SECTIONSDepreciation Book Fields
Here is a description of the fields on the depreciation book object.
Key: * – Mandatory field; R – Read-only; G – Only available on Group types of depreciation book; S – Only available on Sub-Group types of depreciation book; C– Mandatory field when the Check Mandatory Fields on Save field in the Fixed Asset Management Settings custom setting is selected; M - only applicable for MACRS Tax Books.
| Field Name | Description | ||
|---|---|---|---|
| Asset Cost | C | Purchase cost or transfer cost of the item. | |
| Asset Group | G | Asset group that the depreciation book relates to. You cannot change a depreciation book's group. | |
| Asset Sub-Group | S | Asset sub-group that the depreciation book relates to. You cannot change a depreciation book's sub-group. | |
| Business Cost | R | M | The formula for calculating this cost is: Asset Cost * Business Use Percent |
| Depreciation Book Name | Name of the depreciation book. An asset level book that has been copied from a group or sub-group will be prefixed with 'Copied_'. | ||
| Fixed Asset | Fixed asset to which the depreciation book relates. | ||
| Record Type | The type of depreciation book. This determines what the depreciation schedules are used for. This can be Accounting Book, Tax Book, MACRS Tax Book or Custom Book. | ||
| Parent Book | Lookup to the parent depreciation book. This field contains a value when the asset to which the book belongs has inherited a depreciation book from its asset group or sub-group. |
Deductions & Allowances
Key: * – Mandatory field; R – Read-only; M - only applicable for MACRS Tax Books.
| Field Name | Description | |
|---|---|---|
| Additional Depreciation Allowance Amount | M | Any additional depreciation allowance amount that must be included in the MACRS calculation. |
| Claim Special Depreciation Allowance | M | Indicates that you want to claim the special depreciation allowance for this tax book. |
| 100% Qualifying Property Asset |
Indicates that you want to claim the qualifying property assets deduction for this tax book. |
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| Section 179 Deduction | M | The amount that can be deducted from the asset's cost for MACRS tax calculations under Section 179. |
| Special Depreciation Allowance Amount | M | The calculated amount that will be claimed as the special depreciation allowance. The formula for calculating this amount is: (Business Cost - Section 179 Deduction) * Special Depreciation Allowance Percent |
| Special Depreciation Allowance Percent | M |
The percentage calculated for the special depreciation allowance. If Claim Special Depreciation Allowance is enabled, this field is populated automatically based on the asset's year in service. |
MACRS Depreciation
Key: * – Mandatory field; R – Read-only; M - only applicable for MACRS Tax Books.
| Field Name | Description | |
|---|---|---|
| Depreciation Method | M | The depreciation method used in the MACRS tax depreciation calculation. The options available vary depending on the Depreciation System selected. |
| Depreciation System | M | The types of MACRS tax depreciation system: GDS or ADS. |
| MACRS Basis Cost | M | The cost to use in the calculation of the MACRS tax depreciation. The formula for calculating this cost is: Business Cost - (Section 179 Deduction + Special Depreciation Allowance Amount + Additional Depreciation Allowance Amount) |
| MACRS Convention | M | The convention to use for the MACRS tax depreciation calculation. The options available vary depending on the Depreciation Method selected. |
| Recovery Period (Years) | M | The recovery period used in the MACRS tax depreciation calculation. The options available vary depending on the Depreciation Method selected. |
Depreciation Schedule
Here is a description of the fields that determine how the asset is to depreciate. Several of these fields are not relevant for MACRS Tax Books.
Key: R – Read-only; T – Only used for tax depreciation books;
| Field Name | Description | |
|---|---|---|
| Accumulated Depreciation | R | Amount the asset has depreciated by to date. This is based on the depreciation amount in each posted depreciation schedule. |
| Depreciation Formula | R | Visual representation of the depreciation formula applied based on the chosen Depreciation Method. This field is not relevant for MACRS Tax Books. |
| Depreciation Method | Method by which depreciation of the asset is to be calculated. You can choose from one of these standard depreciation methods or a custom one if your administrator has created one:
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| Quantity of Usefulness / Net Book Value | R |
Asset Cost minus Accumulated Depreciation in the accounting book. |
| Salvage Value | Value of the asset at the end of its productive life. This is an estimate of the proceeds of selling the asset or trading it in at the end of its useful life. You must enter a number greater than or equal to zero. For a MACRS Tax Book, the salvage value is assumed to be 0.00 (zero). |
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| Service Life in Units | Number of units the asset is expected to produce during its useful life. This is typically used in a manufacturing scenario where a machine has a useful life determined by how much work it does or how many hours it has worked. This value is required when the depreciation method is Units of Production. This field is not relevant for MACRS Tax Books. | |
| Service Life in Years | Number of years the asset is expected to be in productive use. This field is not relevant for MACRS Tax Books. | |
| Time Period Basis | Time period by which the depreciation schedule is to update. You can choose from Yearly, Quarterly or Monthly. For a MACRS Tax Book, depreciation is always calculated on a yearly basis. | |
| Period Start Date | Date from which this depreciation book is to be used to calculate depreciation. This field is not relevant for MACRS Tax Books. | |
| Period End Date | Last date on which this depreciation book is to be used to calculate depreciation. This field is not relevant for MACRS Tax Books. | |
| Written Down Value | T | Asset Cost minus Salvage Value minus Accumulated Depreciation to be claimed in the tax book. |
Related Lists
The Depreciation Book Detail page of fixed asset level depreciation books contains related lists that show the Depreciation Schedules associated with that depreciation book.
Buttons
| Button | Description |
|---|---|
| Generate Depreciation Schedule | Generates depreciation schedules for the current book. |
| Generate Depreciation Schedules | Generates depreciation schedules for the current book. This button is available in Lightning only. |
| Push to Assets | This button is available on group and sub-group level depreciation books. Click it to push a new depreciation book to the related assets, or apply changes to an existing depreciation book. If the changes mean that an asset's depreciation schedules need to be regenerated, a message prompts you to do this. See Grouping Assets for more information. |