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In the Set of Books master file, asset depreciation is grouped or categorized by "set of books." You can depreciate an asset using different methods according to the audience. For example, you may want to use one depreciation method according to one set of books when reporting asset depreciation to your stockholders, use another depreciation method according to a different set of books for federal tax reporting purposes, yet another for state tax purposes.
Use the Assets master files to establish and maintain a record for each property or equipment asset. Since the system calculates monthly depreciation for the life of the asset according to information in the record, you may want to set up more than one record per asset to compare the impact of different methods by designating a different set of books in each record. This information is printed on the Depreciation Schedule and Monthly Depreciation report.
Use the Amortization task to establish and maintain records for both payable and receivable contracts that are amortized monthly. The system calculates interest, principal, and balance due for the duration of each contract set up in the file. The system provides no integration with Accounts Payable or Accounts Receivable.