Anyone have any recommendations for a good Fixed A...
# accounting
Anyone have any recommendations for a good Fixed Asset Management module? The NS module is a bit expensive. Anyone have experience with a better/cheaper one? Thanks
Not cheaper (last I knew it was the same price as FAM; but maybe they've gone down), but NetAsset from Netgain basically fixes nearly all the basic problems of FAM. Most specifically around CIP, adjusting value after the asset is in the system, etc. The only negative I was aware of (and this might not still be the case) is that they didn't work that great with Multibook. I know it was on their roadmap to fix, so it might now. If you don't have MB, then no worries for you either way!
Thanks @RJMNS. Are you saying the native NetSuite FAM module has issues that it doesn't work with CIP? Or it just doesn't support CIP well?
I had a client use NetAsset. Not sure about the pricing but they liked it.
I also had a client that used the native prepaid amortization templates for tracking fixed assets because they didn't want to pay for the FAM module. The amortization templates would generate the depreciation expense. Another idea you could explore.
NetSuite will tell you FAM does CIP and it kind of does, but not in any way that's intuitive, makes sense, or is easy to deal with. Weak CIP support and the fact it's not easy to add/adjust value in a straightforward way after the asset has already been created are the two biggest complaints I've seen on FAM. If CIP is a tiny part of your Fixed Assets and/or you don't change asset values much, you might do fine with FAM. But if you heavily use CIP, you'll hate life if you try to do it in FAM. I've seen people use amortization schedules like Paul said and it works fine. You don't have any canned FAM reporting though so you'd need to put that together yourself. And you also don't have any attributes you can track on a per-asset basis in that scenario. If that's not important to you, then that would probably work fine.
The issue with CIP in FAM is that it does not update the value of the CIP assets when you add to it. Solution is you create multiple assets for each CIP addition and combine them under oldest added CIP asset as you go on. You will have to calculate the total value of the all CIP assets on a side because there is no scripts to run due to zero depreciation method
@RJMNS - what is the issue with NetAssets and MB?
I don't specifically recall @Karina. I just know there was one. 🙂 I was working with them way early in their history though and it was a couple years ago, so it might no longer be an issue. Just something to check on!
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