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NetSuite 2019.1 Release: Fixed Asset Management & New Lease Accounting Features

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If Fixed Asset Management is installed in your organization’s NetSuite account, there is important information to know about upcoming changes and exciting new features. The new Lease Accounting feature will be included in the Fixed Assets Management SuiteApp in the v19.1 releasing in 2019, in the March or April timeframe.

Are you interested in setting up Fixed Asset Management or Lease accounting?
Contact us today to get started with a NetSuite financial expert.
916.943.4428 | www.proteloinc.com

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NetSuite 2019.1 Release: Fixed Asset Management & New Lease Accounting Features

  1. 1. NetSuite 2019.1 Release: proteloinc.com | 916.943.4428 Fixed Asset Management & New Lease Accouting Features
  2. 2. If Fixed Asset Management is installed in your organization’s NetSuite account, there is important information to know about upcoming changes and exciting new features. NetSuite 2019.1 Release www.proteloinc.com 916-943-4428
  3. 3. 1 What is Changing? Lease Proposal is a new custom transaction record introduced in Lease Accounting feature. It let users propose a new lease, define the terms of the lease, add lease payments, and create the lease amortization schedule. Lease Proposal Record Reccomended Actions: Enable Custom Transaction in Setup > Company > Enable Features > SuiteCloud > Custom Transaction
  4. 4. Lease Accounting feature allows you to recognize the right-of-use asset and lease liability, and to accrue interest. To do this, users must create new GL accounts and set it to the Lease Proposal record. Reccomended Actions: Add the GL accounts in Lists > Accounting > Accounts > New New GL Accounts for Lease Accounting www.proteloinc.com 916-943-4428 2
  5. 5. www.proteloinc.com 916-943-4428 Lease Proposal, Vendors, Lease Payments are new permissions needed to ensure you can properly use the Lease Accounting feature. These new permissions are added to the Fixed Assets Management role included in the bundle. ADD THE FOLLOWING PERMISSIONS TO CUSTOM ROLES: 1. Navigate to Setup > Users/Roles > Manage Roles. 2. Click the Edit link next to the custom role. 3. Under the Permissions subtab, click Custom Record. 4. Add the following permission:. Lease Accounting related permissions3
  6. 6. Are you interested in setting up Fixed Asset Management or Lease accounting? Contact us today to get started with a NetSuite financial expert. Whatever industry or sector you are in, our highly skilled NetSuite team at Protelo understands your business challenges and the solutions you need to succeed. Take advantage of our flexible service offerings, and benefit from an in-depth knowledge of business applications that will ensure you get the solution, licenses, services, and support that’s right for you. www.proteloinc.com 916-943-4428 Contact Our Expert NetSuite Team Today.

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