Recording asset depreciation using the Depreciation Worksheet

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

Property Worksheet

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. 

Register Assets Post Depreciation FAQs

To register assets under a property, please follow the steps outlined below:

From the Main Toolbar, go to Compliance.
Navigate to Period compliance
Select Depreciation.

1. Select

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 the following accounts can be selected from the drop-down list: 72350, 76500, 76550, 77200, 77250, 77300, and 77350.

3. Enter an asset, inputting the details where relevant. Select  to allow an asset to be added to the asset register.

Fields	Instructions
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
Depreciation Method	Select one of the depreciation methods from the drop-down options
Depreciation Rate	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.

Note

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.  

2. The investment reports will not show a breakdown of each individual asset within the worksheet, but only show the main property for which an account exists. Though the depreciable assets would be listed under the property in the Depreciation Schedule.

Frequently Asked Questions

When searching for the account to add, why do I see the "Please enter an existing active account" message?

• This occurs when the account you are searching for had not been added yet to the fund, or the account is not supported by the depreciation schedule screen.
• Please note only the following accounts are supported: 72350, 76500, 76550, 77200, 77250, 77300, and 77350.

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