There should be a system of Auto Depreciation Systems based on manual depreciation rate. I could be per day or per month.
You are right. Depreciation cannot be automated at the moment but this is definitely something that will be added.
Any updates on this? I really look forward for this feature as we have vehicles involved in our transportation business, and would be really helpful! Thanks in advance
@lubos it would be also useful to have a similar utility for accruals and deferrals
+1 for this feature…
+1 Looking to buy a high-end computer for my business and will most likely have to spread the expense across the “usable lifespan” of the equipment for my tax return (UK)
Currently, you can do that spreading within Manager, via an annual adjustment to the Fixed Asset’s depreciation.
Oh great! I have searched the guides and forum but couldn’t see anything on this
How would I go about this?
Is there a way of setting the expected lifespan to automatically calculate and spread the expense over the lifespan?
Say the Computer costs £2,000 and I expect it’s usable life span is 3 years?
Then you missed this one https://www.manager.io/guides/depreciate-fixed-assets/9119
To be clear, there is no automatic calculation of depreciation available in Manager. There are too many depreciation schemes allowed by various authorities around the world to build one into the program. Even the straight-line approach you describe (probably the simplest and most obvious) is used in surprisingly few cases.
So If I am right I add the item as a new fixed asset (do I ignore the starting balance section? as that applies to the year I set up business not the year of purchase?). Then manually add the depreciation for each year as a separate entry which will then deduct each years depreciation as a fixed asset expense for the corresponding year?
Yes. Read the Guide on migrating fixed assets.
Thanks @Tut makes perfect sense, still new to all of this.
Please do some updates regarding computations of depreciation.Thank you
Please add this feature. Thanks a lot.
some of items need to be depreciation by percentage.
is the auto depreciation featured in yet?
Not that I’m aware of.
Manager calculated depreciation would require the program to evolve the the capacity for
- user entered formulas accessing other fields
- Results written back to a system value, probably when the pre-filled transaction is accepted by a user.
- For the references to be maintainable by most users, current unique hexadecimal references probably aren’t viable.
- Hiding the hexadecimal references involves a lookup table with a system naming component encapsulating variable scope. The system would also need to detection and manage name duplication. Lubos would also need to decide which internal variables he will expose.
Once done it would also be applicable to user specified calculations elsewhere such as pay sheets, income tax etc. Unfortunately implementing this type of functionality would involve significant back end programming.
I look forward to this Depreciation Schedule too… if it is possible.
Hi @lubos any update on this?
Added to the latest version (19.10.35)
Let me explain how it works…
There is new field on fixed asset form where you can specify depreciation rate.
Once you specify depreciation rate on all your active fixed assets, you can go to create
Depreciation Calculation Worksheet under
Create report for the period you want to depreciate your fixed assets and the report will calculate depreciation amount for each fixed asset.
If you are satisfied with calculated figures, click on
New Depreciation Entry button on the report.
This will copy the figures from the report into actual transaction under
Depreciation Entries tab. You can edit the figures there if needed. The
Depreciation Calculation Worksheet is just a worksheet to give you good starting point so you don’t have to calculate all the figures from scratch.
I know there are a few depreciation methods and even within individual depreciation methods there are variations. Currently,
Depreciation Calculation Worksheet is using diminishing value method also known as double declining balance method to calculate depreciation amount. It will take into consideration if fixed asset is disposed within the period too.