Create Depreciation Method
1. Fixed Assets > Maintenance > Depreciation Methods
2. Click New button
3. Enter these information

Header:

  • Depreciation Name: SL-T45-<unique no.>
  • Depreciation Type: Straight Line
  • Service Years: 1
  • Months: blank
  • Convention: Actual Days


*Take note of Depreciation Name


4. In the grid, enter these % Percentage

  • % Percentage: 100

5. Click Save button

6. Click Close button
7. Click Close button


Create Fixed Asset
1. Fixed Assets > Activities > Fixed Assets
2. Click New button
3. Enter these information
Details tab:

  • Asset Description: FA Test-T45-<unique no.>
  • Location: ADMIN LOCATION
  • Serial No: T45-<unique no.>
  • Notes: Test Notes-T45
  • Date Acquired: Yesterday
  • Default placed in service: Today
  • Depreciation Method: <Depreciation Name noted in Step 3>
  • Default Cost: 1,000.00
  • Default Salvage Value: 100.00

*Take note of Asset No
*Take note of Asset Description
*Take note of Serial No.


4. Go to GL Accounts tab and set GL Accounts <How to Create GL Accounts for Fixed Asset>
5. Click Save button



6. Go to Depreciation Methods tab and verify information



7. In Depreciation Methods tab, add a record for booking of Tax
8. In a new row, add this record

  • Book: Tax


9. Click Save button



10. Click Close button
11. Click Close button



Acquire Asset
1. Fixed Assets > Activities > Fixed Assets
2. Filter for this record

  • Asset No. = <Created Asset>


3. Click Create Asset button

*Take note of Transaction Id generated in the message.


4. Click OK

5. Click Close button
6. Click Close button



Depreciate Single Asset
1. Fixed Assets > Activities > Fixed Assets
2. Filter for this record and click Open Selected button



3. Click Depreciate button

*Take note of the Transaction ID for GAAP


4. Click Close button

5. Go to History tab and filter for this record

  • Transaction = Place in service


6. Click Depreciate button

*Take note of the Transaction ID for GAAP


7. Click Close button


8. Go to History tab and filter for this record

  • Transaction Id = <Transaction ID for GAAP noted is Step 6>


  • Sample computation used these dates:
    • Date Place in Service is 27, since today is 10/27
    • The below numbers vary based on the date of Date Place in service.
  • computed as: 
  • Actual Days = (End of This Month - Date Place in service) + 1
    • = (31 - 27) + 1
    • = 5
  • Depreciation per Month = Basis /12
    • = 900/12
    • = 75
  • Depreciation per Day = Depreciation per Month/No. of Days for This Month
    • = 75/31
    • = 2.419354
  • Depreciation per Day x Actual Days 
    • = 2.419354 x 5
    • =12.10


9. Click Close button
10. Click Close button

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