Ok so I'm currently entering in assets into the fixed asset module and I can't seem to figure out how GP is calculating the depreciation. Here is the relevant information
Cost Basis: 80,809.50
Place in service date: 12/29/14
Dep to date: 12/28/14
0 LTD and YTD
Life: 5 years 0 days
Dep method: Straight line Orig
No Averaging Convention
No Switchover
So based on all of this I am expecting the period depreciation to be $1,346.83 (80,809.50 / 5 / 12 ) since there isn't any depreciation taken on it yet. That would roughly $44.89 per day. However, it is calculating out periodic depreciation to be $1,571.30 and daily depreciation to be $50.82.
For the most part changing the averaging convention does very little but I set it to none because I want the assets to depreciate exactly based on their placed in service date. However, when I change the depreciation method to SL remaining life, it calculates periodic depreciation to be $1,368.22. This is better but still off from what I would expect.
Does anyone have an idea?
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