The Standard edition of MobileAsset only supports straight-line depreciation, where the asset depreciates a set amount each year, based on the price and useful life.
The Professional and Enterprise editions support more complex depreciation methods, as discussed in the on-screen Help (see Related Content below for a downloadable manual).
Double Declining Balance
150% Declining Balance
Declining Balance Custom
Sum of the Year's Digits
All the depreciation methods are specified by United States GAAP Codification of Accounting Standards. Discussions of these methods:
- 3rd-party site: http://accountinginfo.com/study/dep/depreciation-01.htm
- Wasp's article "MobileAsset v7 Depreciation Methods Definitions" (linked below).
1. Create your depreciation method(s).
2. Set the depreciation method in each asset type that you want to depreciate.
3. Set the asset type in the asset(s) you want to depreciate.
4. Depreciation does not calculate automatically. You must manually calculate depreciation to get up-to-date depreciation values. On the left click Asset Management; on the right click Calculate Depreciation, specify the date, and click OK. Click OK to view the depreciation report.