In REI Hub, you can make depreciation entries for an individual fixed asset or an uncategorized depreciation entry 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.
At this time, REI Hub does not automatically record your depreciation entries. We do offer a Fixed Asset Schedule report that calculates and provides 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 Enter Depreciation for a Specific Fixed Asset
1) Navigate to the fixed asset in question
Find the Fixed Assets page under Organization on the left-hand menu, and select the account in question.
Or, go to the property's dashboard and access its related fixed assets from there.
2) Click on Add Depreciation in the upper right of the fixed asset page
3) Select the date range and any applicable fixed assets
The amount of depreciation you can take in a given year depends on several factors. The asset type, its usable life, when it was placed in service, and other factors all impact how you calculate depreciation.
4) Add the transaction(s) and view reports
Your depreciation entry is now visible inside the asset and added to its total accumulated depreciation.
Also, view the Fixed Asset Schedule report for a consolidated summary of your fixed assets and balances!
Still have questions? Reach out to our Support Team via email at [email protected] or call us at (888)939-6865.