Depreciation - Set up and Processing

Depreciation - Set up and Processing

Depreciation Set Up

1) Configuration > Depreciation Types > In the Depreciation Types File, set up the different depreciation methods used and for the periods depreciated. 
i.e., Straight Line - 5 Years, MACRS - 3 Year, etc

Description:  will display in the Rental File.
Depreciation Type:  Options are Straight Line and MACRS
Convention:  Options are:
Full Month (most common)  
Mid Quarter
Mid Month
Half Year 
Mid Half Year
Next Month
Full Year
Class Life:  Enter the number of years to depreciate

2) Configuration > Depreciation Codes > Set up Depreciation Codes to hold the Expense Account Number and Accumulated Depreciation Account Numbers.  
The Description will display in the Rental File.  

3) Inventory > Rentals > Purchase History > Double click on the existing Purchase History line.  

Update the Depreciation Information section.

Depreciation Process
Back Office > Calculate Depreciation 
Verify Store
Verify Date
Calculate

The depreciable items will display with the Current Depr $ amount, along with costs, LTD, etc. 
Process > to update the Rental file.

Note that Depreciation DOES NOT export to QuickBooks, but it does create a report that is used to manually create the Depreciation Journal Entry in QuickBooks.

Depreciation Reports  

Reports > Equipment Book Value 

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