Current Period Depreciation

Use Current Period Depreciation to take the scheduled period depreciation for assets. Current Period Depreciation will update the General ledger with detailed GL journal entries for the scheduled depreciation amounts. The depreciation amounts and the corresponding General Ledger entries will first display for your review before posting the amounts to the GL and history. A detailed report of the depreciation taken is provided. You can choose to include additional asset information on the report and whether to print all or only individual sections of the report.

Notes:

Current Period Depreciation must be run on a monthly basis.
Current depreciation is only taken for assets that are not disposed of, that are not fully depreciated and that are still within their useful life.

Directions:

To see directions for...

1. Click Fixed Assets from the Menu.

2. Click Maintenance.

3. Click Fixed Assets Current Period Depreciation.

Fixed Assets Current Period Depreciation Window Example:

Fixed Assets Current Period Depreciation Prompts

View Tab

To start the depreciation process, choose the depreciation through date and any extra fields of information to view for assets. Then click Load.

Include Depreciation Thru

Use the calendar to choose the date through which the depreciation will be taken for the assets.

Fields to Include

To include additional asset information on the Current Period Depreciation report, click the down-arrow for Select Asset Fields to include and the following will display:

To select the fields to include on the Current Period Depreciation report, click to check the desired box or boxes. To quickly select all fields, click the Select box. Then, close the window.

To load the assets, click Load. The assets and their depreciation information display in the grid.

Or, to clear the settings, click Clear .

View Depreciation

The Depreciation View displays 2 grids. The first shows what's going to be depreciated and the second (bottom) grid displays the GL journal entries that will be created for each asset for the depreciation taken. Detailed GL entries make it easier to balance and make corrections, if needed. Total depreciation to be taken displays at the bottom of the first grid.

The asset list in the top grid can be sorted by any column heading. To sort, simply click the desired column heading. To sort in descending order, click the column heading a second time.

Note: There are 2 tabs in the View:

Depreciation - Lists the assets for which depreciation will be taken this period and their associated depreciation amount.
No Calculated Depreciation - Shows assets and their depreciation if depreciation has already been taken for this period. This is a built-in safe guard that prevents depreciation from being taken more than once in a period. If no assets display under the Depreciation tab, then view the No Calculated Depreciation tab to confirm that depreciation has already been taken.

Print Tab

The Print tab allows you to print a list of the assets and their depreciation for this period. Click Print and the print screen displays.

Include

Choose the sections of the report to generate:

To include the assets with periodic depreciation, click to check Depreciation box.
To include assets with no calculated depreciation, click to check the No Calculated Depreciation box.
To include GL journal entries on the report, click to check GL Journal Entries box.

To print the Current Period Depreciation report, click Print. The report writer screen displays.

Report Writer Steps

1. If you want to use existing report settings, click Open and select the name of the settings.

Or, you can change the settings on the fly using the Range Options, Sort Options, and Additional Options.

2. If you want to save the current report settings, click Save and specify the name of the settings.

3. To generate the report:

Click Print View to display the report.
Or, click Print Report to send the report to the default printer.

Tip: For more information, refer to the Report Writer - Overview.

Post Tab

The Post tab allows you to post the GL entries for the depreciation taken and update the depreciation history for each asset. Click Post tab to open the Post screen.

Period

The current GL period displays as the post period, but can be changed by selecting another period from the drop-down list.

To post the asset depreciation amounts and create the GL entries for the depreciation taken, click Post. A posting GL journal report displays.

After current depreciation updates the asset, the schedule in Fixed Asset Maintenance will show the depreciation and the date it was posted.