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Fixed Assets Year-End Procedures

Posting Asset Depreciation

You can post asset depreciation for year-end.

Before you can post depreciation expense to the general ledger, you must preview or print the depreciation journal. It's also a good idea to print the journal for your records. If you review the depreciation journal and find errors, you can clear the depreciation calculations, make any corrections to the assets or depreciation tables, and recalculate depreciation.
Note: Any depreciation expense that you posted to the general ledger must be reversed through a journal entry transaction in the General Ledger module.
  1. On the Fixed Assets Posting Menu, click Post Depreciation.
  2. Verify the Post Month/Year. Click the up and down arrows in the Month and Year date boxes to select a different posting period.
  3. Select a transaction source. Click the Down Arrow to select a source in the drop-down list.
  4. Enter a reference number. Click Next to auto-assign the next available reference number for the selected transaction source.
  5. Enter an explanation. If no description is entered, Explanation defaults to Asset Depreciation <date>.
  6. Click OK.
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Last updated: July 11, 2023