How to Delete an Asset Record in NetSuite Fixed Asset Management

Address associated Depreciation Journal Entries. Depending on system configuration and current NetSuite behavior, this may involve reversing or deleting the journal entries via specific actions, or adjusting the amounts to zero if direct modification is permitted. Navigate to Fixed Assets > List > Assets. Click View on the Asset Record. Navigate to Depreciation History tab. Click the Journal link on the Posting Reference field. If direct modification is possible, put "0" on the Debit column. If direct modification is possible, put "0" on the Credit Column. Click Save.

Remove all Depreciation History Records. Navigate to Fixed Assets > List > Assets. Click View on the Asset Record. Navigate to Depreciation History tab. Click Edit on each Depreciation Transaction Type. Click More Options > Select Delete > Click Ok.

Remove all Acquisition Depreciation History Records. Navigate to Fixed Assets > List > Assets. Click View on the Asset Record. Go to Depreciation History tab. Click Edit on Acquisition Transaction Type. Click More Options > Select Delete > Click Ok.

Remove all FAM-Expense/Income records under the Income/Expense tab. Navigate to Fixed Assets > List > Assets. Click View on the Asset Record. Go to Income/Expense tab. Click Edit. Click More Options > Delete.

If manual status changes are permitted by the system configuration, update the Asset Status. Navigate to Fixed Assets > List > Assets. Click Edit on the Asset Record. Select Disposed on the Asset Status field.

If the 'Cumulative Depreciation' field is editable, reset it to zero on the Asset Header. Put "0" (zero) on the Cumulative Depreciation field.

If the 'Current Net Book Value' field is editable, reset it to the 'Original Cost' on the Asset Header. Copy the amount from Asset Original Cost to Current Net Book Value.

Change the 'Depreciation Active' status to False on the General Tab of the Asset. Navigate to General tab. Select False on Depreciation Active field. Click Save.

If an associated Asset Proposal Record exists and requires modification, address it. The ability to delete 'Alternate Depreciations' or change 'Depreciation Active' directly on a proposal record may vary based on system configuration and NetSuite version, as these actions are typically associated with the asset record itself. Navigate to Fixed Assets > Searches > Proposal History > Customize. Navigate to Criteria tab. Select Asset > Select any Of > Select the ID of the Asset that needs to be addressed > Click Set. Click Submit. Click Edit on the proposal. Navigate to Other Methods tab. If applicable, delete the Alternate Depreciations that are listed there. Navigate to General Tab. If applicable, change the Depreciation Active from True to False. Click More Actions > Select Delete > Click Ok.

Finally, delete the Asset Record. Navigate to Fixed Assets > List > Assets. Click Edit on the Asset Record. Click More Actions > Select Delete > Click Ok.