Welcome to learning to upload fixed assets data into NetSuite. This is part of a series where we are implementing NetSuite. The fixed assets data upload process is very unique so we are going to focus on it step-by-step.
I suggest you watch the video. It’s easier to understand if you are a visual/audio learner. The content below is the same as the video. It’s for those who learn by reading.
Here are some of the fields that are available for the fixed assets upload:
- Asset name
- Asset type
- Purchase date
- Depreciation start date
- Last month in service
Depending on how NetSuite is configured some fields may be mandatory. Usually, the subsidiary field is mandatory. If the field is mandatory, then the data has to be populated during the upload process or you will have an error message.
Here is an example what an upload file looks like in excel:
The subsidiary tells us where to place each of these assets in the right set of books (assuming you have multiple companies or multiple subsidiaries setup in NetSuite).
For example, if you make departments a global mandatory field in the NetSuite set-up, it may not be captured in the fixed assets module. But if you try to upload an asset without the department and try to run depreciation expense, that would cause an error. The error is because the system journal entry is created but it unable to calculate depreciation expense because the mandatory field like department is empty.
We are sharing this very specific tip with you because it happened to us when we’ve done the upload. Because we missed a critical field (department field in our client’s case), the fixed asset depreciation expense didn’t running.
Now for the fixed asset upload process go to: Setup → Import/Export → Import CSV Records
Then choose import type as Custom Record and record types is FAM Assets (Fixed Asset Module)
Now you are going to choose your file to upload then click next
Choose ADD and Click next
Click the pencil icon for Subsidiary and choose Internal ID under reference type then
Click the pencil icon for Accounting Method and choose Internal ID for reference type
Map your fields and it should be equal to NetSuite fields:
- Asset Name equal to Asset Name
- Last Month in Services equal to Last Depreciation Date
- Item Description equal to Asset Description
- Current Net Value equal to Net Book Value
Then click next. Now save the map name or file name then click Save & Run
Then you should see the green successful confirmation box. Click the link in the import status to check.
And you will see 3 records successful imported. And you are done!
To recap, we discussed the fixed asset data upload process in step by step.
Stay tuned for our next blog about NetSuite Journal Entry Upload.