Midlife Fixed Assets What is the correct way of uploading midlife fixed assets that were previously impaired/revalued in the old system? For example, a fixed asset was acquired on 1/1/2024 with an original useful life of 24 months and original acquisition cost of 24,000. As of Nov 2024, the accumulated depreciation is 11,000 and the net book value is 13,000. In Dec 2024, the asset was revalued (fair value adjustment). The new net book value is 15,000 and the revised useful life is 20 months (from 13). The depreciation in Dec 2024 is 750 or 15,000/20. The NS go live date is 1/1/2025. As of the go live date, the asset details are: Original acquisition cost: 24,000 Net book value: 14,250 Accumulated depreciation: 11,750 What should I enter in NS asset fields? Post go live I expect monthly depreciation of 750. It also appears that NS calculates the monthly depreciation as Current Cost / Useful Life in Months.

Is the asset currently in NetSuite? Has any depreciation been run in NetSuite yet? Or are you bringing it in now and will be running catch-up depreciation on it to become current as of May, 2025?

I think it should be as follows: your original cost is 24K, your current cost (not NBV) is 26K, your NBV is 14,250, your cumulative depr should be 24K-14,250=9,750 (yes, decrease by 2K because you bumped up your asset value by 2K); you should calculated the correct period number for Jan 2025 to finish when you need it

That's what we did too but NS used the Current Cost (not NBV) as the basis of depreciation going forward.

Yeah the straight line formula is broken in Netsuite. Try this depreciation formula instead

(NB-RV)/(AL-CP+1)

Note that in some releases Netsuite will randomly overwrite the formulae on the "standard" depreciation methods, so you should probably make your own "Straight Line" and default that in on your asset types

@Jon Kears THANK YOU SO MUCH. You're a life saver. Who would have thought that it just needs a different depreciation method. Straight line remaining which is available out of the box. Lol. It sounds like we should just be using this for mid-life fixed assets, so we don't need to check if there has been revaluation or impairment recorded for each fixed asset in the old system, right?

yep we just use the above for everything - it should give the exact same outcome in month one as the straight line method. Annoyingly I wrote that formula, I didn't realise there was a built in method!