Define Depreciation Methods

This unit outlines how to set up depreciation methods for assets. Proper depreciation setup is essential for accurate financial reporting and asset valuation. The steps are as follows:

1. Navigate to Assets > Assets > Method.
2. Click on the ‘New’ button.
3. Fill out the following mandatory fields:
   • Method Name – Enter a name for the depreciation method.
   • Method Type – Select the type of depreciation (e.g., Straight Line, Declining Balance).
   • Rate – Specify the depreciation rate.
4. Select the asset to which the depreciation method will be applied.
5. Ensure the correct method is assigned for accurate depreciation calculation.
6. Review the entered information.
7. Click ‘Save’ to finalise the method setup.

For more detailed instructions, please refer to the Assets > Assets > Method article.