How to Correct Fixed Asset Depreciation and Records in NetSuite

To rectify fixed asset processing errors, a comprehensive cleanup of affected records is required, as depreciation journals would include expenses for both invalid and valid assets if processed by asset type.nn

1. Delete the posting journals associated with the depreciation history.n

2. Delete the depreciation history records created by the depreciation process.n

3. For any invalid assets, these can now be deleted from the system.n

4. For valid assets that were processed, the following fields on the asset record must be manually reset to their original values:n

   • Net Book Valuen
   • Accumulated Depreciationn
   • Last Depreciation Periodn
   • Last Depreciation Date

   The system's asset proposal mechanism may not re-include assets that have already been processed, as internal tracking dates or configurations that control the proposal process are typically updated. It is advisable to verify the relevant date controls for asset types that have not yet been processed, ensuring they are set to a date later than any transaction creation date intended to be skipped.