When i propose a fixed asset that should have been placed in service in an earlier period, what is the best way to do this so that the addition date is the same for the period that we enter it. can we do a catch up accumulated depreciation? i want my fixed asset additions to tie to the GL each month

AI generated answer (using internal Slack threads):

****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ****** To propose a fixed asset that should have been placed in service in an earlier period, you can create a journal entry in the current period reversing the transactions from the expense account to the fixed asset account. This journal entry can then be used as a source transaction to create an asset. At the proposal stage, you can change the start date of the depreciation to the date when the asset should have been placed in service. When you depreciate, it will record all depreciation up to date in the current period. Alternatively, you can create the fixed asset record from the Bill/Journal Entry if your Fixed Asset Management (FAM) is configured to do so. Otherwise, just create the fixed asset record and enter the start date when the asset should have been placed in service. NetSuite will plan the depreciation based on your start date. You can then run depreciation for the past periods. FAM will still pick up postings that are eligible, but post to an open period when depreciation is run for a closed period. As for reducing the lifetime of a new asset type so it automatically reduces per month, this would require a script or workflow to automate. You could create an asset type for each Asset Lifetime you want, or edit the Asset Lifetime when creating fixed assets. Please note that the depreciation timeline starts with the depreciation start date which you can manipulate. However, audit may not look good at purchase/depreciation date mismatch. The assumption is you purchase an asset to place in service immediately. Also, whether NetSuite recognizes depreciation for each day of the month or rounds up depends on your setup of the Asset Class. You can check this by running the pre-compute script which will generate a forecast. After that, you can turn the asset depreciation to false and then true again, which should erase the forecast.