Asset data can be created for each entity in Reportance. Go to the Assets tab to get started.
If this is the first-time setup for an entity, select Add Depreciation Year to start creating a Depreciation Year.
This will open a dialogue to select the Depreciation Year with the relevant Start Date and End Date. There is also the option to 'Use Small Business Depreciation' and to 'Lock' the Depreciation Year. Once a year is locked, the depreciation calculations for all assets in that year will no longer be recalculated. However, you can still delete an asset and the records for all years for that asset will be deleted.
Note: Take care when creating the first Depreciation Year, as once set, you will only be able to create Depreciation Years after that year.
To allow Reportance to post automatic depreciation journals, click on the Add Datasets button and choose the relevant Dataset/s for the entity. Finally click Add Depreciation Year.
Next article: Creating an Asset Register