Hi, my company currently uses NetAsset to track and manage our fixed assets. We are looking to switch to the netsuite native FAM. We are hesitant because the process of a "build up" or capital improvement in FAM is not very clear. In NetAsset, we are able to "build up" an asset when we receive a bill for a capital improvement and increase the value of that asset and run an updated depreciation schedule. Does anyone know how that process works in FAM? It appears you can do a compound asset with parent-child relationship, but our company does a lot of capital improvements so did not want to create dozens of compound assets. TIA

It is a similar process in FAM. you create CIP asset type with Zero depreciation. Then you add all your assets monthly; create a custom tag, say, "future asset", since you probably are going to have more than one, and they can be of different types unlike a compound asset where all assets must be of the same type. Or you can create sub-assets instead (but they all need to be individual standalone assets still) and sub-assets do not need to be of the same type. Then you convert each individual assets from CIP to the new asset type and start depreciating

so uh...don't switch from NetAsset to NS FAM. I'm not sure what your issue with NetAsset is, but I'd look at other 3rd parties before going to NS FAM. I think you'd hate it. Especially if you have a lot of CIP or what you call asset build up. Technically yeah NS FAM can do that, but it's super clunky and it doesn't do it well. I don't know your specific use case, but I'd have your partner or NS PS or whoever you're talking to show specifically step-by-step how they'd do a couple of your use cases because I'd be willing to bet it's significantly more complex and many more steps. And you still might not end up with the result you want.

good luck finding a partner or NS PS who can speak CIP... 😞.

heh. touche. still, I think someone on NetAsset and who does lots of CIP is going to be extremely unhappy going to NS FAM. From what I recall, dealing with CIP on NA is miles ahead of doing it on FAM.

agree, at this point I wonder what is making them to move, what is going to get better

Thanks for the input and advice. We are trying to cut costs by possibly moving to FAM, but if it will not work with our current CIP then we will probably stick with Netasset as it works well for us.