NetSuite FAM: Top FAQs & Tips for Success
Whether you’re a seasoned NetSuite user or are just getting started, it can be challenging to navigate the complexities of fixed asset management.
To help you put your best foot forward and ensure proper usage of NetSuite FAM, our FiT for NetSuite team has outlined some of the most commonly asked questions we hear from our clients, plus answers straight from the minds of our experts.
What is NetSuite Fixed Asset Management (FAM)?
NetSuite Fixed Asset Management (FAM) is a module within NetSuite Enterprise Resource Planning (ERP) that is designed to help companies efficiently track, manage, and depreciate their fixed assets over time.
Key features in NetSuite FAM:
- Asset Tracking
- Depreciation Management
- Asset Maintenance, Disposal, and Reconciliation
- Compliance and Reporting
- Financial Integrations
Top NetSuite Fixed Asset Management (FAM) FAQs & Tips for Success
- What is the best way to remove duplicate, depreciating assets from NetSuite FAM?
- How do fixed assets consolidate on the balance sheet for multi-currency subsidiaries in NetSuite FAM?
- Are there ways to automatically create journal entries for depreciation without using NetSuite FAM?
What is the best way to remove duplicate, depreciating assets from NetSuite FAM?
The only way to remove duplicate, depreciating assets if they have been recorded against the record is to dispose of the asset. Go to Fixed Assets > Transactions > Asset Disposal. For the disposal of multiple assets, use the CSV upload. On the Asset Sale/Disposal page, click “Import CSV”.
Writing off an asset will post the net book value and cumulative depreciation of the asset to the general ledger and set both asset values to zero.
It is important to note that NetSuite FAM users are unable to dispose of an asset prior to the last date the depreciation was processed. For example, if depreciation was last conducted on Jan. 1, 2024, the earliest possible disposal date would be Jan. 2, 2024.
How do fixed assets consolidate on the balance sheet for multi-currency subsidiaries in NetSuite FAM?
If you have multi-currency subsidiaries that need to be consolidated, GAAP accounting standards require the usage of historical rates for nonmonetary assets.
The historical rate will be set when you create fixed asset GL accounts.
Are there ways to automatically create journal entries for depreciation without using NetSuite FAM?
Companies seeking to track a small asset listing may not need to make use of all the functionality within NetSuite FAM (such as building up assets or creating parent-child relationships).
For cases like these, our FiT team often suggests that our clients create amortization schedules instead.
Final Thoughts on NetSuite FAM
When properly utilized, NetSuite FAM is a powerful tool that streamlines tracking, depreciation, and management of fixed assets.
If you have any additional questions about NetSuite FAM, our FiT for NetSuite team is here to help.
Need NetSuite Support?
From customizing workflows to creating amortization schedules, our NetSuite financial experts empower you to develop a tailored, efficient, and scalable fixed asset management environment, boost overall productivity, and maximize the value of your NetSuite investment.
Contact us or explore how we can partner for growth at the link below.
