While in conversation with a senior executive who holds the CFO and advisory leadership role for companies that likely would be strong candidates for NetSuite, the professional quickly recognized the value in the integrated platform. Naturally, he started asking questions on the margin. “Does NetSuite support Fixed Asset management?”, he asks. Unfortunately, out of the box, it does not appear so. While it is possible to setup a Non-Inventory item to track assets and then use recurring journal entries for depreciation, it would be cumbersome and error-prone. In our assessment, it is not much of a stretch to have a Fixed Asset module that produces depreciation schedules and proper accounting for asset disposition.
There are a couple of third party products integrated with NetSuite that are available; although we have not evaluated them:
Reviewing the NetSuite support center, there is a planned enhancement for Fixed Assets. Clearly, with the robust platform provided by NetSuite, Fixed Asset management would appear to be a “shoe-in” for extended functionality.
Marty Zigman
Holding all three official certifications, Marty is regarded as the top NetSuite expert and leads a team of senior professionals at Prolecto Resources, Inc. He is a former Deloitte & Touche CPA and has held CTO roles. For over 30 years, Marty has produced leadership in ERP, CRM and eCommerce business systems. Contact Marty to set up a conversation.
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Nice to have the add-on options, but the planned enhancement within NetSuite offers the best solution.
I just looked up the enhancement request (#10466) at the NetSuite voting center and there are 306 votes which means that there is pretty good demand. In fact, it is the second most voted on requested enhancement.
We use the Asset Management module from OnlineOne in our Netsuite implementation. We have been using the product for just over a year and it has been very helpful in keeping track of our fixed assets.
The module also assists us in identifying repeat faults with fixed assets both internally and for our customers. This is done by allowing us to attach a fixed asset to a support case in Netsuite.
The depreciation schedules work well and we have also had added by OnlineOne an asset tagging function. This allows us to print custom asset tags which we can affix to equipment.
Hi Andrew,
Having a fixed asset attached to a NetSuite support case is a nifty innovation. Do you have any screen shots that we can see?
Hi Marty
Would be happy to send you a product overview. You can easily get it here.
https://onlineone.com.au/suite-modules/asset-management
In the overview are the screenshots
Found this old post and there is now a Fixed Asset module.
Thank you Jason,
My understanding is that the Nolan Fixed Asset solution is now the official NetSuite Fixed Asset Module. I think it has been for almost two years, if I am not mistaken.
Marty
Is there an iPhone app that is compatible to NetSuite Fixed asset program to keep track of fixed assets placed in service?
Hello Yojna,
This is an older blog post. NetSuite acquired a Fixed Asset program from Nolan Business Solutions and now includes Fixed Assets as part of an add-on module.
I don’t know of an iPhone app that offers access. Yet, the community of applications keep growing. I would contact Nolan Business Solutions. They are the authorities on that application.
Marty