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Depreciating Fixed Assets

The act of depreciating a fixed asset involves moving a portion of the fixed asset’s value to an expense on the income statement. For example, suppose that you have three accounts that are used for depreciating fixed assets. They are a fixed asset account, an accumulated depreciation account, and an expense account. When you acquire a fixed asset, you first move the fixed asset value into the fixed asset record in e-automate and then carry the full value as an asset until you dispose of the asset. During ownership of the asset you depreciate the asset incrementally until you have fully depreciated the asset, or have disposed of the asset at a loss or a gain.

The process of depreciation involves e-automate performing journal entries in batch that credit your accumulated depreciation account and debit your expense account. These entries reduce the net value of the fixed asset by crediting the accumulated depreciation account. Although the entries are performed in batch, e-automate tracks all fixed assets individually, and tracks how much accumulated depreciation has been posted for each fixed asset. The amount remaining to depreciate for each asset can also be displayed, and e-automate posts fixed asset depreciation entries individually for each asset. Should a problem ever arise, you can correct a specific fixed asset without affecting other fixed assets that were posted in the batch. Depreciation periods for each asset are also tracked by e-automate. When you perform the depreciation activity, the system displays fixed assets that are up for depreciation in the Current Depreciation List based on the Depreciation period is field identified on the fixed asset. Once depreciated, e-automate increments this date forward one cycle.

Depreciating Fixed Assets in a BatchDepreciating Fixed Assets in a Batch

From the Accounting menu, select Fixed Assets > Depreciate to open the New Fixed Assets Depreciation Batch window.

In the Cutoff date field, specify the date for which you are depreciating.
Note: Fixed assets that have a depreciation period ending date prior to your Cutoff date are displayed by e-automate.

Check the fixed assets to be depreciated.
Note: You can use [Check All]. You can also create a QuickSearch to display only your filtered fixed assets. For more information on using the QuickSearch functionality, see the Using the QuickSearch topic.

Click [Create List] to create the fixed asset depreciation list.
Note: Your depreciation list is populate by e-automate and displays the list quantities in the Current Depreciation List message window.

Click [Post] to open the Post Fixed Asset Depreciation Batch window.

In the Post Fixed Asset Depreciation Batch window, do one or more of the following:

To review the general ledger entries, do the following:

Click [Preview GL Entries] to open the Fixed Asset Depreciation GL Preview window.

Review the general ledger entries for accuracy.
Note: You can export to Excel as necessary.

Click [Close] to close the review window.

To post the general ledger entries, do the following:

In the Posting date field, specify the date and period in which the general ledger entries should post.

In the Batch field, verify the batch number. Change as necessary.

In the Description field, enter an optional description.

Click [OK] to post the entries to the general ledger.
Note: e-automate rolls the cycles forward for all fixed assets associated with your fixed asset posting batch.

Voiding a Fixed Asset TransactionVoiding a Fixed Asset Transaction

From the Accounting menu, select Fixed Assets > Transactions to open the Fixed Asset Transactions window.

You can view the entries and other information about the transaction before voiding by clicking [View].

To void the transaction, verify the correct transaction is selected and click [Void].

The Attention Required window displays. To void the transaction, click [Yes]. To cancel your void choice, click [No].