[Cloud Solutions Spotlight] Oracle NetSuite Fixed Asset Management Solution

The Oracle NetSuite Fixed Asset Management solution helps you move beyond traditional spreadsheets and eliminate the need for manual processes in your enterprise asset management workflows. This comprehensive, integrated solution provides you with a single, easy-to-manage source of truth for asset information, a flexible fixed asset calculation engine, and comprehensive asset reporting capabilities, all seamlessly integrated with Oracle NetSuite’s core accounting functions.

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Key Benefits

• Manage the entire asset lifecycle.

• Full integration of asset management with accounting functions.

• Easily report on all fixed assets.

• Eliminate manual intervention and the need for multiple spreadsheets.

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Solution Overview

From creation to depreciation, revaluation, and disposal, you can maintain and control the entire asset lifecycle with the Oracle NetSuite Fixed Asset Management solution. The solution offers comprehensive asset management capabilities, supports multiple depreciation calculation methods, and helps manage depreciable and non-depreciable assets, maintenance plans, leases, and insurance. The Oracle NetSuite Fixed Asset solution allows for flexible selection of depreciation accounting periods. For example, when implementing seasonal asset write-off and depreciation schemes, you can choose to exclude certain assets from depreciation based on their utilization rates during their useful lives, and suspend asset depreciation during downtime. You can also assign tax depreciation methods to assets, enabling you to track tax reporting or corporate reporting methods for those assets. The solution is also tightly integrated with Oracle NetSuite’s financial functions, helping you create accounting entries and fixed assets via purchase orders to ensure no equipment is overlooked.

Purchasing, Depreciation, Disposal, Transfer, and Revaluation of Assets

From creating purchase orders in Oracle NetSuite to tracking, depreciating, and eventually scrapping assets, the Oracle NetSuite Fixed Asset Management solution supports the entire enterprise asset management lifecycle. The solution supports an unlimited number of asset types, whether they are depreciable assets or non-depreciable assets that require only simple tracking. The Oracle NetSuite Fixed Asset Management solution streamlines the asset creation process, allowing you to call up default asset types when creating assets and to specify and maintain key fields and details for special assets.

The solution offers the following benefits:

• Comprehensive control over all transactions related to enterprise assets, including asset proposals, creation, depreciation, revaluation, transfers, retirement, and splits.

• Easy tracking of depreciable or non-depreciable company assets.

• Quickly create and report on an unlimited number of asset types.

• Create assets with the correct quantity and value, allowing users to maintain multiple proposal records for a single transaction involving various quantities, which can then be used to create multiple assets.

• Maintain all relevant asset details, including insurance, leases, and maintenance plans.

• Automatically populate default values to easily complete asset creation, depreciation, and final retirement.

• Track components and depreciate them based on their respective depreciable costs and useful lives.

• Transfer assets between different locations or branches.

• Revalue assets to adjust their value based on current market value.

• Record maintenance costs against assets.

Comprehensive Depreciation Support

The Oracle NetSuite Fixed Asset Management solution helps you depreciate assets flexibly using the correct depreciation methods. With the out-of-the-box methods and flexibility provided by the Oracle NetSuite Fixed Asset Management solution, you can create your own depreciation methods and even depreciate assets simultaneously for both financial and reporting purposes.

• Out-of-the-box support for all standard depreciation methods, including straight-line, fixed-balance declining balance, sum-of-the-years'-digits, and asset utilization.

• Create user-defined depreciation methods.

• Use “chained” depreciation methods to support comprehensive asset valuation.

• Apply multiple depreciation methods to each asset to generate depreciation reports.

• Calculate monthly and daily depreciation.

Fully integrated with Oracle NetSuite accounting functionality

The Oracle NetSuite Fixed Asset Management solution helps you easily create fixed assets based on purchase orders, while ensuring that all asset depreciation and retirement information is posted to the Oracle NetSuite core accounting system.

• Automatically create assets based on purchase orders.

• Post depreciation and asset retirement information directly to Oracle NetSuite accounts.

• Streamline the entire process, including journal entries, account postings, and PO postings.

Real-Time Summary and Detailed Asset Reports

With the Oracle NetSuite Fixed Asset Management solution, you can leverage powerful Oracle NetSuite dashboards and reports to analyze and report on enterprise assets in real time. The solution offers a variety of out-of-the-box reports and allows you to flexibly build any type of asset report based on your business needs.

• Provides comprehensive reports on assets, valuations, and depreciation.

• Segment assets by location, branch, asset type, and more.

• Easily generate preconfigured reports, including asset registrations, registration summaries, depreciation schedules, and report statuses.

• Quickly run preset saved searches, including monthly depreciation, asset additions, asset retirements, asset lists, asset registrations, recommendation history, inspection due dates, insurance renewal due dates, and overdue leases.

• Customize report layouts according to business needs.

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Key Features

• Easily track depreciable or non-depreciable business assets.

• Supports all standard depreciation methods.

• Freely create and customize depreciation methods.

• Post depreciation and asset retirement information directly to Oracle NetSuite accounts.

• Provides comprehensive reports on assets, valuations, and depreciation.

• Manage asset master data by department and other segmentation criteria.

Implement Fixed Asset Management Using Multi-Ledger Accounting

The Oracle NetSuite Fixed Asset Management solution helps you allocate assets to multiple ledgers and automatically convert asset values into the base currency used by the specific ledger recording the asset.

• Assign multiple fixed asset general ledger accounts to subsidiary ledgers.

• Allocate assets to multiple ledgers, each with distinct general ledger implications.

• Depreciate any specified asset across one or more ledgers that generate specific depreciation journal entries.

• Perform asset transfers by ledger. Transferred assets are automatically converted to the base currency of the destination branch’s ledger.

• Revalue and depreciate assets across one or more ledgers that generate specific journal entries.