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Version: 7.0

Assets and depreciation

Where to find it​

Open:

  • Accounting -> Operations -> Assets
  • Accounting -> Operations -> Asset depreciations

Asset card​

The asset card contains:

  • Number
  • Item
  • Company
  • Type
  • Acquisition date
  • Depreciation start date
  • Useful life, months
  • Acquisition cost
  • Salvage value
  • Depreciable amount
  • Monthly depreciation
  • Depreciation end date
  • Note

Defaults filled by the system:

  • Company defaults to the current default company;
  • Depreciation start date defaults to the acquisition date;
  • Useful life, months defaults from the selected asset type;
  • Number is generated from the asset type numerator.

Asset tabs​

The asset card has tabs for:

  • Depreciation - planned depreciation rows
  • Journal entries - acquisition and depreciation postings linked to the asset
  • History - audit trail of company/type changes
  • Files
  • Comments

Depreciation calculation​

Use Calculate depreciation on the asset card to build monthly depreciation rows.

The calculation:

  • creates one row per month of useful life;
  • prorates the first month from the depreciation start date to month end;
  • adjusts the last month so the total matches the full depreciable amount.

The asset list also shows the current Book value.

Journal entries for assets​

Use Generate or Regenerate in the asset's Journal entries tab.

The module creates:

  • one acquisition journal entry based on the asset's acquisition date and cost;
  • depreciation journal entries for depreciation rows up to the current date.

Generation uses the journal and accounts defined on the asset type:

  • Fixed asset account
  • Acquisition account
  • Depreciation account
  • Expense account

If the lock date is set, generation skips acquisition or depreciation dates before that lock date.

Asset depreciations list​

The Asset depreciations list shows:

  • asset number
  • asset type
  • asset name
  • company
  • depreciation date
  • depreciation amount
  • linked journal entry number
  • posted status of the linked journal entry

Creating an asset from a bill​

If a bill type has an asset type assigned, bill lines can create assets automatically. See Posting from source documents.