TURN PROJECTS INTO FIXED ASSETS
Project costs convert seamlessly into assets with automated journal entries
NetSuite Fixed Assets and Journal Workflow automation for Closed Projects streamlines the manual process. Automating fixed asset and journal creation from capitalised project costs in NetSuite wastes hours once projects are marked Closed. Once a project closes, they are left to manually check transactions, identify capitalisable costs, create asset records, and post journals. It slows down reporting, increases errors, and puts compliance at risk.
This automation does it for you. It picks up when a project hits Closed, applies your asset rules, and posts journals with full traceability. You stay on top of reporting, audits, and month-end close without chasing spreadsheets or fixing mistakes.
It’s ideal for any business capitalising internal projects across multiple teams, accounts, or entities. Construction, education, manufacturing, and IT projects all benefit from clean asset creation and journal posting without admin overhead. You keep projects moving, fixed assets accurate, and reporting deadlines on track. This is how NetSuite Closed Projects Fixed Assets should work: automated, auditable, and off your plate.
KEY FEATURES
The fastest way to capitalise projects without errors or rework
This NetSuite Fixed Asset and Journal Creation for Closed Projects automation is triggered when a project reaches Closed. It removes the manual work your team dreads and replaces it with consistent, rule-based processes. Fixed asset records are created accurately. Journals are posted to the right accounts. Every transaction is traceable, and nothing slips through the cracks. Your finance team gets it done right the first time, with less effort and no surprises.
Automated fixed assets creation
- Auto detects capitalisable costs, based on account type or tag, from completed projects.
- One or multiple Fixed Asset records in NetSuite based on:
– Cost category, eg IT Equipment, Leasehold Improvements;
– Asset class rules, eg Useful Life, Depreciation Method - Supports both tangible (physical) and intangible assets.
Journal generation
- Automatically generates journal entries for:
– Clearing the WIP/Project-in-Progress account;
– Capitalising to the relevant Fixed Asset account. - Multi-entity and intercompany journal support built-in.
- Complies with project cost-to-asset accounting treatment.
Validation and approvals
- Configurable rules engine ensures:
– Only eligible costs are processed;
– Thresholds, dates and asset types are respected. - Optional workflow approval before journal and asset creation.
Audit trail and traceability
- All transactions link back to the originating project, task and expense lines.
- Provides full traceability for fiance, audit and compliance teams.
WHY IT MATTERS
Built for teams who capitalise projects
This is built for finance teams dealing with capital projects every week. We see it used by construction firms, property developers, education providers running funded projects, manufacturers upgrading equipment, and multi-entity businesses managing internal CapEx. If your team is still doing this manually, you’re wasting time, increasing errors, and risking compliance. This fixes all three.
- Saves Time: Eliminates repetitive manual creation of assets from projects.
- Reduces Errors: Ensures data consistency across projects, journals, and fixed asset register.
- Improves Compliance: Aligns with accounting standards and audit requirements.
End the manual work of capitalising projects
The journey from a completed project to a capitalised asset doesn’t have to be a manual, high-risk process. Our solution automates the entire workflow in NetSuite, ensuring every project cost is accurately linked to your fixed asset register. Stop struggling with spreadsheets and gain the confidence of having instant, audit-ready data.
