How to: Define Accounting Periods for Straight Line Depreciation of Fixed Assets

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You can define 13 accounting periods to calculate straight line depreciation. You must calculate depreciation daily and distribute across the relevant periods. You can also define these accounting periods in the FA - Projected Value report.

Note

To calculate depreciation using both the old (360 days) and the new methods (365 or 366 days), create separate depreciation books; one for the old method, and one for the new method. Attach these books to the relevant assets.

To define accounting periods to calculate straight line depreciation

  1. In the Search box, enter Depreciation Books, and then choose the related link.

  2. To open a new Depreciation Book Card window, on the Home tab, choose New.

  3. On the General FastTab, fill in the fields as described in the following table.

    Field Description

    Code

    Specify a unique code that identifies the depreciation book. You can enter a maximum of 10 alphanumeric characters.

    Description

    Specify a description for the depreciation book.

    Use Accounting Period

    Specify if you want to define 13 accounting periods (365 or 366 days) for calculation.

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    To use 360 days for calculation, do not select this field.

  4. Enter information into the required fields.

  5. Choose the OK button.

To define accounting periods in the FA - Projected Value report

  1. In the Search box, enter FA - Projected Value, and then choose the related link.

  2. On the Options FastTab, fill in the fields as described in the following table.

    Field Description

    Depreciation Book

    Specify the depreciation book code that must be included in the report.

    First Depreciation Date

    Enter the start date for the period for which you must calculate projected depreciation.

    Last Depreciation Date

    Enter the end date for the period for which you must calculate projected depreciation.

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    This date must be later than the last depreciation date.

    Number of Days

    Enter the number of days between the first depreciation date and the last depreciation date.

    Hh936208.note(en-us,NAV.70).gifNote
    If this field is blank, the contents of this field will be set to equal the number of days in a fiscal year, typically 360.

    Posted Entries From

    Enter a date if you must include posted entries in the report. The report will include all the posted entries that have been posted from that fixed asset posting date.

  3. Choose the Print button to print the report or choose the Preview button to view it on the screen.

See Also

Concepts

Great Britain Local Functionality

Other Resources

Accounting Period
Fixed Asset - Projected Value