Klugo simplifies the Management of Fixed Assets and Lease Accounting Compliance.
Using NetSuite Fixed Assets Management, Klugo can help you get rid of spreadsheets and manual work in managing your company’s assets and leases. With Klugo, you can personalise this solution to fit your business needs. This system gives you a clear and easy way to see all your company-owned and leased assets, set flexible depreciation schedules, generate detailed asset reports, and seamlessly connect with NetSuite’s core accounting functions. It lets you keep track of the entire asset lifecycle from creation to depreciation, revaluation, and retirement. It supports different types of depreciation, maintenance schedules, lease accounting, and insurance.
Key Benefits
- Manage the complete asset lifecycle with ease.
- Fully integrate asset management with accounting.
- Maintain accurate records for compliance and reporting.
- Eliminate manual effort and multiple spreadsheets.
- Easily track company-owned and leased assets.
- Use standard and custom depreciation methods.
- Ensure compliance with lease accounting standards and regulations.
- Automatically post asset transactions directly to NetSuite accounts.
- Accurately report valuation, depreciation, expense, and amortisation.
- Manage asset data and lease agreements efficiently.
By working with Klugo, you can personalise NetSuite Fixed Assets Management to select the right accounting period for depreciation. For example, with fixed assets’ seasonal withdrawal and depreciation, you can choose not to depreciate an asset during its downtime. This helps in managing costs better. Assign tax depreciation methods to an asset for both tax and corporate reporting. Tight integration with NetSuite Financials creates accounting entries and fixed assets from purchases, ensuring no equipment is missed.
Acquire, Depreciate, Retire, Transfer, and Revalue Assets.
NetSuite Fixed Assets Management supports the entire asset lifecycle. From creating a purchase order within NetSuite to tracking depreciation and eventual retirement, it handles it all. Whether assets are depreciating or non-depreciating, it makes asset creation easy. By working with Klugo, you can set default types for asset creation and maintain key details. This system allows you to:
- Easily create, manage, track, and report on any asset type.
- Control all asset-related transactions, including proposals, creation, depreciation, revaluation, transfer, disposal, and split.
- Easily track depreciating or non-depreciating assets.
- Quickly create and report on assets based on unlimited types.
- Maintain all relevant asset details, including insurance, lease agreements, and maintenance schedules.
- Use automated defaults for asset creation, depreciation, and retirement.
- Track and depreciate individual components.
- Move assets between locations or subsidiaries.
- Adjust asset values through revaluation to reflect current market value.
- Account for asset repair expenses.
Comprehensive Support for Depreciation.
NetSuite Fixed Assets Management offers flexibility to depreciate assets using the right method. It includes standard depreciation methods and allows you to create custom ones for both financial and reporting purposes. Klugo can help you leverage this system by providing the following:
- Built-in support for all standard depreciation methods, including straight line, fixed declining, sum of years digits, and asset usage.
- Custom user-defined depreciation methods.
- “Chain” depreciation methods for comprehensive valuations.
- Multiple depreciation methods per asset for reporting.
- Monthly and daily depreciation calculations.
Efficient Lease Management Compliance.
NetSuite Fixed Assets Management simplifies lease payment, amortisation, and reporting, helping you comply with tax rules and accounting standards. Klugo can help you easily create, update, and track finance and operational leases. This system separates lease and interest expenses and updates lease values automatically, simplifying the monthly close process. With Klugo, you can:
- Standardise lease accounting processes.
- Ensure compliance with ASC 842, IFRS 16, and GASB 87 standards.
- Import or create custom amortisation schedules.
- Automatically post journal entries with separate lease and interest expenses.
- Improve financial statement accuracy and transparency.
Complete Integration with NetSuite Accounting.
NetSuite Fixed Assets Management lets you easily create fixed assets from purchase orders, ensuring all asset depreciation and disposals are posted to NetSuite’s core accounting system. Klugo can streamline this process for you by:
- Automating asset creation from purchase orders.
- Posting depreciation and asset retirements directly to NetSuite accounts.
- Streamlining the process, including journal posting, bill posting, and PO billing posting.
Real-Time Fixed Assets and Lease Reporting.
With NetSuite Fixed Assets Management, you can use NetSuite dashboards and reports to analyse and report on company-owned and leased assets. Klugo can help you:
- Run preconfigured reports for fixed and leased assets.
- Report on fixed and leased assets, valuation, present value, expense, and depreciation.
- Create reports for lease payments, including net present value, interest, and principal.
- Analyse assets across locations, subsidiaries, and types.
- Quickly run pre-built saved searches on monthly depreciation, asset additions/disposals, asset list, asset register, lease proposal history, inspection due, insurance renewal due, expiring leases, and more.
By partnering with Klugo, you can simplify, digitise, and connect your asset management processes. This helps coordinate with teams, drives cultural change, and ensures the successful adoption of Fixed Assets Management. Embracing this technology with a solution partner like Klugo is key to efficiently managing your assets.
