Individual Depreciation

Depreciation may be calculated for a specific asset at the Asset form. To calculate the depreciation for a specific asset, please refer to the steps below.

1. For the asset, open its form. It may be opened in two places in IntelliTrack.
2. From the Manage Items page: the Asset form is reached by clicking the Asset icon to the right of the Asset-Type Item in the page’s grid.
3. From the Assets Data page: the Asset form is reached by clicking the Edit icon to the right of the Asset in the page’s grid.
4. The asset’s depreciation may be calculated from the Depreciation tab. Click the tab to bring this portion of the Asset form to the front.
5. The system-wide depreciation information automatically entered in the Depreciation tab includes:
6. Depreciation Class: depreciation class information is associated with the asset-type item that the asset is associated with.

7. Depreciation Method: this information comes from the depreciation class which the asset is associated with (see "Depreciation Classes"). It is the formula used to calculate an asset’ depreciation (see "Depreciation Methods"). Depreciation methods include:
   1. 200% (Double Declining) Balance
   2. 150% Declining Balance
   3. Straight Line
   4. Sum of the Years Digits
   5. Manual
8. Life: the usable life of the asset is pulled from the depreciation class which the asset is tied to.
9. Partial Month Convention: the partial month convention used for asset depreciation is set for the division in the Division form\Assets tab.
10. Fiscal Year Ends: the end of the fiscal year is set for the division in the Division form\Assets tab. It is the Depreciation Through month from which depreciation is calculated for an asset.
11. In addition to the system-wide depreciation information, which is set at the division and at the asset-type item (via the depreciation class), you must also enter the following information for the asset in order for depreciation to be calculated:
    1. In Service Date: entered in the Assets form\Depreciation tab. This date determines when depreciation calculation begins.
    2. Purchase Date: entered in the Assets form\Warranty tab.
    3. Purchase Cost: entered in the Assets form\Warranty tab.

12. Press the Calculate button in the Depreciation tab to calculate the depreciation for this particular asset.
    1. The depreciation is calculated through the end of the current period.
       1. Depreciation Through: the date through which depreciation is calculated. When the depreciation period is Annual, this date will be through the fiscal year end date. When the depreciation period is Monthly, this date will be through the current month.
       2. Total Depreciation: displays the total depreciation of the asset through the depreciation period.
       3. Current Depreciation: displays the current month’s depreciation amount for the asset.
       4. Asset Value: the value of the asset once the total depreciation has been calculated; the purchase cost minus the total depreciation equals the asset value.