Fixed Asset Depreciation Setup

Depreciation Transactions

Depreciation transactions require the following setup:

Financial Period	Block Period Fixed Asset
Schedule Setup	Activate Fixed Asset Depreciation Schedule

 

Block Period Fixed Asset

System Configuration> Administration>Financial Periods Setup

Select the year then click on the periods tab to display all the Financial Periods that have been set up for the selected year

The Block Fixed Asset Column: 

Select the period and then click the Block Period Fixed Asset. 

The system works as follows, when the Fixed Asset Depreciation Schedule runs the system will search for the first unblocked

The Block Fixed Asset column : Select the period and then click the Block Period Fixed Asset. The system works as follows, when the Fixed Asset Depreciation Schedule runs the system will search for the first unblocked period it will thenthe use the datesdate for this period e.g.h 2022-12-01 to 2022-12-31 for the date range for calculating the depreciation amount for the Month/ Year for each fixed asset selected in the process. In the case of the first depreciation transaction, the system will calculate the number of days from the Brought Into Use Date to the end of the Month/Year and calculate the depreciation accordingly. As soon as the system detects a differentdifference Blocked Fixed Asset period e.g. the next month the system will calculate depreciation for all the selected Fixed Assets for the next month. 

In the event of bringing in a new asset with a back datedbackdated Brought Into Use Date it will be necessary to select the period corresponding to the date range of the period and then click the Unblock Periodperiod Fixed Asset. When the Fixed Asset Depreciation Schedule next runs the system will create the necessary depreciation transaction for the period for the Fixed Asset. It might be necessary torepeatto repeat this a number ofseveral times if the backdated Brought Into Use Date was a number ofseveral periods before the last blocked period. 

NB : Remember to block all the periods again to get back to the original blocked fixed asset status in the Blocked Fixed Asset column.Column

To aid in blocking previous year’s Fixed Asset Periods. Select the Year on the Year Tab then click on the Block Fixed Asset Year to block an entire year.

 

Activate

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Activated Fixed Asset DepreciationDepreciation Schedule

System Configuration -> Administration -> Company Profile

Select the company on the grid and click on the Edit button.button 

Click on the Advanced Settingssettings and then on the Schedule Setupsetup button. button

Select Fixed Asset Depreciation Schedule then click on the Edit Schedule button.

This is a typical Schedule Task Setup. TaskThe task will run Once a Day at Midnight every day of the week.

 

 

Status Column	Ensure on the selected scheduled task that the Status column is set to Currently Running.Running If the not click on the Start Schedule button.button The status should now read Currently Running.
Recipients Column	This column indicatedindicates the number of users that have been selected to receive the generated email report when the schedule has been run.run

To add or remove Email recipients click on the Email icon in the Email List column.

Run Now Column

To run the Schedule manually select the Fixed Asset Depreciation Schedule entry and then click on the green arrow icon.

And respond accordingly.