Depreciation Schedule

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The Depreciation schedule in Simple Fund 360 has simplified the process of processing journal entries and preparing a schedule for your depreciable assets.

It is recommended to have a unit recorded against the purchase transaction to utilise the schedule. However non-unitised investments are also supported in the schedule.

Setup Depreciation Schedule  Post Depreciation  Write Off FAQs

To include an asset in the schedule please follow the steps outlined below:

From the Main Toolbar, go to Compliance.

Navigate to Period compliance
Select Depreciation.

 

Tip

Click  for the ATO's Guide to Depreciating Assets.

 

1   Select 

2. Search for the asset by either the Account Code or Name.

3. Purchase Date/Opening Cost will be automatically calculated and will include any cost base adjustments if applicable. This field is editable and open for on-screen adjustments.

4. Accumulated Depreciation - This field will only display when setting up a fund. By default, Simple Fund 360 will calculate total balance posted to the investments linked depreciation account. This field is editable and open for on-screen adjustments.

Info

The Assets Contract Date must be before the System Start date for the Accumulated Depreciation field to display.

5. Select a Depreciation Method. Simple Fund 360 supports:

6. Input a Depreciation Rate.

7. Simple Fund 360 will automatically calculate the Opening Written Down Value.

Simple Fund 360 provides you with the flexibility to adjust the Opening Written Down Value, this might be required for any funds that have been migrated from Simple Fund Desktop.

The Closing Written Down Value will update once depreciation has been posted in the current period.

8. Select Save.

Depreciation Pools


Simple Fund 360 simplifies managing your depreciation compliance by giving you the ability to post multiple similar depreciation journals simultaneously through the use of Depreciation Pools.

 

Low Value Pool Custom Pool Edit Pool Delete Pool Incomplete & Reviewed

Low Value Pool

To add an asset to a low value pool:

  1. Click Low Value Pool
  2. Search for the asset by typing into the Asset Search field
  3. Change the Pool Date to reflect the date that the asset will be allocated to the pool.

    Simple Fund 360 will automatically determine the depreciation rate to use by looking at the Pool Date. If the Pool Date is prior to the current financial year, the full depreciation rate will be used, otherwise if the Pool Date is within the current year, the half rate will be used.

    In subsequent financial years, the full rate will be used when depreciating assets in the low value pool.
  4. If required, edit the Opening Cost, Opening Written Down Value, or Closing Written Down Value.
  5. Click Add to Pool.

Once the pool is added, it will be visible in the Depreciation Schedule. The rate used to depreciate the low value pool in the current financial year is displayed within the low value pool name.

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