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.



The unique asset ID assigned by Gravity

The asset may have more than one depreciation book. The first book created, labeled Internal will post to the General Ledger.

Enter the assets cost or basis for depreciation

Typically, the system is maintained by the organization, but it can also be initialized with the accumulated depreciation data from a previous system.

Calculated by Gravity

Enter the salvage value if any

Enter any other amounts that are deducted from the asset value for calculating deprecation.

Calculated by Gravity

Enter the date the asset was placed in service

Enter the date deprecation will start

Calculated by Gravity

Enter the Asset Life in Months

Select the Depreciation Method:

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"



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.