Depreciating Assets into 2 Different Depreciation Accounts

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Hi everybody,

In my company's GP system we have two restaurants that have their own separate assets and depreciation accounts, but the way that GP is set up, it looks like I can only depreciate the assets to one Depreciation Expense account. This means that I have to make a manual entry after running depreciation to square the two accounts up.

Is there any way to assign assets to different accounts, like Restaurant 1 or Restaurant 2, so that when I run depreciation it will automatically calculate the totals for both restaurants separately?

Thanks in advance!

Joseph

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RogerRogerATX 1,515 on at

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Option 1) Configure an allocation account to be your depreciation account. Then when an entry hits it, GP will split the entry based on a fixed or variable amount.

Option 2) GP has suffix level assets - you could split your asset(not automatically mind you, but manually) into multiple suffixes based on what percentage goes to which entity...and then GP can hit different depreciation accounts for the same "asset"

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Victoria Yudin 22,769 on at

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Are you saying one asset needs to be depreciated to 2 different accounts (ie 50% to one, 50% percent to another)? Or that these are different assets and each asset needs to be depreciated to one or the other of the depreciation accounts?

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Hi Victoria,

I am saying that there are different assets and each needs to be depreciated into one of the two accounts.

Thanks!

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Victoria Yudin 22,769 on at

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Hi JL,

Thanks for the clarification. In that case, each asset can have a different depreciation account (as well as other accounts). There is no reason they all have to be the same. The GL accounts used for each asset can be changed when you are looking at the asset on the General Asset Information window by clicking on the Go To button and selecting Account.

If you need these to be automatically assigned when an asset is created, you can set this up using Asset Account Groups, Classes and Book Classes, but if you do not have a lot of assets, it might be just as easy to set this properly when setting up each account.

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Hi Victoria,

I actually came across an asset that does need to be depreciated into 2 different accounts 50/50... do you know if there is a way that I can do that?

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Victoria Yudin 22,769 on at

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You can create an allocation account for this.

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