Fixed Asset Management provides the automated management of thousands of fixed assets and their lifecycles, from acquisition and depreciation to disposal and reporting. Using NetSuite Fixed Asset management, users can develop a comprehensive list of existing assets that includes relevant data like acquisition cost, in-service date, estimated useful life, and track lease agreement details like contract value, duration, and discount rate.
There is a lot that you can do with the NetSuite fixed asset management module, such as importing new assets and mid-life assets into NetSuite, creating new asset records manually or from purchases, adding expenses, and journal entries in NetSuite.
Leverage the asset tracking feature to list the depreciation and non-depreciating fixed assets, while maintaining detailed records. The module allows users to add and track assets by region, facility, department, or the assigned reporting segment. Users can also transfer assets from one subsidiary or business unit to another easily.
The fixed asset module automatically calculates depreciation expenses by using standard or custom methods and lets finance teams manage how and when to apply depreciation. It leverages usage-based methods that allow businesses not to depreciate an asset during seasonal downtime or when the equipment is offline.
With NetSuite Fixed Asset Management module, you can standardize lease accounting and stay compliant with reporting requirements. You can capture lease details while automating journal entries for lease and interest expenses. It gives real-time updates on remaining lease liabilities, that reduces manual effort and errors.
Make your business's detailed asset reporting easy using NetSuite FAM, which produces accurate financial statements that meet tax and accounting requirements while generating standard fixed-asset reports. Leverage SuiteAnalytics to slice and dice the data in multiple fields such as location, subsidiary, or other criteria.
Manual processes slow down finance teams and create unnecessary complexity. NetSuite automates asset-related workflows to boost productivity.
Keeping up with asset lifecycles is difficult without the right tools. NetSuite ensures accuracy across all stages of asset management.
Errors in applying depreciation rules can impact reporting and compliance. NetSuite ensures consistency through automation.
Managing leases at scale often overwhelms accounting teams. NetSuite automates lease tracking and expense management.
Month-end and year-end closings often drag due to manual postings. NetSuite accelerates the process by automating journal entries.
We set up your fixed asset module to reflect your actual categories, locations, and depreciation rules, with no cookie-cutter approach.
From acquisition to disposal, we configure workflows to automate every stage and reduce manual effort.
We apply the right depreciation methods and schedules so your asset values stay compliant and consistent.
As a certified NetSuite Alliance Partner, we follow best practices and deliver implementations trusted by global businesses.
You get dedicated support beyond implementation, including training, optimization, and process improvement.
Whether you operate in retail or services, we tailor the module to your industry’s unique compliance and reporting needs.
We appreciate the proactivity of the Folio3 team. The team communicated with us so well & got everyone involved throughout the implementation process. Every time we faced any technical issue with our systems, Folio3 team was very good at putting plans into action.
Folio3 Team has been great in helping us resolve issues & worked diligently with the team during the weekend, as our issue was very critical for delayed shipping on 400 orders which had to get fixed & shipped to our clients
Folio3 quickly provided excellent BI resources to solve complex business issues integrating data from our CRM and Netsuite for important business reporting continuity in our Tableau Software reporting tool. The team’s dedication and tireless iterations resulted in finding the right solution for our reporting needs.
NetSuite Fixed Asset Management helps you track and manage physical assets like equipment, vehicles, or property. You can see where each asset is, what it’s worth, and how it’s changing over time.
Yes, it supports many methods like straight-line, double-declining, and others. You can choose the method that fits your accounting needs.
Yes. Depreciation and asset changes are posted to your general ledger without manual entries.
Yes, you can organize assets by location, department, or country and apply local rules if needed. Folio3 makes sure everything is set up correctly, whether you’re managing assets across offices, warehouses, or countries.
Most NetSuite implementation projects take a few weeks, depending on your setup. Folio3 walks you through the entire process, from planning to going live.
The biggest challenge is that NetSuite’s Fixed Asset Management (FAM) module is solid for simple use cases but struggles with complex scenarios.
Companies often solve this by either customizing FAM with SuiteScript or considering third-party solutions such as NetGain NetAsset.
Discrepancies usually come from vendor bill credits, adjustments, or changes in asset values. The cleanest way to reconcile is to review asset records against GL postings.
Once depreciation journals are posted, you can’t simply edit the start date. The workaround is to reset or recreate the asset.
NetSuite FAM doesn’t allow mid-stream lifetime changes easily. The common approach is to recalculate depreciation through a new schedule.
It’s generally better to stick with regular journal entries generated by FAM. Custom transactions tend to complicate searches and reporting.
Pros of FAM JEs:
Cons of Custom Transactions:
This is a known limitation of FAM. Some fields don’t map automatically to asset records.
NetSuite FAM doesn’t integrate well with multi-book. If you need multiple depreciation schedules per asset, you may face issues.
Visibility improves when you extend FAM beyond just depreciation.
The main risks are misaligned depreciation, missed disposals, and incomplete audit trails.
FAM doesn’t create intercompany entries automatically for asset transfers. You need a workaround.
