NetSuite Pre-Release Notice: Fixed Assets Management Version 4.01.0

Pre-Release Notice:Fixed Assets Management Version 4.01

NetSuite sent a notice to inform customers about the availability of the preview bundle, the target release date for the upgrade to production accounts, and the enhancements that will be included in the new version of the Fixed Assets Management SuiteApp.

 

No action is required from you in response to this notice.  Once the Preview Bundle becomes available, you will be able to test the new features using a Sandbox account.  Production accounts with the Fixed Assets Management SuiteApp will automatically be upgraded in May 2015. 

Target Release Dates

March 10, 2015 – Preview Bundle availability to Sandbox accounts

May 2015 – Release to all Production accounts

Enhancements

Fixed Assets Management version 4.01.0 will include the following enhancements:

         Multi-Book Accounting for Revaluation, Disposal & Split.   

o    This feature enables user to revalue, dispose and split assets on a per book basis.

o    In the Revaluation page, a new field called “Write Down %” was added to let users enter a percentage of the asset cost for the Write Down Amount that will be applied to both accounting and tax methods.  A ‘Calculate’ button is also added to this page to enable the revaluation fields of the selected Accounting Book.  Assets cannot be revalued before the last depreciation date.

o    For Asset Disposal, a separate transaction type for Write-off and Sale is introduced.  Disposal DHR is created for Write-off transactions and a Sale DHR is created for Sale transactions.  Once an asset is disposed, all tax methods associated to the asset will also be disposed. 

o    Tax Methods associated to an accounting book will generate book specific journal entries.

o    After splitting an asset, Tax Methods will be updated accordingly

         Generate Fixed Assets Reports Per Book

This feature allows users to run Fixed Asset Reports and saved searches on a per book basis. The Accounting Book field will be available in the Reports page and the Accounting Book filter will be added to FAM saved searches.

         Support 4-4-5 Accounting Period Depreciation

This feature introduces a new depreciation method called 4-4-5 Calendar Depreciation which allows users to compute depreciation on a daily basis.  This feature retrieves the exact depreciation amount based on the number of days on a given period.  When the ‘Use Accounting Period Dates for Depreciation’ preference is enabled, using the 4-4-5 calendar depreciation will allow users to post a depreciation journal entry at the end of the base period, instead of at the end of the month.

Note:  The ability to run FAM reports on a per book basis, Asset Split and computation of daily depreciation for 4-4-5 accounting period depreciation will be available on the Preview Bundle in April, 2015.

Additional information about the enhancements will be available in the Help Center and SuiteAnswers on March 13, 2015.

Release Preview Version

You can preview the enhancements using a Sandbox account that has the current version of the Fixed Assets Management SuiteApp. You can manually install the Preview Bundle in your Sandbox account using the following bundle information: 

         Bundle Name: Fixed Assets Management

         Location: Production Account

         Account ID: 4008603

         Availability: Shared

         Bundle ID:  62123

Important: The Preview version of the SuiteApp is loaded as an upgrade. Do not uninstall the current version of the Fixed Assets Management SuiteApp.

Please DO NOT install the Preview Bundle in your Production account. 

If you do not have a Sandbox account, contact your account manager to upgrade your NetSuite account to include a Sandbox. If you upgrade your account during the Release Preview period, you will be able to test the new version of this SuiteApp when the Sandbox is provisioned and refreshed.