NETASSET RELEASE NOTES ARCHIVE

Release notes highlight recent product improvements, any necessary action items, and new features to come so you can stay up to date on our product features. Use the archive page to view previous release notes.

  2020.4   |   2020.3   |   2020.2   |   2020.1   |   2019.1

 

2020.4 RELEASE NOTES

UPDATES IN VERSION 2020.4

  • Revaluation Proposals

    • Allows users import revaluations via CSV to mass process and also allow the building an approval process around revaluations for enhanced segregation of duties

  • Disposal Proposals

    • Allows users import disposals via CSV to mass process and also allow the building an approval process around disposals for enhanced segregation of duties

  • Override Disposal Accounting

    • Allows users to override the default Gain/Loss and/or Sale of Asset Payable/Receivable accounts used on disposal prior to running the disposal

WHAT DO YOU NEED TO DO?

  • Your NetSuite Administrator should update your NetLease bundle (Customization > SuiteBundler > Search & Install Bundles > List

  • Update the preferred form on the NG Asset record to hide unused new fields from the release

  • Reach out with questions on any of the new features

 

2020.3 RELEASE NOTES

UPDATES IN VERSION 2020.3

  • Asset Type Transfers

    • ​Allows users to update the asset type on an asset and automates the creation of a journal to reverse out and re-establish gross asset and accumulated depreciation balances

  • Cross Currency Intercompany Transfers

    • Transfers between subsidiaries with different currencies will now regenerate the remaining schedule in the new subsidiary’s currency

  • Post Revaluation Formula

    • Allows a different depreciation formula to be used following a revaluation

  • Extended Life Depreciation Formula

    • Allows an asset that has reached its useful life, but not its residual value estimate to continue to depreciate until it is disposed of

  • Depreciation Calculation Interval

    • Allows users to post depreciation at a different interval than it is calculation (e.g. post monthly, calculate annually)

  • Custom Suitelet Filters

    • Allows users to create account specific filters to apply to during capitalization or on any mass asset processing screen

  • Usage Based Asset Revaluations

    • Allows a user to update the current remaining usage on an asset

  • Prospective Depreciation Method Update Revaluations

    • Allows a user update the depreciation method being used on a go-forward basis

  • Global setting “Auto Approve Transactions”

    • Allows users to choose which NG Asset Transaction Types should be automatically approved and which should require direct user approval

  • Global “Quick Access Button” toggle for “Mass Capitalize Assets” button

    • Allows user to remove the “Mass Capitalize Assets” button from the Capitalize from Clearing and Capitalize from CIP screens

WHAT DO YOU NEED TO DO?

  • Update your NetAsset bundle (Customization > SuiteBundler > Search & Install Bundles > List). Default settings should be as follows:

    • Custom Field Bundle Settings: “Hide on Existing Forms” 

    • Custom Lists Updates: “Replace Data” 

      • Exceptions include any lists not set to Lock On Install, which currently includes NG Asset Class of Property, NG Asset Unit of Measure Types, and NG Asset Status. These should be set to “Merge Data” to ensure any changes are kept: 

    • NG Asset Depreciation Method: “Merge Data” 

    • NG Asset Alternate Subtab: “Preserve Data” 

    • All SuiteScripts should be set to “Update Deployments” with the exception of Suitelet Scripts which should be set to “Do Not Update Deployments” in order to maintain user links and role settings. 

  • Update your preferred NG Asset form to hide any new fields which are not needed in your instance or reorganize them to display where you would like. 

  • Update NetAsset setup (NetAsset > NetAsset Setup > System Setup) to reflect key decisions on which NG Asset Transactions should be “Auto Approve Transactions” and whether to display the “Mass Capitalize Assets” quick access button

 

2020.2 RELEASE NOTES

UPDATES IN VERSION 2020.2

  • Mass capitalization of asset proposals > includes the ability to tag transactions with an asset type that will carry forward to the capitalization screen

  • True-up revaluation type > allows customers to adjust life-to-date asset values in the current period AS IF those settings had been in place since the in-service date

  • Addition of department & class filters to Netgain scripted reports

  • Ability to record impairment against a separate accumulated impairment account

  • New historical asset fields >  “Capitalized Asset Value at In-Service” and “Accumulated Depreciation at In-Service”

  • Separate record for asset disposal

  • Default residual value % by asset type

  • Usage-based depreciation impairment support

  • Alternate tax table mass generation

What DO YOU NEED TO DO?

  • Update your NetAsset bundle (Customization > SuiteBundler > Search & Install Bundles > List). Default settings should be as follows:

    • Custom Field Bundle Settings: All set to “Hide on Existing Forms”

    • Custom Lists Updates: All set to “Replace Date”

    • Custom Record Updates: All set to “Preserve Data”

    • SuiteScripts-Suitelets:

      • Waterfall Report SL & Roll Forward Report SL both set to “Do Not Update Deployments”

      • Any deployments updated with custom permissions/links should also be set to “Do Not Update Deployments”

      • All others set to “Update Deployments”

  • Update your preferred NG Asset form to use the new “Capitalized Asset Value at In-Service” and “Accumulated Depreciation at In-Service” and hide any fields that are not needed

  • Update account mappings and default residual values for the two new populated fields on the NG Asset Type record (NetAsset > NetAsset Setup > Manage Asset Types & Mappings)

    • Default Residual Value Percentage: If left blank, will default to zero
    • Accumulated Impairment Account: If unused, just map to accumulated depreciation
    • Basis Reduction Expense Account: If unused, just map to depreciation expense​
  • Enable the defaulting of asset types from originating transactions, apply the new bundled transaction line field “NG Asset Type” to your forms so they can be viewed and populated on the transaction record (Customization > List, Records, & Fields > Transaction Line Fields)

    • Navigate to the field record and select “Apply to Forms,” which will allow you to opt in to display the field on the desired originating forms

  • Enable the defaulting of asset types from item records to the transaction line, apply the new bundled item field “NG Asset Type” to your forms so they can be viewed and populated on the item record
     (Customization > List, Records, & Fields > Item Fields)

 

2020.1 RELEASE NOTES

UPDATES IN VERSION 2020.1

  • Generate alternate schedules in mass

  • Addition of credit bill, check, and credit card transactions as source for asset proposals/CIP

  • Improved Global Settings layout and features

  • Ability to enable or disable journal postings on transfers impacting department, class, or location

  • Department, Class, & Location filters added to scripted reports

  • Additional depreciation conventions enabled

    • Next Period

    • Mid-Month Cutoff

  • Automated capitalization & remaining depreciation calculation of mid-life assets using table-based depreciation

  • Mid-life table-based depreciation revaluation

  • Minor enhancements & bug fixes

    • Suitelet UI formatting improvements

    • Export mass processing results to .csv

    • 4-4-5 accounting normalization

    • Currency precision support

WHAT DO YOU NEED TO DO?

  • Your NetSuite Administrator should update your NetAsset bundle (Customization > SuiteBundler > Search & Install Bundles > List)

    • Customized Suitelets should be set to “Do Not Update Deployments”, including scripted reports

  • No other required actions

 

2019.1 RELEASE NOTES

UPDATES IN VERSION 2019.1

  • Bug fix to correct error with paginating on the following mass processing results pages:

    • Mass Approval

    • Mass Place In-Service

    • Mass Transfer

    • Mass Disposal

  • Improved Go-Live Error Handling

  • Go-Live Suitelet Enhancements

    • Enforcement of Go-Live Date

 

WHAT DO YOU NEED TO DO?

  • Your NetSuite Administrator should update your NetAsset bundle (Customization > SuiteBundler > Search & Install Bundles > List)

    • SuiteScripts should be set to “update deployments”

  • No other required actions

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