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 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.
|Input the name of depreciable assets
|Create a unique asset code for the asset
|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.
5. Once the depreciation has been posted, to ensure that the Asset rollovers into the next financial year the asset must be marked as 'Reviewed'. This is completed by ticking the adjunct check box and then selecting 'Mark as Reviewed" in the top right of the Depreciation page.
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.
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.