I am trying to pass depreciation entry in BUSY but it is asking for depreciation rate. How can I set it to pass automatically?
If you are being prompted for a Depreciation rate while passing a Depreciation entry in BUSY, it means that the depreciation rate has not been defined within the Fixed Asset master. To define the depreciation rate, please follow the below steps:
Step 1: Go to the Administration menu.
Step 2: Click on Master and then click on the Modify option. Search for the Fixed Asset account in which you want to charge depreciation.
Step 3: Once you have found the account, open the Fixed Asset master in modification mode.
Step 4: Click on the Account group and a "Rate of Depreciation for the account" window will appear. Define the depreciation rate here and then save the master.
If you want to generate Depreciation entry automatically, it is not possible in BUSY software. You have to pass Depreciation entry manually by following the below given steps:
Step 1: Go to the Display menu and click on the Depreciation chart option. Then click on Income tax.
Step 2: Define the Depreciation account and click on the "Ok" button.
Step 3: If you want to pass a depreciation entry for all accounts in one go, press F4. A window of "Generate Depreciation account" will appear. Click on the "All accounts" option and then click on the "Ok" button.
This way, your Depreciation entry will be passed accordingly for fixed asset accounts.