Mastering Fixed Asset Management (FAM) in NetSuite: A Complete Guide
In this comprehensive NetSuite tutorial, we break down Fixed Asset Management (FAM) to simplify one of the more complex accounting processes for businesses. Learn how to efficiently manage long-term physical assets such as tractors, land, furniture, and IT equipment using NetSuite’s FAM module.
This video covers:
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The fundamentals of fixed asset management vs. amortization, highlighting key differences and similarities.
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How to create and manage FAM asset types (templates) to standardize depreciation schedules.
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Step-by-step instructions for generating fixed asset records from vendor bills to track assets accurately.
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Configuring depreciation rules, asset accounts, disposal accounts, and residual values for seamless accounting.
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Tips for using NetSuite to monitor asset lifecycle, from acquisition to depreciation and disposal.
Whether you’re a financial professional, NetSuite user, or accounting student, this guide provides actionable insights to streamline your asset tracking, depreciation, and reporting.
Stay ahead in your NetSuite expertise and optimize your fixed asset management workflow today!
