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:
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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:
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Go to Lists > Accounting > Accounts.
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Click the Edit link of the account that you want to set up.
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In the Show in Fixed Assets Management field, select the Fixed Assets Management accounts. To select multiple accounts, hold down the CTRL key and click on the accounts.
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Asset Account
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Depreciation Account
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Depreciation Charge Account
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Write Off Account
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Write Down Account
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Disposal Cost Account
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Click Save.
To verify successful account definition in Asset Type and Asset records:
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Go to Fixed Assets > Setup > Asset Types > New.
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On the Accounts subtab, verify that the account you defined is available in the dropdown menu of the following fields (if applicable to the account you defined):
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Asset Type Asset Account
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Asset Type Depreciation Account
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Asset Type Depreciation Charge Account
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Asset Type Write Off Account
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Asset Type Write Down Account
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Asset Type Disposal Cost Account
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Go to Fixed Assets > Lists > Assets > New.
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On the Accounts subtab, verify that the account you defined is available in the dropdown menu of the following fields (if applicable to the account you defined):
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Asset Account
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Depreciation Account
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Depreciation Charge Account
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Write Off Account
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Write Down Account
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Disposal Cost Account
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