Depreciation of Assets Features and Functions

• Flexible asset depreciation calendars


• Depreciation may be calculated year-to-date or period-by-period


• User defined depreciation rates can be rules-based


• User-defined prorate conventions and retirement conventions


• Prevents transactions of retired assets before depreciation is taken for the year and the depreciation of an asset takes place at the date of retirement or time of sale


• Standard and user-defined depreciation calculations


• Straight-line, declining balance, sum of year's digits, units of production, and flat rate depreciation methods


• Asset information (such as department and type) presented for depreciation methods


• Automatically calculates changes in depreciation at period end


• Adds new depreciation methods


• User can convert an accelerated straight line depreciation method


• Generates depreciation projections


• Uses prorate conventions, including half year, actual months, months after, modified half year, and full year, for the first year of an asset's life


• Creates what-if scenarios to project depreciation


• Depreciation method change reports


• Maintains depreciation data, including depreciable life, salvage value, depreciation method, accumulated depreciation and depreciation cost center and other GL accounts, for each asset


• Tracks the total depreciation (book and tax) of an asset since it has been in service, the current depreciation method being used


• Tracks both the book and tax depreciation balance at the date of its transfer


• Provides depreciation calculation results for current and future year


• Calculates depreciation and journalizes account transations multiple times a month without duplicating previously recorded depreciation expenses


• Posts depreciation expense in summary to the GL, not only in detail


• Captures the asset ID on the JE


• Runs depreciation in review mode before posting