Exact Globe

Release 390: Asset Depreciation by Day (Spanish, Malaysian, Hungarian, Vietnamese, and International Legislations)

Introduction

All the assets of a company are subjected to depreciation. The practice of asset depreciation requirements vary from country to country. Some countries require that depreciation be calculated based on the number of days instead of per period basis.

In this enhancement, the asset depreciation on a daily basis is implemented for the Spanish, Malaysian, Hungarian, Vietnamese, and international legislations.

Menu path

• Assets/Assets/Maintain

• Assets/Assets/Depreciation methods

What has been changed

• The option to calculate the depreciation on a daily basis is now available for the Spanish, Malaysian, Hungarian, Vietnamese, and international legislations.

• A new tab Extra is added to the Maintain depreciation methods screen. In this tab, the options Periodically and Daily are available at Depreciation in year of activation. By default, Periodically will be selected and the function remains unchanged.
  
  If Daily is selected, depreciation (both budgeted and actual depreciations) will be calculated based on the calendar days of the specific period.
  
  
  
  Note: In the case where the asset is being purchased in the middle of a certain month, the depreciation calculated will be prorated based on the remaining days of the month.
   

• Generally, the depreciation will be calculated based on 365 days per year but it is based on 366 days in a leap year.

• The daily depreciation is implemented for all depreciation methods except the Variable write off depreciation method.
   

For more details on the functionality, see Daily Depreciation Calculation.

Related document

• Batch 325: Depreciations by Day for Thailand License