In Simple Fund 360 you have the ability to:
- Prepare a Depreciation Schedule and automatically post depreciation journals
- Record manual depreciation journals through the Transaction List. This is recommended when you are manually calculating and entering in the depreciation expense.
Simple Fund 360 will automatically create a linked depreciation account (33400) when an investment is created. Refer to Linked Accounts for more information on linked accounts.
Note: In addition to this, depreciation is automatically reduced against the cost base when recorded. This will present the correct Written Down Value of the investment when completing an Investment Disposal.
To enter a Capital Works deduction in Simple Fund 360, click here.
Click Here for more information on how to set up and use the Depreciation Schedule
Manually record Depreciation
Manual Depreciation Journals can be recorded through the Transaction List.
|From the Main Toolbar, go to Accounting.||
|Select Transaction list||
|Select New Transaction.||
- Input the Date of the transaction and a Reference number. You can include a description of the transaction in the Description box.
- Under the Account heading, from the Select an account box, search for the Depreciation account by typing 33400/INVESTCODE.
- Input the depreciation amount under the Debit column.
Next, search for the Investment Account from the Select an account box and enter the depreciation amount under the Credit column.
To process depreciation, leave the Units field for investments blank.
After you have entered all information for the transaction, select Post to add the transaction and return to the Transaction List screen or select Post & Add Another to add the transaction to the Transaction List, but remain on the Depreciation screen.
How to display and delete depreciation transactions in the Transaction List
To show depreciation transactions, ensure the Depreciation check box is selected.
To view Depreciation transactions only, untick the other checkboxes.
To delete the depreciation transaction, tick the checkbox on the left and select the Delete icon.