Advanced Feature: Asset Depreciation
Depreciation is used to spread the cost of an asset over its useful life, resulting in adjustments to its book value and providing a depreciation expense. Depreciation results are required for a company's accounting and tax purposes.
Asset Depreciation with PassportTake advantage of ASAP Passport for asset management to calculate the depreciation of an asset over its useful life, adjustments to its book value and depreciation expense for auditing purposes.
Utilize Methods of Asset DepreciationUse Passport to calculate all methods of computing depreciation such as straight line, double declining and sum of all years.
Configure your own Depreciation formulaWith ASAP Passport, configure and create your own depreciation method code with depreciation method name and depreciation method formula.
Use Effective Variables to Configure Your FormulaUtilize available variables and definitions such as cost, scrap value, years to depreciate, book value, depreciation reporting period, prior accumulated depreciation values, and depreciation year to date.
- Built-in standard depreciation methods
- Ability to create custom depreciation methods
- Full control of all aspects such as calculating daily, monthly, yearly
- User configurable to the data collection fields you need
- Full reporting via the report wizard