Dear all;
How can we completely depreciate a fixed asset at the end of the year of its acquisition without manual intervention on the value of depreciation periods.
My need is to fully depreciate at the end of the year only the assets whose acquisition value is less than 500.
Is there an automatic operation that manages this?
Thank you in advance for your help.
One option would be to export the Fixed asset balances report at year end, filter for all assets < $500 acquisition value, then prepare a Depreciation journal based on the difference between Acquisition and NBV, import and post it.
Also, this might work - setup a Depreciation profile like this with a Period frequency of Yearly.
Then assign it to Asset group books like so, where the Asset group has a 1-year service life. Of course, you'd have to assign this asset group to your $500 or less assets. I don't know if this will work, but it's worth a test.
What country is this for? Are you required to capitalize assets of $500 or less? That's a very low threshold for capitalization.
Perhaps try adjusting these months to match the end of your year?
[quote user="Slim SAIDI"]Dear all;
How can we completely depreciate a fixed asset at the end of the year of its acquisition without manual intervention on the value of depreciation periods.
My need is to fully depreciate at the end of the year only the assets whose acquisition value is less than 500.
Is there an automatic operation that manages this?
Thank you in advance for your help.
[/quote]Hi,
No, that's not the right process for my need, because for an asset acquired in 2022 the depreciation still calculated in 2023 by using this type of profile.
I want calculate all the depreciation on 2022 and there is no report on 2023 :
King regards
Hi, You may setup a profile as factor and have %100
Hello Frank ;
A large number of this type of asset per year, so it is not desired to manage them manually on the registers of each asset.
Kind regards
Hello Billur ;
Thank you for your reactivity.
In addition I'd ask you if there Is a depreciation profile that fully depreciates the asset in the same year even if it is acquired during the year, on June 18th for example ?
Thank you for your help.
It's an out of the ordinary process, so no, there's no automated process for your requirements. How many assets meet these conditions?
Hi,
Just some offers;
Why not use expense accounts once they are acquired rather than year end depreciation?
May group them in a different asset group and assign a book for a profile of a yearly depreciation profile?
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