Depreciation

Ankita Bhavsar

Hi everyone!

Is there a way to run an annual deprecation & have it post rather than monthly?

We've just uploaded our fixed assets list and need to run it for our fiscal year ending Aug'24, but when I do the pre-calculate depreciation it goes by period and I'd rather not adjust our closed books.

We do have it manually worked out, so would the best option be to start running depreciation next year clean & fresh?

Sharelle Buyer

@Ankita Bhavsar you have to set up your depreciation calendar as 1 period. We did this the second year we converted, but had some issues arise so we went back to the monthly calculation. Depending on what your depreciation method is, it may not calculate properly when you do a yearly calculation. We use half month convention, so it only depreciated assets that were placed in service between July & December (first half of the fiscal year). If you don't use half month convention, you may be find to do an annual depreciation.

Kevin Brazell

@Ankita Bhavsar
I wouldn't do the 1 period depreciation year. If you ever need to swap back it's going to require a data service. Just do the Annual Depreciation transaction. That does the whole year in 1 transaction and 1 post date.