In this article, you will learn how to set up a Depreciation Worksheet by adding each asset individually. This article will be split into a number of sections;

If you want to create a Depreciation Worksheet by importing assets to a csv template refer to this article and if you want to set up a Quantity Surveyor report to process it in bulk refer to this article

Adding Assets

Ensure that the Depreciation Worksheet is set up under the property rather than as a separate asset unless the item to depreciate is unrelated to any property.

Navigate to Fund Level > Investments > Depreciation Worksheet. 

1. Select New Fixed Asset.
2. Enter Description of Asset (E.g. Kitchen Stove)
3. Enter Code (This is a unique code for the asset, you can use Default)
4. Enter Purchase Date (Date the asset was acquired)
5. Enter Purchase Cost (the Net cost to acquire Asset at Purchase Date)
6. Enter Opening Written Down Value (Purchase cost less Year-End total accumulated depreciation) 
7. Select Depreciation Type  (Capital Allowance, Capital Works Deduction or Not Applicable)
8. Select Depreciation Method (Diminishing Value, Low Value Pool, Low Value Pool First Year, Not Applicable or Prime Cost)
9. Enter Depreciation Percentage (Rate of Depreciation being applied to the asset)
10. Click Save
    

Checking Residual Book Cost

After you have entered all the depreciable amounts, you might have a Residual Book Cost amount appearing in red, see image below.

This is the non-depreciable portion of the property cost base that needs to be entered into the schedule with the Depreciation Type being Not Applicable (N/A).

Entering Non-Depreciable Assets

Navigate to Fund Level > Investments > Depreciation Worksheet

Below is an example of the non-depreciable portion of the property being entered into the schedule:

The depreciation worksheet should now have a nil Residual Book Cost amount after entering all the depreciable assets and cost base of the non-deductible portion of the property, as displayed below.

The Transitions Services team can complete your Depreciation Schedule at an additional cost, refer to the following page on Additional Transitions Services.

What's Next?

Learn how to Process a Quantity Surveyor (QS) Report in Bulk