Configuring Custom Depreciation Formula

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Last updated: Apr 22, 2024 by Shilpa K (Deactivated)Version comment
2 min read

In addition to the Down Value Method and Straight Line Method default Depreciation formula (see: Configuring Depreciation Formula), you can also configure Custom Depreciation formula as per the organization's requirements.

To configure Custom Depreciation formula:

  1. Select Asset > Configuration > Depreciation > Depreciation Formula.

  2. On the DEPRECIATION FORMULA page, click ADD NEW on the ACTIONS panel.

  3. On the DEPRECIATION FORMULA page, fill in the new Depreciation details. For more information about the fields on the DEPRECIATION FORMULA page, see Field Description.

  4. Click SUBMIT. A new Depreciation formula is configured.

    DEPRECIATION FORMULA page
    Figure:  DEPRECIATION FORMULA page

Field Description

The following table describes the fields on the DEPRECIATION FORMULA page:

Field

Description

DETAILS

Depreciation Method

Displays the selected Depreciation Method.

Formula

Displays the formula for the selected method.

Type

Lists the types of Depreciation supported in the application. Select the Depreciation type from the list.

Default Formula

Select this check box to set the selected Depreciation formula as the default formula.

Active

Indicates the status set for a Depreciation formula.

  • If selected, the Depreciation formula is active.
  • If cleared, the Depreciation formula is inactive.

DEPRECIATION DETAILS

Name

Displays the name of the Asset attribute.

Description

Displays the mandatory elements that are required to calculate the Depreciation value for an Asset.

Type

Displays the description text for the mandatory value.

Value

Displays values for the mandatory elements.

Active

Indicates the status set for a formula. If selected, the Depreciation method is active.

ACTIONS

This section explains all the icons displayed on the ACTIONS panel of the DEPRECIATION FORMULA page.

SHOW LIST

Click SHOW LIST to display the LIST table showing the Depreciation methods.


Figure:  DEPRECIATION page: List of depreciation methods 

  • To update a Depreciation value, click the configured Depreciation Method. Make appropriate changes and click SUBMIT.

  • To display the inactive Depreciation values, click the Include Inactive check box.

    Note:

    When the Depreciation values are displayed under the LIST table, the ADD NEW action is displayed on the ACTIONS panel. Click ADD NEW to configure a Custom Depreciation Method.