Table of Contents
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The user requires the Secure Feature "FixedAssetManagement" to use this functionality |
Creating Depreciation Journals - a manual monthly end of month task.
First the asset must have
- A Depreciation Method Chosen
- Taxable Proportion (where 100% is zero personal use)
- Effective Live of the Asset
- A current Value (based on Capital Creditor Invoices being linked less depreciation journals
A single depreciation journal is created with a line for every asset
If you want to you can delete the depreciation journal that latest was created and create it again.
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If the Asset was owned for a part of a month (ie was purchased during a month) - the system automatically only calculates the depreciation for that part of the month. Depreciation is only calculated for assets with a financial book value. Assets that were written off during a month will the depreciation journal written at the time of the write off and must be written off before the mass depreciation journal is written. |
Setting up
Setting up the GL Control Accounts
For Asset Sales
For Depreciation Offset
For Low Value Pool
Setting up Fixed Asset Classifications
Asset Groups link the Asset value and Depreciation value accounts
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Normally Asset Accounts and Depreciation Accounts are in the Assets - Fixed Assets section of your GL
The Asset must be owned by the Host Company
So each
Each Asset that is to have a financial value must be linked to a Fixed Asset Class
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Low value Pool Asset ClassThe low value pool has special depreciation calculations.
Each Asset will have its value tracked individually and be visible in the Asset Dashboard like any other Asset. Once you have setup the Low Value Pool nominate it in the GL Control Accounts |
Setting up the Initial Value of the Asset
Supplier invoice to purchase the Asset
Asset value comes from Supplier Invoices that:
- Have a Tax code of CAP
- Have been linked to the Asset at the line level
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Note that the GL code for the Capital value lines will be forced to be the same as the Asset class linked to the Asset |
The Asset will have a link to the journal/s - choose link type "Asset" and enter the Asset code to create the link
Create the Financial Asset Book Value
Once all the Creditor invoices you want to have included in the initial asset value have been linked to the asset - you can create the Asset Financial Value.
The Current book value is found on the Asset Screen
Creating Depreciation Journals - a manual monthly end of month task.
First the asset must have
- A Depreciation Method Chosen
- Taxable Proportion (where 100% is zero personal use)
- Effective Live of the Asset
- A current Value (based on Capital Creditor Invoices being linked less depreciation journals
A single depreciation journal is created with a line for every asset
If you want to you can delete the depreciation journal that latest was created and create it again.
| Note |
|---|
If the Asset was owned for a part of a month (ie was purchased during a month) - the system automatically only calculates the depreciation for that part of the month. Depreciation is only calculated for assets with a financial book value. Assets that were written off during a month will the depreciation journal written at the time of the write off and must be written off before the mass depreciation journal is written. |
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Bringing in Assets that are partially depreciated already
When purchasing other companies
When you are first setting up in the system you will not have an Creditor Invoice to create the Asset Value
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