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Compute Depreciation
Things You Should Know
Before computing depreciation, confirm all needed changes have been made to your Fixed Asset items. If an item has been Disposed, make certain the Status has been changed and the Disposition Date is entered. Computing depreciation updates the tables that are used to create the Reports so it is very important all items are correct before depreciation is calculated.
Operating Instructions
Period to Depreciate: This box indicates the next period that will be calculated. This period will automatically advance to the next month end date after the depreciation has been saved.
Current Period: This date comes from the Tools menu. Only assets entered up to and including this date will be included in the calculation of depreciation.
Compute: Click on this button to calculate a month’s depreciation. After the calculation of depreciation of the period indicated, it will display the Fixed Asset and Depreciation Schedule. This schedule shows code, description, date acquired, general ledger number, location code, description code, depreciation code, acquisition amount, number of month’s depreciation, current amount, YTD amount, total amount, and book value. The report is subtotaled by GL code and should be reconciled to the General Ledger.
This schedule will also show you the depreciation expense for the month. This amount will need to be entered into a general journal entry in order for it to be recorded in your accounting and to be included in month end processing.
You have the option print or export this report. To exit this screen, without printing or exporting the report, click the X in the upper right corner. It will then ask you if you want to save this depreciation run, Yes or No.
Reset Depreciation
Depreciation Period: Select the depreciation date you wish to restore back to.
Restore: After you have selected the desired depreciation date, click on the Restore button.
Reset for New Year: After you have computed depreciation for the last month of your fiscal year and have printed all of the reports needed, select this option. This will zero out all fiscal year to date amounts in preparation for the new fiscal
year.
Note: Before selecting this option, you should make a copy of your database to a folder where it may be used at a later time for the audit or other things. You may also choose to copy it to an external backup source.
Before computing depreciation, confirm all needed changes have been made to your Fixed Asset items. If an item has been Disposed, make certain the Status has been changed and the Disposition Date is entered. Computing depreciation updates the tables that are used to create the Reports so it is very important all items are correct before depreciation is calculated.
Operating Instructions
Period to Depreciate: This box indicates the next period that will be calculated. This period will automatically advance to the next month end date after the depreciation has been saved.
Current Period: This date comes from the Tools menu. Only assets entered up to and including this date will be included in the calculation of depreciation.
Compute: Click on this button to calculate a month’s depreciation. After the calculation of depreciation of the period indicated, it will display the Fixed Asset and Depreciation Schedule. This schedule shows code, description, date acquired, general ledger number, location code, description code, depreciation code, acquisition amount, number of month’s depreciation, current amount, YTD amount, total amount, and book value. The report is subtotaled by GL code and should be reconciled to the General Ledger.
This schedule will also show you the depreciation expense for the month. This amount will need to be entered into a general journal entry in order for it to be recorded in your accounting and to be included in month end processing.
You have the option print or export this report. To exit this screen, without printing or exporting the report, click the X in the upper right corner. It will then ask you if you want to save this depreciation run, Yes or No.
Reset Depreciation
Depreciation Period: Select the depreciation date you wish to restore back to.
Restore: After you have selected the desired depreciation date, click on the Restore button.
Reset for New Year: After you have computed depreciation for the last month of your fiscal year and have printed all of the reports needed, select this option. This will zero out all fiscal year to date amounts in preparation for the new fiscal
year.
Note: Before selecting this option, you should make a copy of your database to a folder where it may be used at a later time for the audit or other things. You may also choose to copy it to an external backup source.