Overview
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.
Notes on Depreciation in Simple Fund 360
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.
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.
Follow the Flowchart below to determine which method to use.
Then, click the relevant link provided in the "Links to Instructions" section for a step-by-step process on how to complete each method in Simple Fund 360.
Instructions - Determine Depreciation Method
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Depreciation: Manual Method Diagram
Links to Instructions
METHOD |
LINK |
| DEPRECIATION SCHEDULE: WORKSHEET | Depreciation Schedule |
| DEPRECIATION SCHEDULE: SEPARATE ASSET | Recording asset depreciation using the Depreciation Worksheet |
| MANUAL: TRANSACTION LIST | How to Enter Depreciation - Manual |
| MANUAL: TAX ADJUSTMENT | How to process Capital Allowance or Works Deduction? |
How to display and delete depreciation transactions.
To show depreciation transactions in the transaction list, 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.