Depreciation Setup can be found in the Journal window
Magnifying Glass - If you need to search for the appropriate serial number you can click the magnifying glass to open a search window
Info button - This will open a new window that will display all values that have been recorded to the GL for the specific serial number you have entered
Group - You can have multiple groups if you would like. Enter the group name you would like to add this Serial # to, i.e. Rental, Rolling Stock etc. If the group name has been added previously, that name will already be available in the drop down list.
Method - Selected the appropriate method (straight line or manual)
Manual Amount - If you selected Manual in the Method field, this field will then be active for you to enter the appropriate value
Starting Value - Enter the beginning value
Residual Value - If there is to be a residual value at the end enter it here.
Net Book Value - Enter the Net Book Value here
Inactive - Once a unit is fully depreciated you have the option of clicking this field to mark it as inactive and keep it from being included in future depreciation journals
Total Months - Enter the total number of months
Remaining Months - Enter the current remaining months (i.e. if it is a 60 month depreciation and you have already depreciated for 15 months, the remaining months would be 45)
Debit Account # - Enter the GL account number that is to be used on the depreciation journal for debit entries. The depreciation window will display the Inventory account number of the unit just to the right of the Debit Account number field.
Credit Account # - Enter the GL account number that is to be used on the depreciation journal for credit entries.
Hide Inactive - You will see a list of all units being depreciated in the list below. Clicking this field will allow you to hide any that are flagged as Inactive so that all you see in your list are the active units.
The buttons across the top of the depreciation setup window:
Add & Delete - These are used to add a new deprecation setup for a unit, or to Update - update a current setup if necessary, or to delete a setup
Roll Back - If you were to create a Depreciation Journal, and then create the journal entries for the Group of Depreciation items, but decide to remove those journal details items from the journal, you’ll need to go back into the Depreciation Setup window and use the Roll Back feature in order to get the Remaining Months and the Net Book Value back. At the moment you create the Journal detail the system will automatically count off one of the depreciation periods, the roll back process is how you can get that period back if you added by mistake.
*Note: If you posted the journal a simple reversal is not going to do the roll back.
(You would need to do the journal reversal as well as the roll back.)
Copy - Clicking this button will basically copy to the clipboard all the data in the list on the bottom so that you can go to another layout such as Excel and paste the data so you can sort and manipulate as you find necessary.
Creating The Depreciation Journal
Create a journal as you normally would for any other transaction.
Once your journal is created you can click the double down arrows to reveal the depreciation criteria fields.
Depr Group - Select the depreciation group that you would like to include on your journal
Click the Create button, this will populate your line items for your journal
If you want to enter multiple groups on one journal simply select the next group and click Create again to populate the line items for that group.
When all line items for depreciation have been entered your journal should be in balance and ready to post.
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