Depreciation occurs automatically once everything is set up.
Follow these steps:
- Link to your accounting package and set the date you want to start depreciating from. Remember to use a demo accounting login as it will post journals to the accounting package you link with. We support Xero, QuickBooks Online or standalone (by clicking the appropriate button).
- Set up your Asset Classes/Types for the assets you want to depreciate. Asset Classes are a way to group items together. E.g. All carpet, All Vehicles etc. You can have as many or as little as 1 asset class (also called Asset Types) as you need. You can also individually set asset by asset rates by going individually into each asset and changing that rate.
- Set the day you want to depreciate every month - for example the 1st of the month - or the default is the last day of the month. You can choose from the drop down list. Once you've completed the above steps you will receive a prompt to accept these settings. During a trial this over-rides all the date to depreciate settings and depreciates everything that second.