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.
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 transactions 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.