How should I properly record asset depreciation in BUSY?
To properly record asset depreciation in BUSY, you can follow these simple steps:
1.Set Up Depreciation Settings: In the software, go to the account master and configure depreciation rates and methods for your assets.
2.Enable Depreciation for Company's Act: If your company is subject to the Company's Act, enable the depreciation option by going to Administration, then Configuration. Find Features & Options, select Accounts, and search for Company's Act Depreciation using the F3 key.
3.Ensure Asset Entries: Make sure you have entered valid information for the assets you've bought or purchased.
4.Access the Depreciation Chart: Go to the Display menu and select Depreciation Chart. Choose the option that aligns with either the Income Tax Act or the Company's Act.
5.Select Depreciation Account: In the depreciation account options, select the depreciation account and set the amount rounding off to automatic.
6.Generate a Depreciation Chart: A new screen called Depreciation Chart will open.
7.Post Depreciation Entries: To post depreciation entries, press the F4 button. You'll be asked if you want to generate depreciation vouchers for all accounts or selected accounts. Choose as per your requirement.
8.Complete the Journal Voucher: Select the journal voucher series, set the date, and press OK to proceed. The journal voucher will be posted automatically.
These steps will help you correctly record asset depreciation in the BUSY.