Creating projects to turn into assets with NetSuite.
I just got into a company that is using Netsuite, I am trying to set up a way to track my companies projects with how much each project is costing and be able to add costs that do not depreciate until I make into an asset. I have attempted to go into set up and turn on projects but nothing changed. I also tried to set up WIP but I do not see assembly item as a check box.
Basically need to put all the costs of building this project into the account and then make that account into an asset.
Is your company using the NetSuite Fixed Asset Module (FAM)? For a scenario like this I would propose the following solution (requires no custom development).
- Allocate project costs to a “WIP” GL account that generates non-depreciating fixed assets (based upon asset type configuration).
- Once all costs have been collected in “WIP”, combine these costs by building a “Compound Asset” (standard FAM feature).
- Migrate the newly generated compound asset from “WIP” to a depreciating asset type. by performance an “Asset Transfer” (standard FAM feature).
- Your collective costs will then depreciate in accordance with the depreciation rules configured on the depreciating asset type.
I hope this helps!