This report lists the depreciation amounts calculated for this
Depreciation Run, as generated from Calculate
Depreciation.
It provides complete depreciation information on the rental
equipment by Fixed Asset Tag, including disposals, additions and
transfers, per each tag.
On the report, the disposal and transfer out amounts reduce the
Opening Value for depreciation and the addition amount
increases the Opening Value.
The Depreciation Report printed by Product Class or
Depreciation Class displays a Suspension flag in the 'S'
column and the date the suspension expires for relevant
products.
Refer to Product Suspension Information for
details on this feature.
The Depreciation Report provides Totals, Class sub totals, and Location totals for disposals, additions, transfers and accumulated depreciation.
Note: The Accumulated Transfers field on the Fixed Asset
Tag is automatically updated whenever an item is transferred out to
an external branch, or transferred out from a rental to a sales
product.
No posting is required to update this field in the tag.
If the Depreciation Report and posting is accepted, the Fixed
Asset Tags in the inventory sub-ledger are updated with the
Depreciation amounts on the report.
If the depreciation amounts are not being automatically posted to
the G/L then journal transactions should be made manually to the
G/L for depreciation of the inventory.
When the posting to the G/L option is activated, a Posting
Summary report also prints from Print Depreciation
Report.
When this is accepted, the depreciation transactions are posted to
the G/L as printed on the summary report.
The posting accounts for Accumulated Depreciation and for the
Depreciation Expense, default by class, as setup in the
Depreciation Accounts windows of Depreciation Classes.
The depreciation transactions post in summary by division.
The divisions are determined by the Owning Location of each
bulk or non-bulk product as defined on the associated Fixed Asset Tag.
The prompts to generate the depreciation calculations are:
Select Depreciation Class to have the report list in
Depreciation Class number order.
This will result in depreciation subtotals for each Depreciation
Class on the report output.
Select Product Number to cause the report to list the products in product number sequence.
Check this box for the report and totals to print by location for bulk and non-bulk equipment.
Check this box to sort by Location within each Class.
Conversely uncheck this box to sort by Class within each
Location.
Uncheck this box if the second line is not required on the report.
Click NO if the report is not correct or did not get printed
successfully.
If the report is not accepted, then the report is considered an
Edit only and may be discarded.
Click YES to accept the report and to complete the posting.
Note: If your firm does NOT use the automatic posting function
for depreciation of assets as explained above, then the General
Ledger is not yet updated at all.
To keep your Fixed Asset Tags in balance with the General Ledger,
make the Depreciation Journal entry manually.
Using the Depreciation Report totals as your guide, make the
Journal entry to the General Ledger Depreciation Accounts, using
Miscellaneous G/L Journals.
Consult your Accountant for guidance on the General Ledger Accounts
and the amounts.
EXCEPTION: When depreciation method % is used, the G/L posting is always done for the calculated depreciation amount at the time the revenue posting is done for the Invoice in the Daily Close.
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