RE: how can we achieve this using scripting ‘ Automatic asset depreciation GL at month end ? ‘

how can we achieve this using scripting

Add Comment
1 Answers

To set up automatic asset depreciation GL at month-end in NetSuite, follow these steps:

  1. Create a Depreciation Expense account: Navigate to Lists > Accounting > Accounts. Create a new account with the type ‘Expense’ and the sub-type ‘Depreciation Expense’.
  2. Create a Depreciation Reserve account: Navigate to Lists > Accounting > Accounts. Create a new account with the type ‘Other Current Asset’ and the sub-type ‘Depreciation Reserve’.
  3. Create a Depreciation Method: Navigate to Lists > Accounting > Depreciation Methods. Create a new method by specifying the name, useful life, and other details.
  4. Assign the Depreciation Method to the asset: Navigate to Lists > Accounting > Fixed Assets. Click on the Asset ID for which you want to set up the depreciation. In the ‘Depreciation’ tab, select the depreciation method you created in step 3.
  5. Set up the Automatic Depreciation Journal Entry: Navigate to Customization > Scripting > Scripted Records > New. Select ‘Journal Entry’ as the record type. Specify a script name, and set the trigger type to ‘Scheduled’. In the script, write the code to create a journal entry that debits the Depreciation Expense account and credits the Depreciation Reserve account for the amount of depreciation. Schedule the script to run at the end of each month.
  6. Test the Automatic Depreciation Journal Entry: Create a sample fixed asset and assign the depreciation method you created in step 3. Run the scheduled script manually to ensure that the journal entry is created correctly.

Once these steps are completed, NetSuite will automatically create a journal entry at the end of each month to record the depreciation expense and update the depreciation reserve account.

TROY OLTMANNS 

NETSUITE TECHNICAL ARCHITECT

(p) 949.238.6900

(f)  949.271.4635

www.TREVERA.COM

 

 

 

Check out our open opportunities at: Trevera Opportunities

Beginner Answered on May 11, 2023.
Add Comment

Your Answer

By posting your answer, you agree to the privacy policy and terms of service.