How to add value to a fixed asset

AI generated answer (using internal Slack threads):

To add value to a fixed asset in NetSuite, you can use the Fixed Asset Management (FAM) module. However, it's important to note that the FAM and core NetSuite integration only goes one way, from GL/AP to FAM. If you directly add an asset in the FAM module, there's no function that adds that value to your ledger automatically. You'd need to make a manual Journal Entry (JE) to do so and then you'll need to reject the proposal that results from it. For mid-life assets, the process is different from entering a new asset. FAM is set up expecting that Fixed Asset adds are going to originate from vendor bills and JEs. If you don't do it that way, reporting and the ledger are going to get out of sync unless you keep a really close eye on it. For managing CAPEX projects directly from the beginning in the Fixed Asset module, you could use linked depreciation methods. By having an initial method that does not perform any automated depreciation, you can then use the Allow Asset Value Editing preference to manually update the asset's value when posting your journals. However, there is no easy way to have this automatically post to the asset without customization. You could also explore the idea of using asset revaluations to potentially achieve this, and weigh up which approach would be the better fit. Revaluations allow you to post a journal and change the asset’s value in a single step. Using the linked depreciation method, once the initial method expires it will link to the next depreciation method, and therefore follow the next formula of depreciation. It is also worth noting that if you use revaluations, you can adjust the depreciation method each time you revalue the asset. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******