Hello. I created the asset below and imported an acquisition value of $2,409.15 and an accumulated depreciation of $2,179.69, so it’s remaining value is $229.46 . It has 8 months of life remaining. Is there a depreciation method that is already in IFS that can be used to depreciate the remaining value over the remaining 8 months of its life? And if so, how can it be set up in the Books tab of the object? Any assistance would be much appreciated.
Hi
You can select any of the available depreciation method in the IFS application and define the estimated life as 8 months.
Hope this will help you.
Best regards
Heshani
Hi Andrei,
You have to create depreciation method by using correct method type and connect it to books tab & define the estimated life. Please note that estimated life need to define from the acquisition date.
Eg; if acquisition date is 01st of April 2020, estimated life is 02y 00m & remaining life is 08 months as at 31/07/2021.
Please refer below screen preview
Best Regards
Narmada
Hi
My initial thought was that this is telling IFS that it should depreciate the remaining $229.46 over 8 months, so one month’s depreciation would be $28.68.
However, when I create a depreciation proposal, the amount that will be depreciated is the entire amount:
Do you have an idea as to why it is doing this? Would it have something to do with the acquisition date perhaps?
Hi,
Your object acquisition date is October 2011. Your last depreciation period provided at imported depreciation was May 2021 and you want, I think, to have depreciation for 8 moths, i.e. June 2021-January 2022 in IFS.
You should set then this object estimated life as 10 years 4 months (October 2011- January 2022).
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