How to Set Up Depreciation in Accounts?

Millions of users across the world rely on the features of the Accounting Software software and there are different types of features and functions which you can enjoy on this software. If you are new to the Accounting Software software then you can always seek solution to any technicalities of the software from the Accounting Software experts. The depreciation schedule is one of the major features of Accounting Software which you can rely on and you can use the software for setting up the depreciation for the account that you have. Accounting Software do not automatically depreciate the fixed assets that you have and it is a manual process that has to be done following the respective steps. The technique for doing so is provided here and you can easily perform the task with the help of the Accounting Software software.

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Steps to Depreciate any Asset in Accounting Software

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Second Method : To Set Up Depreciation in Accounting Software?

For depreciation, you have to import the data from one software version to another. Like Accounting Software Desktop to Fixed Asset Manager. By importing all the data in the FAM (Fixed Asset Manager), General Ledger is not importing so; you have to move it manually. After that do the Accounting Software Fixed Asset Depreciation.

1. Open the Accounting Software account
2. Then click on the List menu and then from further options click on the Fixed Asset Item list option
3. Click on the Item option and then click on the New option
4. Provide all the important information in it
5. After that, click on the OK button and the new item window is closed.
6. Then go to the Fixed Asset Manager
   • First of all, an Asset Synchronization Log window opens up
   • In this, click on the OK button
   • Then go to the Schedule tab 
   • Double-click on the asset that you created
   • Now you get the data and in this, see the Federal column
   • Then scroll down to the row named Prior depreciation
   • Click on the amount that is shown in it
   • After that, you have to make some changes that are appropriate
   • These changes you have to do in the Other, State, Book, ACE, and AMT columns
   • In the end, click on the Save option
7. Now export the Fixed Asset items in the ProSeries Form 4562 using Accounting Software
   • Create the file containing the form that is same in the Accounting Software Desktop
   • In Accounting Software Desktop
     1. Create the Fixed Asset Manager Assets
     2. Import the information of Accounting Software FAM to the Fixed Assets modules.
   • In Fixed Asset Manager
     1. In the File menu, click on the option Export
     2. Then click on the ProSeries Tax and again click on the Export option
     3. Now from the Export ProSeries Tax Client File list, select the file
     4. After selecting the file of the client, click on the Export button
     5. Then click on the OK button.
   • In ProSeries
     1. It shows you that the import is completed when you open it
     2. All the assets display you in the list of ProSeries Form 4562 Depreciation and Amortization Schedule.
8. Then import Fixed Assets into FAM from the Excel
   • You have to open the FAM 
   • Then go to the File menu and from further options click on the Import option
   • Now click on the CSV file to import in  the application
   • The pop-up windows came to your screen and follow all the instructions that you get through it.
9. Do select the basis to post the Journal entry.
   • Firstly, open the FAM (Fixed Asset Manager)
   • Click on the Accounting Software menu 
   • Then further click on the Post Journal Entry to Accounting Software
   • The option Basis to post menu, click on the Desired posting basis that is at the bottom of the window shown to you
   • Then pos the journal entry as always.

For moving General Ledger manually

1. Assign the account to multiple assets
2. Add or change the depreciation setting or method

Entering the Transaction in Accounting Software

At the end of the year when you or your accountant is calculating the depreciation amount and entering the transaction the following steps has to be followed:

• Go to the gear icon again and from there click on the option for journal entry.
• For the first line of the journal, select the depreciation account and under the option for debit, list the amount for depreciation.
• On the second line go to the account select option and select your depreciation account for the asset
• Then under the credit menu list the amount that is for depreciation and finally click on save.

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If the trouble persists then you can quickly sort the trouble with the help of the experts at the Accounting Software customer service phone number for help.