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Assign Date of Purchase or Fiscal Year Basis to Each Depreciation Method

You must assign a Date of Purchase or Fiscal Year basis for each depreciation method that you set up. The basis that you select for the depreciation method determines the specific formula that will be used to compute depreciation. Note that different formulas may be used within the same asset record, because depreciation methods are assigned on a book-by-book basis for each asset record.

Note: It is important that you decide on the BASIS for the depreciation methods that you assign to your Asset Master records BEFORE you compute depreciation for the first time. If you assign a different depreciation method that has a different basis to a record AFTER depreciation has begun, you will need to manually edit Asset Master fields on a record-by-record basis before computations will proceed correctly.
  • Date of Purchase Basis: When you assign a Date of Purchase basis depreciation method to any book in an Asset Master record, the depreciation year begins on the date of "purchase" (designated as the Depr Start Date field(s) of the G/L Book Info tab and Other Books Info subtask, as applicable, of the Manage Asset Master Information screen and on the Manage Asset General Ledger Book Information and Manage Asset Other Books Information screens) and continues for one year from the "purchase." This purchase year timeframe always crosses fiscal years (except for assets purchased in the first month of the fiscal year).
  • Fiscal Year Basis: When you assign a Fiscal Year basis depreciation method to any book in an Asset Master record, the system allocates the full year's depreciation percentage within the current fiscal year, regardless of the period of acquisition. The annual depreciation computation will be the same, regardless of the period of acquisition within the fiscal year. (If you have set up a half-year convention with your depreciation method, the system still allocates the full year's depreciation percentage, but the percentage is usually halved in the first and last years.)

The default configuration automatically associated with each depreciation method is the "Date of Purchase" basis. You can change the configuration to a "Fiscal Year" basis on the Manage Depreciation Methods screen, as desired. Once you have established the configuration and begun depreciating in the system, however, you cannot automatically change the depreciation method basis or assign a different depreciation method to an asset record without reviewing the need for manual edits on a record-by-record basis.