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How to add Depreciation to an Asset?
How to add Depreciation to an Asset?

Calculating depreciation for assets

Updated over a week ago

Adding Depreciation to an Asset

In order to add a depreciation to an asset, you'll need to add the depreciation to the product the asset is using. That way, it will appear for all assets using that specific product.

Let's add a depreciation to the asset below, an iPhone 14 Pro Max with the Asset ID 100000. Start by clicking on the product of the asset.

Now, click on the Edit button.

Here you'll see a field to select the depreciation for the product. Select an existing depreciation (or create a new one), scroll down and click Save. In this example, we'll click on the New button and create a new depreciation.

In this example, we'll call it iPhone 14 Pro Max Depreciation, set the duration of the depreciation to 24 months and the minimum value of the asset to $300, and click Save. After this, scroll down on the page and click Save.

We can now see that the depreciation has been added to the product!

Now, if you go back to the asset page, the depreciation is visible here as well now!

Scroll further down on the asset page to see the depreciation section, where you can see all the relevant calculations.

The Purchase Date and Purchase Cost fields of the asset needs to be filled out for the calculations to work, as it needs a date to start the depreciation and a cost to actually depreciate.

You can see all the depreciation numbers for all your assets using the Depreciation Report. This is found by clicking on Reports -> Depreciation Report in the top navigation bar.

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