Asset Depreciation Tracking
The Asset Depreciation module helps you better manage and track depreciation for the purposes of accurate financial accounting. Passport’s built-in tracking methods allow you to monitor and report on the cost and value of your assets over their useful life. In addition, you can configure reports needed for tax and insurance purposes. Ultimately, the feature helps reduce expenses by eliminating unnecessary equipment purchases, improving accounting accuracy, and loss prevention.
Report On Asset Depreciation
Take advantage automated depreciation calculations for assets over their useful life, and report on adjustments book values and depreciation expenses for auditing purposes. Set the reporting period, calculation period, acquisition value, and more before running your custom report.
Accurate Asset Management
Log purchase information and warranty information when assets are received so the data can be relied on for searches and reports in Passport. You can select from our built-in depreciation methods, such as straight line, double declining, and sum of all years, or create custom formulas.
Configure Your Depreciation Method
With Passport, configure your own depreciation method code with depreciation method name and formula for customized reporting. Utilize available variables, sub-methods, and definitions such as cost, scrap value, years to depreciate, book value, depreciation reporting period, prior accumulated depreciation values, and depreciation year to date.
Depreciation Method and Reporting Capabilities
Built-in standard depreciation methods and reporting
Ability to create custom depreciation methods and reports
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