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Assets / Enterprise Assets / Depreciation

Define Depreciation Property Types and their Depreciation Methods

The Define Property Types task enables you to define classifications that determine how depreciation values are calculated. Each classification, or depreciation property type, specifies a depreciation method and a depreciation period. To calculate depreciation for particular furniture and equipment assets, you must assign a property type, which stores the depreciation method, to each asset.

Define this data from either Web Central or Smart Client:

• From Web Central, the Define Property Types task presents a Web form to enter and update data;
• From the Smart Client the task is shown in a grid view. Grid views are the most efficient method when doing bulk updates.

Procedure

The following procedure is applicable to both Web Central and Smart Client.

1. Select the Define Property Types task.
2. Do one of the following:

   • From the Smart Client, click in the first row of the grid to add anew record.

   • From Web Central, from the top of the Property Types list, click Add New.

     The Property Type pane shows the fields for the new property type.

3. Enter the following information:

   Field	Purpose
   Property Type	Uniquely identifies each depreciation property type. Complete this field with a descriptive name of the depreciation property type, such as ARTWORK, OFFICE EQUIPMENT, or OFFICE FURNITURE.
   Depreciation Method	Choose a depreciation method from the validating list. For items that depreciate, choose Straight-Line, Sum-of-Years-Digits, or Double-Declining Balance. If the item appreciates, choose Percentage.
   Depreciation Period or Appreciation %	For items that depreciate and have Straight Line, Double-Declining Balance, or Sum-of-Years methods, complete this field with the number of months it takes for the item to depreciate. If the item appreciates (such as a painting) and has a Depreciation Method of Percentage, complete this field with the yearly percentage appreciation; for example, a value of 10 adds ten percent to the value of the item each year.

4. To save the data, do one of the following:

• From Web Central, click Save.

• From the Smart Client, click outside the row to save the data.

Next Steps

After defining property types, you assign these types to tagged furniture and equipment assets so that you can track depreciation for these assets. Use the Edit Equipment and Property Type task to do so.