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Former Member

Depreciation Calculation in Fixed Assets Module

Dear all.

We have just started using Fixed Assets Module recently and came to know how to capitalize asset but what if the same asset is purchased in the middle of financial year with half rate (7.5%) this asset and full(15%) deprciation calculation for already purchase asset. For Example :


We have defined Furniture as single asset which contains various articles like chair, table, office furniture etc and the opening balance of this furniture asset is 1,00,000 now the mid of year, few more articles are bought then as per scenario 15% depreciation should calculated on opening balance of furniture asset and 7.5% depreciation should be calculated on newly bough articles.

Now my question is how to calculate the over all depreciation of furniture at the end of the year.  Right now we have defined furniture as single asset, single depreciation Type Furniture (15%) , single asset class and single account determination for furniture as single fixed asset.

Thanks

Akta  

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1 Answer

  • Best Answer
    Jan 13, 2015 at 12:46 AM

    It is better to show the separate articles of furniture in the asset register as they can be bought & sold individually.

    I would add the new items as separate assets and define the depreciation for those as required

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    • Former Member

      Thanks Julie.

      but here question is what if there are hundreds of furniture articles. we can not create asset master for each one.

      For example. There are 300 chairs for which is it feasible to create 300 asset master for each one ?

      Thanks

      Akta