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