Available On: Business Plus
Depreciation 💰 is the process of spreading out the cost of a tangible asset over its useful life, ensuring accurate accounting and financial management.
How to Enter your Asset Information
You can add this information when creating a new asset or editing an existing one! Make sure to enter the following information (these fields are needed to calculate depreciation):
Purchase Date: The Date you acquired or purchased this Asset
Purchase Price: How much you spent on this Asset
Residual Price: The remaining value of when the Asset is fully depreciated
Useful Life: Your estimated lifespan for this asset
TIP: You can also add this information when importing your assets (Columns K, M, O & P).
How to View your Asset Depreciation
Click on the Desired Asset to open the Overview page
On the right-hand side, under Depreciation, you can view:
Depreciation rate
End of Useful life
Current value of the asset
Click on View Timeline to see a better breakdown of the depreciation rate!
💡For more detailed view of your Depreciation check out UpKeep Analytics