Liberate I.T. want to ensure our customers have the latest information. Because of this, we wish to inform you about the release preview availability of NetSuite Fixed Assets Management version 20.1, the target date of the upgrade, and the enhancements that will be included in the new version of the SuiteApp.

Early Access Availability in Release Preview Account

We strongly encourage our customers to take advantage of their Release Preview access periods to prepare for the latest version of the Fixed Assets Management SuiteApp and to become familiar with the new enhancements.

To see the schedule of upcoming Release Preview access and 2020.1 upgrades, users can check the email notifications sent to their account’s primary contact and product update contacts. This information is also available in the New Release portlet.

Customers must manually update the Fixed Assets Management SuiteApp to test the new version in Release Preview.

  1. Log in to your NetSuite account, and select the Release Preview role.
  2. Go to Customization > SuiteBundler > Search & Install Bundles > List.
  3. Locate the Fixed Assets Management SuiteApp with bundle ID 285767, and select the Update action next to it. When the update is complete, the new bundle ID will be 313134.

Fixed Assets Management Version 20.1 will also be available for testing in your Sandbox accounts running on NetSuite 2020.1.

Release Dates

Availability in Sandbox accounts running on NetSuite 2020.1 – January 21, 2020
Feature availability in Release Preview – First day of Release Preview start date
Upgrade to your Production account – Within the week after your account is upgraded to NetSuite 2020.1

Enhancements

Fixed Assets Management version 20.1 will include the following enhancements:

  • Lease Accounting Modifications

The Lease Modification process allows users to apply changes on leases that were not part of the original terms and conditions. The Modify Lease Record button will be available on Lease records with associated assets, so that they can modify the Lease Term, Interest Rate and update the Lease Payments as of an effective date of modification. Alternatively, users can go to Fixed Assets > Leases > Lease Modification page and select the lease record that they want to modify. After entering the necessary modifications, the Apply Lease Modification button will be available on the lease record. Clicking this button will trigger the following processes:

    • Create a lease modification journal entry to record the adjustments to the Lease Liability and Right-of-Use Asset accounts
    • Record a reversal interest journal entry to reverse the interest expense recorded to lease payments on or after the effective date of modification
    • Associate the lease modification journal entry to the newly created Lease Modification DHR. This will then update the Asset Current Cost and Net Book Value.
  • FAM Diagnostics

Starting with Fixed Assets Management v20.1, users can add the FAM Diagnostics portlet to their Home Dashboard to see the health of their Fixed Assets Management bundle. They can run a scan of the following processes: Precompute Depreciation Values, Reset Asset Values and Check Missing Summary. The following information will also be available in the portlet:

    • Processes that requires action
    • What you can do to correct the problem
    • When a process was last corrected
    • Who corrected the process.

To add FAM Diagnostics, go to Home Dashboard > click Personalize > SuiteApps > FAM Diagnostics.