For instructions on how to setup accounts and use the Depreciation Schedule please refer to https://360help.com.au/display/SF360GS/Depreciation+Schedule
For instructions on how to enter the opening written down value, please refer to https://360help.com.au/display/SF360SC/Depreciation+-+Recording+at+written+down+value
We have a migrated fund with formation costs c/f (which was originally posted to a unitized investment account, where the linked depreciation account was adjusted to not be a taxable deduction). We like to use the Depreciation Schedule to monitor the accumulated depreciation & include it amongst the Audit papers, however upon migration, & despite updating this current fund’s asset to be depreciated using the schedule, the resulting Depreciation Schedule report does not show the current year’s “Posted Depreciation” amount, despite the Journal appearing in the transaction list and CE process actioned. We have had success using the feature with another fund this year and are finding it difficult to understand why it is not working in this instance. We’d like to know whether we can continue to rely on the Depreciation Schedule, or if we should abandon using this feature?
Forgive the potentially dumb question, but did you click “Post entries” in the depreciation schedule? After clicking this, the closing balance for the asset will be updated to reflect the full year depreciation amount applied.
That’s a valid question Steven - but yes we did followed the ‘Post entries’ process - & even tried ‘Post entries’ again after the CE - where the message equivalent to ‘Entries have already been posted’…was returned.
We’ve even gone back to the chart to check the settings there as I feared it may have been caused by a procedural sequence mis-step with the processing itself - we could not save the updated checked box “depreciating asset” against the relevant account chart …so I did try removing all the entries and starting from scratch with a 64000 account to rule this out, but we came up with the same result in the Depreciation Schedule report. It really doesn’t make sense why it is not working.
That does sound strange, I will raise a support ticket for you now and one of our support consultants will shortly be in touch.
If you can, please do get back to us here and let us know what the solution was