, vehicles, and real estate. In addition, the Fixed Assets Management module integrates with other NetSuite modules, such as Accounts Payable and Inventory, to provide a comprehensive view of an organization's financial picture.
Businesses can benefit from NetSuite Fixed Assets Management with improved visibility into their fixed asset portfolio and informed decision-making about asset management.
Benefits
The system provides a central repository for asset information, and it offers powerful tools for managing depreciation, insurance, and repairs.
Benefits
Benefits List
Manage the complete asset lifecycle
Seamlessly integrate with accounting module
Maintain accurate records for compliance and reporting
Eliminate manual work and redundant spreadsheets
Track company-owned and leased assets
Support for all standard and custom depreciation methods
Ensure compliance with lease accounting standards and regulations
Automatically post asset transactions directly to NetSuite accounts
Accurately report valuation, depreciation, expense and amortization
Manage asset data and lease agreements department and other segments
Features List
Acquire, Depreciate, Retire, Transfer and Revalue Assets
NetSuite Fixed Assets Management simplifies asset creation allowing you to:
Create, manage, track and report on any asset type
Control all asset-related transactions to company assets
Easily track depreciating or non-depreciating company assets
Quickly create assets based on unlimited asset types, and report on them
Create assets with the correct quantity and values
Maintain all relevant asset details for assets
Use automated defaults for asset creation, depreciation, and eventual retirement
Move assets between locations
Increase or decrease asset values
Account asset’s expenses for repairs
End-to-end Support for Depreciation
NetSuite's Comprehensive Support for Depreciation feature provides a complete and automated solution for managing your company's depreciation expense. This includes the ability to generate accurate depreciation schedules and journal entries, as well as track and manage your depreciation expense on an ongoing basis.
Built-in support for all standard depreciation methods
Create custom depreciation methods.
Use “chain” depreciation methods to support comprehensive asset valuations
Apply multiple depreciations per asset for reporting depreciations
Computes monthly and daily depreciation
Lease Management Compliance
NetSuite's Lease Management Compliance is a powerful solution that helps companies compliance with Sarbanes-Oxley and other regulatory requirements.
Standardize lease accounting processes
Ensure compliance with ASC 842, IFRS 16 and GASB 87 standards.
Import existing amortization schedules or create custom schedules
Automatically post journal entries
Complete Integration with NetSuite Accounting
All of your asset data will be automatically populated into NetSuite's accounting records. Plus, all future changes to your asset data will be automatically reflected in the accounting records. This provides you with a single source of truth for your asset data, which makes it easy to reconcile your books and maintain accurate financial statements.
Automate the creation of assets from purchase orders
Post depreciation and asset retirements directly to NetSuite accounts
Real-Time Fixed Assets and Lease Reporting
Run preconfigured reports for all your fixed and leased assets
Report across fixed and leased assets, valuation, present value, expense, and depreciation
Automatically create reports for leased payments
Divide up fixed and leased assets across locations, subsidiaries, and more
