Explain in detail the use case of managing fixed assets without the fam module

AI generated answer (using internal Slack threads):

Managing fixed assets without the Fixed Assets Management (FAM) module in NetSuite can be achieved through a combination of non-inventory item records, amortization, and custom records. Here's a detailed explanation of the process: 1. Non-Inventory Item Records: These records are used to represent the fixed assets. Each non-inventory item record corresponds to a specific fixed asset in your organization. 2. Amortization: This feature is used to recognize the depreciation of the fixed assets over time. The depreciation expense is spread out over the useful life of the asset. 3. Custom Records: Custom records are used to keep track of the assets. They can store additional information about the assets that are not captured by the non-inventory item records. For example, you can create custom fields for the purchase date, purchase price, accumulated depreciation, net book value, and disposal date of the asset. By using these features, you can effectively manage your fixed assets without the need for the FAM module. However, this approach requires careful setup and ongoing management to ensure the accuracy of your asset records and financial statements. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******