General Ledger Accounts for Fixed Assets Management
Published on
July 27, 2023 at 8:45:29 AM PDT July 27, 2023 at 8:45:29 AM PDTth, July 27, 2023 at 8:45:29 AM PDT
The Fixed Assets Management SuiteApp provides predefined general ledger accounts for fixed assets, but you can set up your existing general ledger accounts to be used with the SuiteApp.
Predefined Accounts in Fixed Assets Management
Upon installation of the NetSuite Fixed Assets Management bundle, the following accounts are already defined:
FAM Account Field (for Assets, Asset Types, and Asset Proposals) | Account Types |
|---|---|
Asset Account | Fixed Asset |
Depreciation Account | Fixed Asset |
Depreciation Charge Account | Deferred Expense, Expense, Other Expense |
Write Off Account | Fixed Asset, Deferred Expense, Expense, Other Expense |
Write Down Account | Fixed Asset, Deferred Expense, Expense, Other Expense |
Disposal Cost Account | Expense, Income, Other Expense, Other Income |
Setting Up General Ledger Accounts to be Included in Fixed Assets Management
If you have existing general ledger accounts that you want to use in the Fixed Assets Management SuiteApp, you can edit your accounts to make them available for selection on Assets, Asset Types, and Asset Proposals.
To set up general ledger accounts to be included in Fixed Assets Management:
Go to Lists > Accounting > Accounts.
Click theEditlink of the account that you want to set up.
In theShow in Fixed Assets Managementfield, select the Fixed Assets Management accounts. To select multiple accounts, hold down the CTRL key and click on the accounts.
Asset Account
Depreciation Account
Depreciation Charge Account
Write Off Account
Write Down Account
Disposal Cost Account
ClickSave.
To verify successful account definition in Asset Type and Asset records:
Go to Fixed Assets > Setup > Asset Types > New.
On theAccountssubtab, verify that the account you defined is available in the dropdown menu of the following fields (if applicable to the account you defined):
Asset Type Asset Account
Asset Type Depreciation Account
Asset Type Depreciation Charge Account
Asset Type Write Off Account
Asset Type Write Down Account
Asset Type Disposal Cost Account
Go to Fixed Assets > Lists > Assets > New.
On theAccountssubtab, verify that the account you defined is available in the dropdown menu of the following fields (if applicable to the account you defined):
Asset Account
Depreciation Account
Depreciation Charge Account
Write Off Account
Write Down Account
Disposal Cost Account