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This documentation supports the 20.02 version of Remedy Asset Management.To view an earlier version, select the version from the Product version menu.

Working with depreciation

To understand depreciation of an asset, you must know the following information:

  • Initial cost of the asset
  • Useful life of an asset — How many years you expect the asset to retain value for your business
  • Book value of an asset — The purchase cost minus the accumulated depreciation
  • Depreciation — An expense that reduces the value of a long-term tangible asset
  • Accelerated depreciation — A method of depreciation that enables greater deductions in the earlier years of the life of an asset
  • Salvage value — The estimated value that an asset will realize at the end of its useful life
Warning

Important

For more information about depreciation, consult your tax professional.

Use the Financials tab on the CI Information form to track the initial cost and the subsequent depreciation of your assets. Enter the initial price in the Unit Price field. If no depreciation information has been specified, the field is set to No and the Create button is visible. Click the Create button to create the depreciation schedule and calculate it. After depreciation has been calculated, the Depreciated field is set to Yes and the Create button is replaced by a View button.

The following figure shows the Financials tab to configure depreciation: 

fintabyes_45108_516.gif


 

 

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Remedy Asset Management 20.02