Fixed assets generally refer to assets which are held for the purpose of using for a long period of one year or longer. Companies which own fixed assets such as buildings and automobiles need to manage acquisition, depreciation, impairment, and retirement of fixed assets.
On the balance sheet and profit and loss statement, only the total amount of “building”, “vehicle and delivery equipment” and “depreciation” is displayed, and the breakdown is not shown. The fixed asset management solution visualizes the calculation basis of acquisition cost, depreciation cost, retirement processing of each fixed asset, and it is centrally managed by NetSuite. It creates journals automatically from acquisition to retirement of fixed assets and reflects in a fixed asset register. It sets the depreciation rate, useful life, depreciation method, accounting items, and automates depreciation, impairment, and retirement processing of fixed assets.