Bulk depreciation entry

You can make depreciation entries in the REI Hub system in several different ways. This article discusses bulk-adding depreciation entries per fixed asset. Alternatively, you can make singular depreciation entries for an individual fixed asset or an uncategorized depreciation entry that is not associated with a specific asset. 

These instructions assume you have already created at least one fixed asset and populated it with the relevant transaction(s) or opening balances. The amount of depreciation you can take in a given year depends on a few factors.  The asset type, its usable life, when it was placed in service, etc. all impact how you calculate depreciation.

Both the Fixed Asset Schedule and bulk depreciation tools calculate and provide a recommended annual depreciation entry per asset using the following standards:

• The recommended depreciation is calculated on a straight-line basis using the asset's usable life.
• For partial years, depreciation is prorated using the mid-month convention and the asset's placed-in-service date. 
• The recommended depreciation amount REI Hub produces depends entirely on the values you entered. This is not tax advice or a substitute for the advice of a qualified professional.
• The report cannot tell you if any items are eligible for bonus or accelerated depreciation. Check with your CPA for more information about alternate depreciation schedules.

To bulk enter depreciation:

1) Navigate to the Fixed Assets page

Find the Fixed Assets page under Organization on the left-hand menu

2) Click on Add Depreciation in the upper right corner

3) Select the appropriate date range

If you want to enter depreciation for 2023 and the current date is 2024, select Last Year from the dropdown. If desired, depreciation can also be entered monthly or quarterly using custom date ranges. Depreciation expenses will be created on the last day of the selected period.

4) Select the assets you want to enter depreciation for:

The recommended depreciation amount from the Fixed Asset Schedule is pre-filled by default. To claim a different amount of depreciation, adjust the amounts to the desired expense. You can uncheck assets to exclude them. A depreciation expense will be created for each selected asset.

5) Click Save Depreciation

Your depreciation entries are now visible inside the asset and added to its total accumulated depreciation.  

6) View the Fixed Asset Schedule report for a consolidated summary of your fixed assets and balances!

7) Reach out to us with any questions or for assistance!