Netsuite fixed asset management

Standard NetSuite supports single-entity operations, whilst NetSuite global business management (OneWorld) provides multi-subsidiary support, automated financial consolidation, advanced multi-currency capabilities, and built-in global compliance features. Global business management is essential for companies with multiple legal entities or international operations.

NetSuite supports a range of depreciation methods including straight-line, diminishing value, sum-of-the-years-digits, units of production, and manual depreciation. Multiple depreciation books can be configured for each asset, allowing separate calculations for financial reporting and tax purposes to run simultaneously from the same asset record.

Yes. NetSuite can be configured to calculate tax depreciation in accordance with ATO effective life requirements and the diminishing value or prime cost methods used for Australian tax purposes. For businesses that need to maintain both accounting and tax depreciation in parallel, NetSuite’s multi-book depreciation capability supports this natively.

NetSuite is used by businesses of all sizes, from startups to rapidly growing companies. If you’re considering making the switch but unsure about the cost, here’s a quick breakdown.

NetSuite operates on an annual subscription model, which includes three key components: the core platform, optional modules, and the number of users. There’s also a one-time implementation fee for the initial setup. As your business expands, you can easily add new modules and users, thanks to the flexibility of cloud software.

Fixed Asset Management is available as an add-on module to the core NetSuite platform, with pricing dependent on your existing licence structure and business requirements.

Want to get a NetSuite pricing estimate? Contact us now to discuss your specific needs.

Assets that are being constructed or assembled before being placed into service can be recorded in NetSuite as capital work in progress. Costs are accumulated against the asset record during the construction period, with no depreciation calculated until the asset is formally activated. When the asset is placed into service, it is converted to a fixed asset within NetSuite, depreciation commences from the activation date, and the carrying value moves from capital work in progress to the appropriate fixed asset account automatically.

Yes. Each asset record can carry location, department, and entity information, and assets can be transferred between locations or entities within NetSuite with the financial impact recorded automatically. For multi-subsidiary businesses, a consolidated view of all assets across the group is available alongside entity-level detail, with depreciation calculated separately for each entity.

When an asset is disposed of, whether through sale, retirement, or write-off, the disposal is processed within NetSuite by recording the disposal date, method, and proceeds where applicable. NetSuite automatically calculates the gain or loss on disposal based on the net book value at the disposal date and posts the corresponding journal entries to the general ledger. The asset is removed from the active register and the disposal is recorded with a full audit trail.

For businesses implementing fixed asset management as part of a broader NetSuite go-live, it is configured within the standard implementation timeline. For businesses adding it to an existing NetSuite environment, the timeline depends primarily on the volume of assets to be migrated and the complexity of the depreciation setup required. Most focused fixed asset implementations can be completed in 6 to 10 weeks, with the asset data migration and validation phase typically being the most time-intensive component.

As NetSuite’s 2024 ANZ Growth Partner of the Year, Annexa provides comprehensive support including implementation, configuration, ongoing support, and strategic guidance, all delivered by an Australian and New Zealand-based team with direct knowledge of local tax depreciation rules and accounting standards.