Set up depreciation books

Note

We will not be accepting edits to this topic, because it is generated from a business process in Lifecycle Services.

This task guide will create a new depreciation book and associate it with a fixed asset group. It uses the Accountant role and demo data for the USMF legal entity.

Create a depreciation book

  1. Go to Fixed assets > Setup > Depreciation books.
  2. Click New.
  3. In the Depreciation book field, type a value.
  4. In the Description field, type a value.
  5. Check or uncheck the Calculate depreciation checkbox.
  6. In the Depreciation profile field, click the drop-down button to open the lookup.
  7. In the list, find and select the desired depreciation profile.
  8. In the list, click the link in the selected row.
  9. In the Alternative depreciation profile field, click the drop-down button to open the lookup.
  10. In the list, select the desired depreciation profile.
  11. In the list, click the link in the selected row.
    • The Extraordinary depreciation profile is used for additional depreciation of an asset in unusual circumstances. For example, you might use this to record depreciation that results from a natural disaster.
  12. Check or uncheck the Create depreciation adjustments with basis adjustments checkbox.
  13. In the Calendar field, click the drop-down button to open the lookup.
  14. In the list, click the link in the selected row.

Associate the depreciation book with a fixed asset group

  1. Click Fixed asset groups.
  2. In the Fixed asset group field, click the drop-down button to open the lookup.
  3. In the list, find and select the desired record.
  4. In the list, click the link in the selected row.
  5. In the Depreciation convention field, select an option.
  6. In the Service life field, enter a number.
    • Notice the Depreciation periods field value is calculated after setting the Service life.