I had a suggestion in the fixed section. In Manager there is the only way to depreciate a fixed asset is by entering the depreciation amount by hand but there should be an option to insert the depreciation percentage for an asset so that Manager should depreciate that amount every month and put that depreciated amount in expenses.
Yes you are right. For now amounts need to be entered manually but that’s a good thing, it means it can handle any depreciation scenario (there are many depreciation methods in use around the world)
In future, Manager will keep improving so you would be able to quickly generate complete depreciation schedule for the lifetime of asset (many years) and then just forget about it. Entries will be included in your financial statements automatically as months will go by.
Any update on this?
I would like this to be developed futher too. Thank you for all the effort and support.
Is it possible to put the date of the asset acquisition as well, at least if we need to calculate the depreciation, we don’t need to open for the detail transactions.
Just come home from an appointment with my Accountant, and been frustrated by having to manually enter all the depreciation amounts.
Can I suggest a way that would both provide some automation and still provide manual flexibility? It would be good to provide check boxes down the list of fixed assets, so a user could manually select a group of assets to depreciate the same way in a single operation. Then a user would have the ability to select between the three depreciation methods to be applied to all selected assets. The three methods would be 1) Depreciate by the current depreciated value of the asset (ie. depreciate to $0 value), 2) Depreciate by an entered percentage of current depreciated value, or 3) depreciate by an entered dollar amount.
A user may need to select two or more separate groups of assets to each be depreciated in a different manner. I just had a long list of small value assets that all had to be depreciated to zero. It would have been great if I could have done that in one operation rather than 30 or 40 of them…
Waiting for this feature. in FA Reports; it is not showing Qty of Assets and group wise reports.
A fixed asset is an individual item. The Fixed Asset Summary shows a list of those individual items. What purpose would you have for a quantities or a quantity total?
No but to show a custom field on the report would be great!
What would you want to show, and why would that belong on a summary report of financial activity? If you want to show other things about fixed assets, you can add custom fields that show in the register. For example, you could add fields listing date in service and depreciation scheme.
Sorry I was talking about the fixed asset report and I know you can show a custom field in the register but the way I was taught and like was to show the depreciation % on the report. The reason for that is anybody can pick up a set of year end reports and knows whats happened so they can carry on the following year if need be and the fixed asset report becomes transparent.
I understand, @Wornout. That isn’t there. If you think about it, though, that really isn’t much of a problem, because the Fixed Asset Summary doesn’t record all you’d need anyway. It only summarizes the changes to cost and depreciation. I find that the register, with addition of a few custom fields for depreciation method, percentage, date in service, and so forth, can be made to closely match official tax forms and more typical accounting reports for fixed assets. I don’t even bother to print out the Fixed Asset Summary, because the useful information is already contained on the P&L statement.
Really my P&L only shows total depreciation claimed. the balance sheet shows total cost and accumulated Deprecation the asset report shows individual cost, accumulated dep, current depreciation,book value.
I’m not sure if there was another question in your last post or just observations. Everything you say is true. If, by chance, you were disputing my comment that, “the useful information is already contained on the P&L statement,” I was only referring to the useful information in the Fixed Asset Summary. As you said, everything else is somewhere else.
Just Observations, Was just trying to reiterate my point about it being great if we could put a custom field on the asset report. Please don’t get me wrong I love manager and think you guys do a wonderful job
It’s not me. I’m only a user.
By the way, one thing you might consider is adding the annual depreciation percentage to the name of the asset. That way you would see it on the Fixed Asset Summary. For example, 2013 Toyota truck (10% depreciation).
Yes that’s a good idea which I had thought of but it looks messy. Need to make the client think he is getting his moneys worth. I would like it underneath the asset name. I know I am just being picky might have to do it that way is there a size limit to the name ie Back Hoe Dep rate @ 65% can we use the ctrl enter to make it 2 lines? for the asset name
No. But you can use the HTML tag for a break. Use < br >, only take out the spaces before and after the “br”. (I had to put them in to make it show up in the post. Otherwise, I would just produce a line break.)
Thanks I will give it a go
When will the option to clone depreciation be available.
Entering this manually monthly drive me up the walls.