Fixed Asset Books

each fixed asset will have one or more fixed asset books each fixed asset book contains its own information on how the asset should be depreciated for specific purposes every asset will have a book labeled "internal (post to gl) fa x" that will contain the information for posting depreciation to the general ledger additional books for notation purposes only can be added, each with their own depreciation methods and information, using the "+ new fixed asset book" option general fields fixed asset id the unique asset id assigned by gravity type the asset may have more than one depreciation book the first book created, labeled internal will post to the general ledger internal (post to gl) reserved federal state amt ace property tax other 1 other 2 original cost or basis enter the assets cost or basis for depreciation accumulated depreciation typically, the system is maintained by the organization, but it can also be initialized with the accumulated depreciation data from a previous system net book value calculated by gravity salvage value enter the salvage value if any other basis deduction enter any other amounts that are deducted from the asset value for calculating deprecation depreciable value calculated by gravity date placed in service enter the date the asset was placed in service deprecation start date enter the date deprecation will start depreciable value calculated by gravity asset life enter the asset life in months depreciation method select the depreciation method straight line declining balance (150%) declining balance (150%)/sl switch this will switch to the straight line method when declining balance is less than sl declining balance (200%) declining balance (200%)/sl switch this will switch to the straight line method when declining balance is less than sl manual the calculation must be made by the user half year if you choose a half year convention (assume 1/2 year depreciation in the first and last year no matter when the asset was purchased) select "yes" deprecation lines after creating and setting up books and saving them you must calculate depreciation using the "calculate" menu option on the fixed asset book menu calculating deprecation will setup the deprecation lines to be used by the posting process