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How to Calculate Asset Depreciation
How to Calculate Asset Depreciation

With UpKeep we have the ability to enter in our Purchase Date, Purchase Price, Useful life and Residual Value to track Depreciation.

Joseph Schmitt avatar
Written by Joseph Schmitt
Updated over a week ago

Available On: Business Plus

Depreciation πŸ’° 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):

  1. Purchase Date: The Date you acquired or purchased this Asset

  2. Purchase Price: How much you spent on this Asset

  3. Residual Price: The remaining value of when the Asset is fully depreciated

  4. 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

  1. Click on the Desired Asset to open the Overview page

  2. On the right-hand side, under Depreciation, you can view:

    1. Depreciation rate

    2. End of Useful life

    3. Current value of the asset

  3. Click on View Timeline to see a better breakdown of the depreciation rate!

πŸ’‘For more detailed view of your Depreciation check out UpKeep Analytics

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