Depreciation and Fixed Asset Concepts
The topics listed below discuss the basics of depreciation and can assist you in making correct decisions when depreciating your assets.
The application allows up to twenty books that can be used to depreciate your assets in different ways.
Depreciation may be defined in accounting terms and in practical terms.
There are five basic elements of depreciation: property type, placed-in-service date, depreciable basis, estimated life, and depreciation method.
To speed up data entry and to assist you with making the necessary depreciation decisions, the application enters certain information for you.
The application handles sales, abandonments, like-kind exchanges, taxable exchanges, involuntary conversions, casualties, and bulk sales.