Depreciating Assets for the Period
To depreciate assets for the period:
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Go to Fixed Assets > Transactions > Asset Depreciation.
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Enter values for the following fields:
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Asset Type(s) — Select one or more asset types.
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Subsidiary(s) — Select one or more subsidiaries. Check Include Children if you want to include the child subsidiaries (and their children) of the selected subsidiary.
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Depreciation Period —Enter a date up to which assets will be depreciated.
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Depreciation Reference —Enter a depreciation reference to be used as the base reference on all generated journals. Leave this field blank to use the default reference.
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Click Depreciate Assets. The SuiteApp calculates depreciation based on the entered method and period.
You'll be redirected to the Process Status page, where you can track the depreciation status. For more information, see Asset Depreciation Process Stages.
If you enabled Custom Transactions and Use Custom Journals, a specific journal entry is created for asset depreciation. You can view these journal entries in Fixed Assets > Transactions > Journal Types. You have to set the status of the journal entry to Approved before it posts. For more information, see Viewing and Approving Custom Journal Entries.
If Require Approvals on Journal Entries is enabled, and you don't have permission to approve journal entries, an administrator must approve them before posting.
When an adjustment period is included in the accounting period setup, depreciation journal entries are posted to the end of the base period, if it's open. If the period is closed, the journal entry posts to the next open period.
Note:When depreciation is zero, the system creates a zero-value depreciation history record with no posting reference. No journal entry is created.
The depreciation date should fall within an existing accounting period, otherwise no journal entry is created.