Tag Archives: accumulated depreciation

Fixed Asset Continuity Schedule Report

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A continuity schedule report is a valuable instrument to view monthly asset activity.  It shows your opening balance at the start of the accounting period, monthly transactions and then the closing monthly numbers.  This report can be run for a single period, quarter, multiple periods or an entire calendar year. On this report the additions can be both new acquisitions as well as assets that have been transferred in. The disposals column represents disposals and also transferred out assets.

This report shows four columns for the depreciable basis and another four columns for accumulated depreciation over one of more accounting periods. Here are the columns of the report:

Depreciable Basis

  • Assets Opening Balance – cost of acquisitions from previous periods
  • Additions – new assets acquired during the reporting period(s)
  • Disposals – dispositions during the reporting period(s)
  • Assets Closing Balance – assets opening balance plus additions minus disposals

Accumulated Depreciation

  • Accum Dep Opening Balance – amount of depreciation calculated from the service date through the previous accounting period
  • Additions – amount of depreciation in the current accounting period or periods
  • Disposals – amount of any disposals
  • Accum Dep Closing Balance – opening balance

Continuity Schedule

In addition, this report includes columns for system asset number, asset description and net book value at the close of the selected accounting period. It is also common for this report to be sorted and grouped by general ledger code, asset class or branch within organization. A summary version is useful to view just the totals and suppress the asset detail.

This is very similar to a “roll forward” report and gives a nice snap shot of asset changes during the selected period(s). In an advanced continuity report, the additions and disposals columns are further separated to break out transfers into their own columns. Bassets eDepreciation features all three variations of this data in the form of a roll forward, continuity schedule and advanced continuity schedule reports to answer all activity inquiries.

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More information about Bassets eDepreciation software can be found at Bassets.net. While there you can set up a demonstration, download a free evaluation copy and get a personalized pricing estimate.

Bassets eDepreciation – Adjusting Accumulated Depreciation

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A standard, and extremely useful, feature of Bassets eDepreciation is adjusting accumulated depreciation. This allows the user to match the data that has been imported into eDepreciation with the calculations of the user’s previous fixed asset system. Simply put, the user can move forward with eDepreciation while retaining the prior accumulated amounts that have been booked to the general ledger at the close of the last accounting period. eDrepreciation automatically performs this operation on all incoming assets during a data import to ensure accurate calculations for total depreciation.

Watch this video to learn more.

Questions or comments about this post? We invite you to respond in the space below.

More information about Bassets eDepreciation software can be found at Bassets.net. While there you can set up a demonstration, download a free evaluation copy and get a personalized pricing estimate.

Change the Useful Life on an Active Asset

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How can you change the useful life of an asset without altering prior accumulated depreciation and only impact the calculations going forward?

The Remainder Life method provides the user with the ability to shorten or lengthen the useful life of an asset at any time during the original recovery period. When the Remainder Life method is selected, Bassets eDepreciation will amortize the net book value as of the effective date of the change to Remainder Life in equal amounts over the new remaining life. There are four key pieces of information shown below:

The start date is the effective date to begin the remainder life calculation and the new useful life can be entered in both years and months. The original method is stored to ensure the accuracy of the prior calculation.

Changing the useful life of an asset will not alter the total amount of depreciation of that asset. However, it will impact the amount that is depreciated by year. For instance if a $6,000 asset was using straight line depreciation over 5 years, then the annual depreciation amount would be $1200 or $100 per period. If the useful life was then changed to 1 year after 2 years have already been depreciated, the remaining $3,600 would be spread over 12 months or $300 per period.

Questions or comments about this post? We invite you to respond in the space below.

More information about Bassets eDepreciation software can be found at Bassets.net. While there you can set up a demonstration, download a free evaluation copy and get a personalized pricing estimate.