Fixed Asset Module: Depreciation Journals
under review
L
Lauren Peters
Currently, automatic depreciation creates a separate journal entry for each asset. For clients with a large number of fixed assets, this can result in a significant volume of journal entries.
It would be beneficial if the system could instead generate a single depreciation journal entry for the period, allocated across the relevant classes, with the depreciation detail report providing the supporting breakdown by asset.
M
Molly Pellegrino
No kidding!!!!! I had one of my staff accountants implement this newer tool for one of the companies I work for. When going through the initial screens to see how the overall process worked, but before handing it off, my gut said the system would likely create individual JEs for each asset. When I handed it off to staff, we discussed this and we all agreed, no way would the devs do that to us....lol. Jokes on us, I guess. Every month we have 100s of JEs for what could be a single 2 to 8 line entry (multiple departments). I have chosen not to implement this tool for any of the other companies I work with. On a positive note, I do like that the Class used when adding a new asset carries to the amounts debited on the JEs for depreciation expense. I also like the Fixed Asset Depreciation Detail report. It's very useful, easy to read, and I think I may even be able to use it for audit PBC items.
The status was updated to
under review