Fixed asset management on NetSuite, set up by Logiframe.

Key features

Key Features of Fixed Asset Management in NetSuite

Four areas NetSuite covers once your asset register moves out of spreadsheets.

Complete asset lifecycle management

• Every stage of an asset's life is managed in one place, from acquisition and depreciation to revaluation and retirement.
• Asset schedules and reporting are automated for accurate tracking and compliance.
• Asset records connect with financial and operational processes in NetSuite.

Flexible depreciation management

• Several depreciation methods are available, including straight-line, declining balance and custom schedules.
• Depreciation is calculated automatically, which saves time and reduces errors.
• Reports can be produced to follow international accounting standards and tax regulations.

Lease accounting

• Lease accounting follows one consistent practice that meets financial reporting standards.
• Key lease details are recorded, such as commencement and termination dates, total cost and discount rate, and the lease expense is spread evenly over the term of each contract.
• NetSuite generates separate journal entries for lease expense and interest expense and updates the outstanding lease liability.

Fixed asset reporting

Produce financial statements that follow tax and accounting standards, run the standard fixed asset reports, or use SuiteAnalytics to analyse asset data by location, subsidiary or other criteria.