Depreciation Guru

Depreciation Experts Since 1991

This post will begin a series of posts to help create an understanding of fixed asset depreciation reporting.  Many companies use a variety of different software solutions capable of generating numerous reports.  Such reports include roll forward reports,  monthly depreciation expense reports, asset acquisition reports, and more.  Here you will find the description of a fixed asset depreciation detail report, as well as what information is included in the report as well as a snap shot of what one looks like.

The fixed asset depreciation report displays a “snapshot” of your fixed assets as of the end of the selected accounting period.  This means all the numbers presented reflect their true value at the end of the period.  Some people will also refer to this type of report as a Net Book Value report.

Below, you can see a generated sample depreciation detail report: (For a clearer view, just click the image)

The columns of this report should include:

1. Unique asset identifier and optionally description
2. Date placed in service – the date when depreciation begins
3. Depreciation method – determines the calculation technique used
4. Associated recovery periods – the estimated life in years and months
5. Depreciable basis – sometimes referred to as cost or purchase price
6. Prior – amount of depreciation calculated from the service date through the previous accounting period
7. Current – amount of depreciation in the current accounting period or periods
8. Total – sum of prior and current numbers
9. Net Book Value – the difference between the depreciable basis and total depreciation is the remaining balance or NBV (Net Book Value)

A detailed depreciation can be run every month for the internal book schedule to get an accurate picture of the present value of your assets.  This report can also be very useful at year end for the tax schedule.

Should you have any questions, or if you would like to know how fixed asset depreciation reporting can be helpful to you, please feel free to ask us.  You can do so be either commenting in the field below, or by leaving a remark on the questions page.