There is a saved search that does it for you, look into FAM saved searchs

but no systematic reclass, no

@Kyerdon we filed an enhancement with NetSuite to break out the long and short term portions. The enhancement number is 652569

Hi, I have created an asset from a vendor bill transaction. The date on the bill is 10/20/2020 but, when I look at the asset record’s purchase date is 10/20/2021. My understanding is that bill’s date should be set as purchase/aquisition date on the asset record, i don’t know why it has created an asset one year from bill’s date. Can someone please provide your inputs on this? Thanks

Hi, Is there a way to mass update the write off account in the FAM Alternate Depreciation? I see accounts tab in the existing asset’s FAM Alternate Depreciation record. I would like to know if there is a way to auto populate the new account in the future assets. If so, please let me know. thanks

@NS User - write off account is not an attribute of FAM Alt Depr, it is an attribute of Asset Type record and Asset record (but not its Depreciation). I m not sure where you see it, but if you have another book for which you are using FAM (and alt depr) your disposal must happen in all books.

We deleted a depreciation journal. However, the Cumulative Depreciation, Net Book Value, Last Depreciation Date and Last Depreciation Amount in the related Asset record are not yet updated. Do we need to wait for the FAM Diagnostics on Reset Asset Values to run as scheduled? We tried to run manually or on demand the FAM Trigger Reset Process (Scheduled) SS but it didn't do anything. We tried to manually edit the net book value, the last depreciation amount and last depreciation period in the Asset records. It corrected the cumulative depreciation that is disabled. It seems to be working. But, doing it manually or through CSV import is very prone to errors. Is there a way to automate the update of the Asset records? I should be missing something here.

I wasn't aware of a way to "roll back" a depreciation that was done by mistake. Does anyone know of a way? Or is it the surgical way of csv imports? Anyone have the exact list of steps, including the removal of the BG records, etc?

NetSuite confirmed that it can only be done manually or through CSV import. Recalculating the previous values is a nightmare.

Can you link multiple asset purchase bills to one asset in FAM?

Hi all - anyone here run Coupa + NetSuite Fixed Assets? The bundle that brings over Coupa's vendor bills doesn't appear to bring quantity over, so we're having trouble splitting a vendor bill that came from Coupa up into the individual fixed assets

We have acquired a new subsidiary and need to migrate its fixed assets to NS. Is it still necessary for us to import the Depreciation History Records separately to see the depreciation history in NS? It seems that NS already automatically does it now if I'm not mistaken.

Yep, it will create it automatically, but it will not be a history per se, it will be assets’ “future”

I think you still need to import at least one "life to date" DHR and then the automations will create the rest

Hi all, is it possible to load historic conversion rate amount when viewing at a consolidated level? We have to bring in some assets in GBP (mid-life assets) but the currency conversion should reflect the historical one.

sure it is possible, you need to know the rate; keep in mind you cannot use non-base currency of a subsidiary i.e. cannot buy assets in GBP for an EUR sub

@Karina Thanks. Yes the legal entity's base currency is GBP, but when viewing the consolidated report, the parent entity's base currency is USD and would need to be able to view in that.

Hi, is anyone using Leases in FAM? Is the only way to make changes to existing leases to modify the interest rate or term? On existing lease the amount was increasing so should this be considered as a new lease contract where the existing lease should be ended and new one created?

In FAM what is the best method to correct the depreciation account that a JE posted to if the past periods are closed. If we do a correcting entry to reclass the accounts the FAM reports will still be incorrect.

is the amount material? it is so difficult to change anything in FAM 😞. I can think of using a negative asset to cancel the first one (with the same configs as the first one) and then entering a “good” assets as it was supposed to. Very convoluted but should bring you to where you want to be

Hi, can someone help me? I have a depreciation journal that was posted that I cannot work out what assets makes up the journal. Normally I run a report called the Depreciation Monthly report and that normally gives me the breakdown and it agrees to the depreciation amount posted. For some reason, the depreciation posted in February does not agree to the Depreciation Monthly report. The amount posted is higher than the Depreciation Monthly report (and higher than normal). Any help is appreciated.

Is it possible to split an asset evenly after it's been proposed? We have 1 asset that has 150 laptops, which normally would be split during the "Manage proposal" section, but was accidently created as a single asset. The asset split page now only seems to allow splitting off into specific groups. EDIT Fix provided by Support

Type to the Global Search FAM Asset Proposal and click on the Page FAM Asset Proposal
Find the Proposal from which was created the asset and click on Edit
Set the Proposal Status as New
Navigate to the Manage Asset Proposal and the Proposal will be again available for Splitting
Split the Asset
Select the assets which were split and click on Generate Assets
Find the original asset where are all assets together and set it as Inactive

there is a Quantity field I think on General tab. Edit it and make it 150. Then split

Yea the problem was that the asset had already been created. So the "Asset Split" functionality only splits assets from the total quantity (IE: It creates 1 asset and the original assets now has 149 qty). The only way to split all 150 assets into 150 separate assets is during the manage asset proposal stage. Once you add the quantity during proposal you will see a split link and that has a "split evenly" option. Seems odd they have it during proposal, but not after the asset was created. Of course it's already an enhancement that has been requested. The steps above those worked for me in sandbox to fix this issue though.

yes you can split assets AFTER they have been created. It is tedious but definitely doable. also, Quantity field is on Maintenance subtab (not general). change it to 150, keep on splitting. You can split assets in midflight, too, i.e. with the depreciation already posted.

Yea if it's after they have been created but before depreciation has started I would recommend doing the steps above. Saved us a big head ache.

Hello, we disposed an asset today. The entry hit "depreciation expense" account, but the "Asset Type" record is profiled (under "Accounts") to hit the account "Loss or Gain From Disposal Of Assets". Does the write off disposal process look to the "Asset Type" for the account use for the write off? Are we missing a configuration for the disposal process? Thanks!

Hi, I have created a fully depreciated asset with deprication history of two lines, one acquistion and one depreciation. Net book value everywhere is 0.00 (on asset itself, on fam asset values, on the depreciation history) except for the acquisition row on the depreciation history. When I run a asset summary report, I looks like the asset still has net book value since it has opening and closing balance of the full amount of the asset, even though the last depreciation date is set to 2018 and I am running the report on 2022 dates. Any idea what I am missing here?

Hello, the "Asset Summary Report" does not include reporting in the "Depreciation" section. For example, we have completed "Disposals" but the report says "0". Thanks!

Here is a screen shot. Thanks!