The Depreciation schedule has simplified the process of processing journal entries and preparing a schedule for your depreciable assets.
Depreciable assets can be entered using this worksheet (under the main property) for record keeping purposes. For this particular depreciable item, No individual asset accounts will be created within the chart of accounts.
To register assets under a property, please follow the steps outlined below:
|From the Main Toolbar, go to Compliance.||
|Navigate to Period compliance|
2. Select a Property by entering the account code or property address. The system will prompt users to select from the drop-down options.
Note: Only existing property accounts under 77200, 77250, 77300, and 77350 can be selected from the drop-down list.
3. Enter an asset, inputting the details where relevant. Select to allow an asset to be added to the asset register.
|Asset Name||Input the name of depreciable assets|
|Asset Code||Create a unique asset code for the asset|
|Opening Cost||Cost of the asset at the purchase date|
Select one of the depreciation methods from the drop-down options
Enter a depreciation rate for the system to calculate depreciation based on the depreciation method
|Opening Written Down Value||
Enter an opening balance for depreciation purpose
|Closing Written Down Value||
It can be left blank, where the system will calculate automatically.
|Business Use Percentage||
This field will only be applicable for Trusts, Companies or Individual entities. This is not a compulsory field.
4. Alternatively select Import CSV to upload a CSV file to import relevant transactions for depreciation, without entering the fields in step 3.
5. Assets added will be listed in the Asset Registry, where the system will calculate the Residual Cost automatically. Closing Down Value will be updated automatically once depreciation is posted.
6. Select Edit to update records where necessary.
7. Select to exit the worksheet once asset details have been entered.
1. Select the checkbox next to the Property(s).
2. Select to finalise posting depreciation.
3. Input the Depreciation Date and select Post.
NOTE: By changing the Depreciation Date, the depreciation amount will be Pro-Rated based on the date.
4. The depreciation record would display on the screen for the property.
1. To preview the transactions, navigate to the Transaction List and Select the Depreciation Filter.
Using the Property Worksheet, the depreciation would be posted to the property account, instead of the depreciable assets. To post depreciation to an individual asset account, please check Depreciation Schedule for details.