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
+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.
Please do some updates regarding computations of depreciation.Thank you