This article is part of the Fixed Assets module training. Click here for more information on the Fixed Assets module.
The Depreciation form is where your Users review and post depreciation on Assets. The form allows the User to preview the depreciation that will be posted as well as run the Depreciation Report. Depreciation runs can also be undone on the 'Undo' tab.
This form is only accessible to Accounting Managers and Fixed Asset Managers.
Depreciation Form
To access the Depreciation form, open the Create Menu then select Depreciation.
The Depreciation Form will open in a new tab.
Post Toggle
Button/Field | Description | |
|---|---|---|
1 | Preview depreciation | Generates the depreciation report showing the entries that will be posted when depreciation is processed. |
2 | Depreciate to date | The cutoff date used to calculate depreciation. Defaults to the last day of the prior period for the default location and can be updated as needed. |
3 | Post internal to GL on | Determines the posting date used for depreciation entries in the general ledger. Options include Individual entry date (default) or Depreciate to date. |
4 | Post depreciation | Posts the depreciation entries shown in the table to the general ledger. |
5 | Post / undo toggle | Controls whether a depreciation run is posted or unposted. Switching to Undo reverses a previously posted depreciation run. |
6 | Class filter | Filters depreciation postings by asset class. All asset classes are selected by default. |
7 | Category filter | Filters depreciation postings by asset category. All asset categories are selected by default. |
8 | Location filter | Filters depreciation postings by location. All locations are selected by default. |
9 | Asset filter | Filters depreciation postings by individual assets. All assets are selected by default. |
10 | Legal Entity filter | Filters depreciation postings by legal entity. All legal entities are selected by default |
11 | Depreciation to post table | Displays all depreciation entries generated based on the current filter selections. The table updates automatically when filters change. Columns support resizing and sorting. |
Undo Toggle
Button/Field | Description | |
|---|---|---|
1 | Depreciation run selector | Selects a previously posted depreciation run to reverse. |
2 | Post internal to GL on | Determines the posting date used for depreciation entries in the general ledger. Options include Individual entry date (default) or Depreciate to date. |
3 | Undo depreciation | Reverses all depreciation entries shown in the table for the selected run. |
4 | Post / undo toggle | Switches back to Post mode to return to the depreciation posting form and post depreciation. |
5 | Depreciation to post table | Displays the depreciation entries from the selected run that will be undone. |
Depreciation to Post - Columns
Column | Description |
|---|---|
Asset | The name of the fixed asset for which depreciation will be posted. |
Number | The asset number assigned to the fixed asset record. |
Class | The asset class associated with the fixed asset, as defined in Fixed Asset setup. |
Legal entity | The legal entity that owns the asset and to which the depreciation entry will post. |
Entry date | The posting date that will be used for the depreciation journal entry. |
Amount | The depreciation amount that will be posted for the asset for the selected period. |
Location | The location associated with the asset for reporting and posting purposes. |
Dep expense | The depreciation expense GL account that will be debited when depreciation is posted. |
Acc depreciation | The accumulated depreciation GL account that will be credited when depreciation is posted. |
Posting Depreciation Steps
Complete the following steps for Posting Depreciation:
Upon opening the Depreciation form, the 'Depreciate To Date' will be automatically set to the last day of the prior period on the User's default Location. Update this date as needed
Next, review the 'Post Internal to GL on' selection. Proceed to set any of the five available filters
The 'Depreciation To Post' table will update automatically as you make changes to the filters. Review the Postings on this table
If necessary, click 'Preview Depreciation' to view the Depreciation Report before posting depreciation
When everything is ready to be posted, click the 'Post Depreciation' button, then click 'Yes' on the confirm prompt to complete Posting Depreciation. The Depreciation report will open and run in a new tab
Click here to view a gif of the posting process
Undo Posting
Complete the following steps to undo a Posting Depreciation:
If a previously posted Depreciation Run needs to be undone, open the Depreciation Form and toggle to the 'Undo' tab
Select the Depreciation Run that will be undo in the selector
Review the 'Depreciation To Post' table to confirm that the correct Depreciation Run has been selected
Click 'Undo Depreciation', then 'Yes' on the confirm prompt to complete the Undo process
Click here to view a gif of the undo process