Browse Business Software Categories

A
B
C
D
E
F
H
I
M
N
P
R
S
W
Close  

Accounting

Asset Management

ERP

Fixed Asset Management

NetSuite Fixed Assets Management: Setting Up Asset Types, Depreciation and Disposals

Sherman Hsieh
Share This Post!
Published
NetSuite Fixed Assets Management: Setting Up Asset Types, Depreciation and Disposals

Last updated: November 3, 2026 · Independent guide · We do not sell rankings or coverage.

NetSuite fixed assets are managed through the Fixed Assets Management (FAM) SuiteApp, an add-on module that keeps the asset register inside NetSuite, calculates book and tax depreciation, and posts depreciation, transfer and disposal journals to the general ledger. To move your register out of spreadsheets, you install the SuiteApp, map its accounts, define depreciation methods, tax methods and asset types, import existing assets with their accumulated depreciation, and then run depreciation each month. The steps below follow the order an administrator works in.

Before you start

  • License: NetSuite says Fixed Assets Management is “available as an add-on module” and does not publish a price (NetSuite, no date shown, checked November 3, 2026). Our NetSuite review explains how module licenses add up.
  • Features: At Setup > Company > Enable Features, enable Custom Records, Custom Transactions, Client SuiteScript, Server SuiteScript and Online Forms (NetSuite Help). The SuiteApp is bundle ID 700639; if the Install button is missing, ask NetSuite Customer Support to share it (NetSuite Help).
  • Posting tax books: Tax depreciation journals in a separate book need the Multi-Book Accounting feature and an accounting book set up (NetSuite Help).
  • Calendar: FAM does not support Multiple Calendars, and a custom fiscal calendar can cause inaccuracies (NetSuite Help).
  • Clean data: A spreadsheet register that ties to the general ledger at cutover. Our fixed asset register template includes that roll-forward.

Step 1: Install the SuiteApp and set up roles

Install bundle 700639. The SuiteApp includes a default Fixed Assets Management role with every permission it needs; compare it with your custom roles at Setup > Users/Roles > Show Role Differences and add what is missing (NetSuite Help). Keep setup rights apart from depreciation and journal approval rights.

Step 2: Map the general ledger accounts

Point FAM at your own chart of accounts. Each field accepts only certain account types (NetSuite Help; NetSuite Help):

FAM account field Allowed account types Holds
Asset Account Fixed Asset Cost; proposals search this account for purchases
Depreciation Account Fixed Asset Accumulated depreciation
Depreciation Charge Account Deferred Expense, Expense, Other Expense Depreciation expense
Write Off Account Fixed Asset, Deferred Expense, Expense, Other Expense Net book value written off
Write Down Account Fixed Asset, Deferred Expense, Expense, Other Expense Asset write-downs
Disposal Cost Account Expense, Income, Other Expense, Other Income Sale results and costs

Step 3: Set the system preferences

At Fixed Assets > Setup > System Setup, review these settings first (NetSuite Help; NetSuite Help; NetSuite Help):

  • Run Server Scripts on CSV Import: clear it while importing mid-life assets.
  • Allow Asset Value Editing: it gives administrators full rights to edit asset values; clear it after go-live unless you need it.
  • Propose Approved Transactions Only: check it so unapproved bills do not create proposals.
  • Summarize Journals By: choose parent, sub-category or asset type now, because changing it later deletes existing forecasts.

Step 4: Choose depreciation methods

At Fixed Assets > Setup > Depreciation Methods you will find 14 preconfigured methods, including Straight Line, Fixed Declining, 150DB, 200DB, Sum of Years Digits and Asset Usage (NetSuite Help). Custom methods are formulas built at Fixed Assets > Setup > Depreciation Methods > New. The book (accounting) method must depreciate monthly; annual periods are allowed only for alternate methods (NetSuite Help).

Step 5: Set up alternate (tax) methods

At Fixed Assets > Setup > Alternate Methods > New, set the depreciation method, convention (Mid-Month for monthly methods, Half Year or Mid-Quarter for annual ones), asset life, financial year start and subsidiary. Oracle says the subsidiary must be set to avoid schedule problems (NetSuite Help).

Oracle describes 150DB and 200DB as “standard Modified Accelerated Cost Recovery System (MACRS) methods defined for U.S. tax purposes” (NetSuite Help). Bonus depreciation and Section 179 are not in the method list; our depreciation journal entry guide covers the 2026 MACRS, bonus and Section 179 rules.

Alternate methods on their own “aren’t linked to NetSuite journal postings” (NetSuite Help). With Multi-Book Accounting, depreciation and journals are created for each accounting book (NetSuite Help).

Step 6: Create asset types and transfer accounts

At Fixed Assets > Setup > Asset Types > New, enter the name, accounting method, residual percentage and asset lifetime in months, and save; the Lifetimes subtab appears after the first save (NetSuite Help). Add the six accounts on the Accounts subtab (NetSuite Help). On the Other Methods subtab, click New FAM Default Alt Depreciation, select the accounting book and alternate method, and enter the residual percentage, which is not copied from the method (NetSuite Help).

For transfers between subsidiaries, set up transfer accounts for each pair at Fixed Assets > Setup > Asset Transfer Accounts > New (NetSuite Help).

Step 7: Import existing assets with accumulated depreciation

Load the register through the CSV Import Assistant as asset records and depreciation history records (DHRs). Migrated values are not posted to the ledger, so your opening balance journal carries the balances (NetSuite Help). An illustrative asset row for a $60,000 machine placed in service on January 1, 2024, on a 60-month straight-line life, at a December 31, 2025 cutover:

CSV field Illustrative value Check
Asset Status / Depreciation Active Depreciating / TRUE FALSE only if fully depreciated or disposed
Asset Lifetime 60 In months for a monthly method
Asset Original Cost $60,000.00 Matches register cost
Depreciation Start Date January 1, 2024 In-service date
Last Depreciation Period / Date 24 / December 31, 2025 Next run charges period 25
Last Depreciation Amount $1,000.00 $60,000 divided by 60
Current Net Book Value $36,000.00 Cost less $24,000 accumulated

Oracle warns that a wrong Last Depreciation Date or Period can stop depreciation or skip a period (NetSuite Help). For mid-life assets whose Prior Year Net Book Value differs from cost, its sequence is: import each asset with Asset Original Cost equal to Prior Year Net Book Value, import any alternate methods, then run a second import that sets Asset Original Cost to the true figure on the asset and the alternate method. Map Subsidiary in OneWorld accounts or the import fails, and include Department, Class and Location if they are mandatory on journals (NetSuite Help). Then import DHRs, which can be one per prior period, plus tax method DHRs where the asset type has default tax methods (NetSuite Help). Test a few assets first (NetSuite Help).

Step 8: Create new assets from vendor bills

FAM proposes assets from bills, checks, expense reports, journals and other transactions that post to a fixed asset account (NetSuite Help).

  1. At Fixed Assets > Transactions > Asset Proposal, set the date range, subsidiary and asset types and click Propose New Assets (NetSuite Help).
  2. At Fixed Assets > Transactions > Manage Asset Proposal, review the proposals and click Generate Assets (NetSuite Help).

The transaction date becomes the depreciation start date (NetSuite Help). For equipment installed weeks after the bill, change it to the in-service date.

Step 9: Checks before the first live run

  • Run the Asset Register report at cutover and agree cost and accumulated depreciation by asset type to the trial balance and the old spreadsheet.
  • Spot-check five assets per type against next month’s spreadsheet charge once the depreciation schedules generate, either by a Sunday script or a manual precompute from FAM System Setup (NetSuite Help).
  • Confirm each asset has any mandatory department, class and location; otherwise it is skipped with no journal (NetSuite Help).
  • Confirm the first live period is open and turn Run Server Scripts on CSV Import back on.
  • Run the first month in a sandbox and compare the journal to the spreadsheet.

Step 10: Run monthly depreciation

At Fixed Assets > Transactions > Asset Depreciation, select asset types and subsidiaries, enter the period end date and click Depreciate Assets. Custom journals must be set to Approved before they post, and entries for a closed base period go to the next open period (NetSuite Help). Add the run and approval to your month-end close checklist.

Step 11: Transfer assets

At Fixed Assets > Transactions > Asset Transfer, select the asset, enter the transfer date and the new department, class, location, subsidiary or asset type, and click Process Transfer. FAM calculates catch-up depreciation so depreciation is up to date (NetSuite Help). Inline edits change the fields without moving cost or accumulated depreciation or creating journals, and mass updates cannot transfer assets, so never use either for transfers (NetSuite Help).

Step 12: Dispose of assets

At Fixed Assets > Transactions > Asset Disposal, choose Sale and enter the date, customer, sale item and (without SuiteTax) tax code, add each asset with its quantity and amount, and click Dispose. NetSuite creates an invoice and posts the difference between net book value and proceeds (NetSuite Help). Choose Write-off for an asset scrapped without proceeds (NetSuite Help). Disposed assets cannot be retrieved, so have a second person check the IDs.

Step 13: Run the asset register report

At Fixed Assets > Reports > Generate Reports, choose Asset Register, set dates, subsidiary, asset types and book, and click Generate. Completed reports are listed under Fixed Assets > Reports > My Reports as PDF or XML for the past 30 days, so save each month’s copy (NetSuite Help; NetSuite Help). It runs from beginning balances through acquisitions, transfers, sales, disposals, depreciation, revaluation and write-downs to ending net book value (NetSuite Help).

Common mistakes and how to fix them

  • Assets skipped in the run: a missing mandatory segment or wrong Last Depreciation Period. Fix the record and rerun to the same date.
  • No proposals: the bill hit an account no asset type uses, the bill is unapproved while Propose Approved Transactions Only is checked, or another scheduled script is still running (NetSuite Help; NetSuite Help; NetSuite Help).
  • Register and ledger disagree after import: the opening journal and import file came from different spreadsheet versions.

Limitations of the native feature

Tax methods do not post without Multi-Book Accounting (NetSuite Help), and FAM does not generate a parallel set of books on its own. Depreciation always posts in the asset’s own subsidiary. There is no published asset limit, but processing many subsidiaries can time out scripts, and the Multiple Queue feature requires a SuiteCloud Plus license (NetSuite Help).

When companies add a third-party tool

Companies that need more tax depreciation detail can keep tax books in a dedicated system. Sage Fixed Assets advertises more than 50 depreciation methods and forms including 4562 and 4797, integrates with ERPs such as Oracle and SAP, and does not publish pricing (Sage, a vendor, no date shown).

How we researched this

We read the pages ranking for “netsuite fixed assets” in November 2026, including Oracle’s Help Center, BrokenRubik, GMA, Insightful Accountant and Cleverence. Every step and menu path comes from Oracle’s NetSuite Help Center, checked November 3, 2026; those help pages show no publication date. The import row is an illustration.

Related guides

Frequently asked questions

Is Fixed Assets Management included with NetSuite?

No. NetSuite sells it as an add-on module and does not publish the price. It installs as a SuiteApp.

Does importing assets into NetSuite post journal entries?

No. Oracle states that CSV-migrated asset values are not posted to the fixed asset accounts. Post balances through your opening journal and agree the Asset Register report to it.

Can NetSuite calculate MACRS depreciation?

FAM includes 150DB and 200DB methods that Oracle calls standard MACRS methods, with Half Year and Mid-Quarter conventions on alternate methods. They are memo calculations unless linked to an accounting book through Multi-Book Accounting.

Why did NetSuite skip depreciation on some assets?

Usually a missing mandatory department, class or location, or a wrong Last Depreciation Date or Period from the import. Fix the record and rerun.

Where is the fixed asset register in NetSuite?

Generate it at Fixed Assets > Reports > Generate Reports with the Asset Register report type. Save a copy at each close.

Sources

Sherman Hsieh

CEO & Editor-in-Chief, Business-Software.com
Independent analysis of enterprise software — ERP, CRM and more
Sherman Hsieh is the founder, CEO, and editor-in-chief of Business-Software.com. He leads the site's independent, buyer-focused coverage of ERP, CRM, and other business systems, including vendor-neutral comparisons, pricing analysis, and implementation guidance. Before founding Business-Software.com, Sherman was an executive at Siebel ...

Users Who Read This Article Also Read