In the following article, we will walk through creating a record in the fixed depreciable asset register. In ABRA Flexi, navigate to the "Assets" module.
Open a new asset card by clicking the "New" button, and in the "Basic Sheet" tab, fill in the asset type and category, the acquisition cost, the purchase date, the method of acquisition, and, if applicable, the acquisition document.
Next, go to the "Depreciation" tab, where you can select the option to generate accounting depreciation and enter the number of depreciation months. From the menu, choose the depreciation method — for example, straight-line — and the relevant depreciation group.
Click "Generate Depreciation" in the upper right corner of the asset card. The result will be accounting and tax depreciation entries generated according to the configured parameters.
Once you check "Post asset classification," an entry will be written to the "Events" tab.
At the same time, accounting processing will take place in the Accounting module. You can find it under Accounting / Accounting Outputs / Accounting Journal.
As shown in the depreciation schedule screenshots, tax and accounting depreciation has been posted for the current accounting period only. Depreciation posting for the following accounting period — for example, 2022 — is performed using the Accounting / Initialize Next Accounting Period function. For more information on this topic, please refer to the article here.
Unfortunately, Flexi does not have a feature that can process depreciation in a way that makes accounting depreciation equal to tax depreciation. In such cases, the depreciation amounts must be manually recalculated and adjusted in the depreciation schedule on the asset card.
More examples of asset record-keeping can be found here.