Overview:
PENTA's Fixed Asset module can automatically calculate depreciation on one or more than one depreciation base. The This window allows you to set up depreciation bases for purposes of tracking and calculating depreciation on fixed assets. Common examples of depreciation bases are listed below. PENTA can optionally automatically book accounting entries during the depreciation calculation process for the depreciation base that is setup flagged as the 'Book Method', PENTA will also automatically post depreciation accounting entries to the general ledger. You may only setup . Only one depreciation base can be flagged as the 'Book Method'. This window allows you to setup and define all depreciation bases that you would like PENTA to track and calculate. In the book method, the remaining depreciation base calculations are for reporting only. Depreciation Life, Method, etc. is defined in the Fixed Asset Class or Asset Information window, depreciation rules can be defined for . These rules define how PENTA calculates depreciation under each depreciation base.
Examples:
- Book Method
- Federal Tax Method
- State Tax Method
Benefits:
- Ability to user define multiple depreciation bases for PENTA to track
- Flagging a depreciation base as 'Book' tells PENTA to automatically book all depreciation accounting entries
Roles:
- Fixed Asset Manager
- Accounting Manager
- CFO
Additional Content
Location:
- Fixed Asset Management > Setup > Depreciation Bases
Video:
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