Configure Depreciation

Configure Depreciation

Calculate the decrease in asset value over time. Depreciation details will be displayed under Financials tab in asset details page.


From the asset details page:
  1. On the asset list view, select the asset to configure depreciation.
  2. The asset details page is displayed.
    1. Go to Financials tab and select Depreciation Details sub-tab.
    2. Click Configure Depreciation.
    3. Alternatively, you can also select to Actions > Configure Depreciation on the toolbar.
  3. Fill out the form displayed using the pointers below and click Save.
Field
Explanation
Purchase Cost
Enter the purchase cost of asset in your organization's base currency.
Acquisition Date
Select the date the asset was received.
Configure Depreciation
Use data configured for product - Apply depreciation configured for the asset model under Admin > Asset Management > Product.
For this asset - Configure depreciation specific to the asset by selecting a method to calculate depreciation.
  1. For declining balance and straight line methods, you can calculate depreciation based on the useful life of the asset or the decline percent per year.
  2. For double declining balance and sum of the year digit, you can only calculate depreciation based on the useful life of the asset.
  3. Specify the salvage value expected for the asset.

From the asset list view:
You can configure depreciation in bulk for assets from the list view.
  1. On the asset list view, select your preferred assets.
  2. Go to Actions > Configure Depreciation on the toolbar.
  3. Select the method to calculate depreciation.
    1. For declining balance and straight line methods - You can calculate depreciation based on the useful life of the asset or the decline percent per year.
    2. For double declining balance and sum of the year digit methods - You can only calculate depreciation based on the useful life of the asset.
    3. Specify the salvage value expected for the asset.
  4. Click Save.


Depreciation will not be calculated for software and consumables.
You can configure depreciation for different products under Admin > Asset Management > Product. 
  

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