How_do_I_depreciate_assets_for_the_current_year_

How do I depreciate assets for the current year?

Use Depreciate Assets to allocate the cost of an asset over the life of the asset. Depreciation is applied against the selected assets based on the asset's depreciation schedule. The depreciation amount that is applied to the transaction is adjusted by the frequency that is selected in the Organization table.

 

Depreciating assets for the current year

1. Open Connect Asset Management > Organization > Depreciate Assets.

2. Set up the Asset Selection.

Use the selection grid to filter and select the assets that will be included when you run this program.

 

Do you want to select all assets?

  • Yes, I want to depreciate all assets. The default setting will include all assets. The Value column is set to ALL.

  • No, I want to choose which assets to depreciate. You can filter assets by asset number, classification, and department. Double-click on ALL in the Value column to filter the selected assets.  

3. Select the checkbox titled Current Year.

The options in this section allow you to calculate deprecation on the current year or date range.

 

4. Set up the Date Range.

The routine will select the first month in the fiscal year as the Start date and the last month in the fiscal year as the End month. The values in the drop-down list are set based on the values that are stored in the in the GL Period Dates table.

 

 

5. Set up the checkbox titled Replace Previously Calculated Depreciation.

Normally, this option is not selected. You can use this option when you need to replace amounts that were calculated during a previous session.

 

Do you want to re-calculate depreciation on assets?

  • I am calculating depreciation on assets for the first time. Leave blank the Replace Previously Calculated Depreciation checkbox.

  • I am replacing depreciation that was calculated during a previous session. Select the Replace Previously Calculate Depreciation checkbox.

Important: If the calculated depreciation has been updated to the General Ledger, the system will create transactions to reverse the previous amounts. If the calculated depreciation has NOT been updated to the General Ledger, the system will remove the transactions from the Asset Management database.

6. Select the GL Period or Depreciation Date to calculate depreciation.

This option is only available when the General Ledger interface is turned on.

 

How do you want to set the GL period on depreciation transactions?

  • I want to set the GL period. Click the Set the GL Period to MM/YY (MM/DD/YYYY).

  • I want to use the transaction date to set the GL period. Click the Use the Depreciation Date to Set the GL Period. This option will use the next eligible, open period within the current year.

7. Click GO (CTRL+G).  

The asset is depreciated in the current year. You can print the Depreciation Schedule to verify the calculated depreciation. If you need to recalculate depreciation, see the help topic titled How do I recalculate asset depreciation?

 

 

 

 

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