Asset Depreciation Attributes {AOPS-9}

The purpose of this option is to define and maintain assets depreciation information. This option consist of three blocks. Block 1 display asset information of the asset being maintained, Block 2 is used to insert the Depreciation type and Method and Block 3 again display the the asset depreciation records created for the asset displayed in Block 1.

The following asset depreciation records can be created:

S - Standard
T - Tax

Block 1: This block will display the information of the asset from which the user drill downed from and/or the asset for which the user is maintaining asset values.

Example:

Block 2: Asset Depreciation Attributes

Fields in the option:

Field	Type & Length	Description
Depreciation Type	A1	Depreciation can either be calculated for Financial reporting refer to as standard depreciation or Tax reporting refer to as tax depreciation. Only standard depreciation will be posted to the General Ledger, tax depreciation is only calculated for Tax reporting purposes, should Tax reporting be applicable to the institution.
Method	A1	Assets can be depreciated on a straight-line basis of reducing balance method.
Factor	N3.2	The factor is only used with the reducing balance method and accelerate the write-off charge.
Tax Depreciation Rate	N15.2	The Tax Depreciation Rate linked to this asset if applicable. Default Tax Depreciation Rates may be defined for asset types in {ACS-2} that will default when asset Depreciation Attributes are defined for an asset.
Useful Life	N3	The Period over which an asset is expected to be available for use by an institution.
Effective date	DD-MON-YYYY	This date is from which the depreciation rate will apply. This will default from the Date Aquired in {AOPS-1}.

Example:

Block 3: This block will display on save/commit of block 2, when it was changed/recorded and by whom

Example:

Date	System Version	By Whom	Job	Description
20-AUG-2007	v01.0.0.0	Elize de Swardt	t137484	New manual format for IFRS.
23-Jan-2008	v01.0.0.0	Amanda Nell	t146713	New images