Fixed Asset Lifecycle Example
Follow a vehicle asset through its complete lifecycle in NetSuite FAM.
Sample Asset
Asset: Delivery Vehicle
Cost: $50,000
Salvage: $5,000
Life: 5 years (straight line)
Coming Soon
This appendix is under development. Full content will include detailed GL entries for each lifecycle stage.
Asset Acquisition
Create asset from vendor bill. Debit Fixed Asset, credit AP. Set depreciation schedule.
Monthly Depreciation
Monthly expense: ($50,000 - $5,000) / 60 months = $750. Debit Depreciation Expense, credit Accumulated Depreciation.
Asset Transfer
Transfer asset between locations or subsidiaries. Update tracking without GL impact (unless intercompany).
Asset Disposal
Sell or retire asset. Calculate gain/loss based on net book value vs proceeds.
Complete GL Entries
Summary of all journal entries from acquisition through disposal.