Manually Post Fixed Asset Depreciation
The nominals and ledgers used in this topic may be different to those in your chart of accounts.
Depreciation can be manually posted by entering applicable depreciation journals as frequently as required. This method is useful if you calculate your depreciation manually (perhaps using a spreadsheet) and simply want to enter the depreciation value. This method is also used if your depreciation is recorded as a Reducing Balance (RB) (depreciation is based on a monthly / yearly percentage which reduces each month).
Before manually posting fixed asset depreciation, the fixed asset types must have been added to IRIS Financials. For help adding fixed assets, go to Adding or Editing Fixed Asset Types and Adding a New Fixed Asset .
Manually posting depreciation
- Select Options > Document Input from the menu bar.
- From the Document Input dialog, select the applicable depreciation journal, e.g. LLDJ – the Manual Depreciation input form is selected by default (replacing LL with the required location code).
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Select the Document Date and Document Period for the journal then click the OK button. The Manual Depreciation document input form is displayed.Complete the form as follows:
FIELD
DESCRIPTION
Asset Type Double-click in this field then double-click the required asset type, e.g. ITEQUIP48. The Depreciation Account and Useful Life fields are automatically populated. Asset Code Double-click in this field then double-click the code of the asset you are depreciating e.g. HTLAP2019. The fields in the Fixed Asset Detail Summary section are automatically populated from the fixed asset details. Depreciation Account Automatically populated when the Asset Type is selected and identifies the accoutn into which the depreciation will be posted. e.g. DEP. Depreciation Amount Enter the amount the asset is to be depreciated by. Asset Useful Life Automatically populated when the Asset Type is selected and identifies the useful life chosen asset type. Acquisition Date Automatically populated from the selected Asset Code. Depreciation Start Automatically populated from the selected Asset Code. Asset Cost Automatically populated from the selected Asset Code. -
The summary section of the form shows any accumulated depreciation, together with the depreciation added via the current journal.
- Once you have completed and checked the form, press the F5 button to post the depreciation journal. Repeat this process for any other assets you wish to record depreciation for.