Overview
Depreciable assets of an investment property can now be linked to the property via the Chart of Accounts.
The purpose of linking a depreciable asset to an investment property is that the depreciation of the depreciable assets will be included in the Rental Property Statement of the investment property.
Instructions
- The separate depreciable assets will need to be added to the fund's chart of accounts before proceeding. Ensure to tick the "Depreciable asset" option.
Refer to Separate Depreciable Assets for instructions on adding the asset account.
- Completing Step 1 with the "Depreciable asset" checkbox selected will create a 33400 depreciation account to be used for recording depreciation for the separate depreciable assets:
- In the Chart of Accounts, locate and select the investment property (account 77200 or 77250 for Australian properties, 77300 or 77350 for overseas properties). Then select "More Details":
- The Depreciable Assets Linked Accounts field will appear in the bottom right corner.
Search and select the assets created in Step 1:
- Select Save.
Recording Depreciation
Once the Depreciable Asset has been linked to the property, any depreciation related to this asset will display on the Rental Property Statements.
- Note: Rental property statements will show a combined amount of depreciation for a property and any linked separate depreciable assets.
Simple Fund 360 has the option to record depreciation manually or through a depreciation schedule.
- For instructions on recording depreciation, please see How to Enter Depreciation.