On this tab, you can view the results of automatic calculation of depreciation amounts for the specific month.
Alternatively, you can populate this tab with fixed assets that are subjected to depreciation in the selected month by clicking the Calculate button.
Select the Manual Processing check box if you need to edit the list and the depreciation amounts.
Note. The edited document will not be automatically recalculated by the Month-End Closing assistant. So, if at the month end, the data changes, you will need to manually update the document marked for Manual Processing.
The "Fixed Asset Entry (create)" form
Click Add on the toolbar to append a line for a fixed asset.
In the Fixed Asset column, select a fixed asset to be depreciated in the specified month.
Make sure that the Initial Cost column shows the initial cost of the fixed asset.
In the Depreciation Method column, you can notice one of the following available depreciation methods:
- Straight Line: To calculate depreciation in equal monthly amounts during the fixed asset useful life.
- Units of Production: To calculate depreciation amounts proportionally to actual usage of the fixed asset.
The Useful Life (Months) column (available for the Straight Line method) is populated with the number of months the fixed asset is being planned to be used.
In the UOM column (available for the Units of Production method), select the unit of measure for usage.
The Estimated Production Volume column is used only for assets for which the Units of Production is selected as the depreciation method. It is populated with the production volumes (usage) required for the asset full depreciation. In the Accumulated Production Volume and Current Production Volume subcolumns, you can enter appropriate values measured in the specified UOMs .
The Cost for Depreciation Calculation / Accumulated Depreciation column is populated with the initial cost and the sum of depreciation amounts calculated in previous periods.
The Current Depreciation Amount column is populated with the depreciation amount calculated for the current month. If you are manually processing the document, you can edit the amount.
The Net Book Value column shows the remaining cost of the fixed asset.
The Project/Project Task column (available if the Project Costing functionality is turned on on the Administration > Settings > Project Costing form) links this fixed asset with a project from the Projects list and if the Enable Project Tasks option is selected on the Administration > Settings > Project Costing form, links to a specific task of this project.
The Department column shows the department or warehouse to be linked with the depreciation costs and usage of this fixed asset.
The Expense GL Account column shows the default GL expense account selected for transactions with the fixed asset.
In the Expense Item /Business Activity subcolumns, you can view the expense item associated with this fixed asset depreciation costs and the business activity with which this fixed asset is associated, respectively.
The GL Accounts column shows the default GL accounts to be used for the fixed asset depreciation.
In the Transaction Content column, provide a brief comment related to the fixed asset accepted for accounting.