Ravenstone’s Guide to NetSuite’s Fixed Assets Module
Asset and lease management—with regard to plant, property, and equipment—can be difficult for large organizations with multiple business units in different locations. Managing differences in currencies, depreciation models and compliance needs are beyond challenging when attempted manually.
NetSuite’s Fixed Assets module is an easy-to-use solution that accounts for these differences and offers a single version of company-owned and leased assets. It automates depreciation and amortization based on schedules and generates detailed, real-time asset reports for users.
Some key benefits of NetSuite Fixed Assets Management include:
1. Supports the entire asset management cycle
Every step of the asset management cycle—from initial acquisition to tracking, depreciation, and eventual retirement—is supported by NetSuite Fixed Assets Management. Managers simply have to fill in data fields, such as asset type and depreciation details, and the system takes care of the rest.
This makes it easier to focus on strategic goals, such as moving an asset from one business unit to another and which assets to repair for extended use.
2. Offers extensive depreciation support
Using NetSuite Fixed Assets Management, businesses can choose the depreciation method that’s right for them. Authorized users have the flexibility to choose an in-built depreciation mechanism or design their own.
Additionally, they can depreciate individual components separately, too, based on the useful life and cost.
3. Allows lease management compliance
NetSuite Fixed Assets Management ensures your business complies with major international accounting standards, such as ASC 842, IFRS 16, and GASB 87. Automating depreciation and lease management decreases the chances of manual error, enhances the accuracy of financial statements, and ensures transparency for stakeholders.
4. Complete integrations with NetSuite Accounting
NetSuite was launched as web-hosted accounting software. Over time, it added more capabilities, eventually becoming a complete ERP solution. Despite these changes, one thing that remained a core strength of the system was its powerful accounting functionalities.
NetSuite’s Fixed Assets module is a robust asset and lease management tool for companies with multiple assets—and it integrates seamlessly with NetSuite’s core accounting system. All asset depreciation and disposals are forwarded to NetSuite accounts, which simplifies processes, such as journal posting, bill posting, and PO billing posting.
Looking for reliable NetSuite implementation and consulting services?
Take your firm to the next level with a leading NetSuite implementation and consulting partner. The NetSuite experts at Ravenstone Solutions have extensive knowledge of NetSuite ERP, its modules, and related third-party applications. We can help you choose, customize, and implement the NetSuite software that meets your specific needs.
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