Software Solutions

Depreciation

Although depreciation is a fundamental component of asset management, many organizations have unique needs and circumstances. Organizational structure, historical data, and reporting needs often make conversion to an alternative depreciation tool challenging. InCircuit's Depreciation Module is flexible, so it can be tailored to meet the specific needs of any organization. Use it to configure and maintain an unlimited number of depreciation methods, and modify the system so it works for your unique needs.

An Integrated Solution

Because InCircuit's Depreciation Module works as an extension of it's Asset Management System, transactions such as disposals and transfers can be configured to automatically update the depreciation processes. The depreciation entries are maintained on the asset records, offering maximum flexibility in reporting and access to information. Because the system tracks betterments in the Accounting Module, it can depreciate betterments, upgrades, and components on different schedules than the primary asset.

Customizability - It's what sets us apart

As with all InCircuit applications, the advantage offered by the Depreciation module is the ability to quickly and affordably modify the system to address your special needs.

Customizable disposal options allow you to pre-determine how the system depreciates assets upon disposal.
Customizable transfer options mean you can establish deprecation rules for assets transferred between departments or agencies.
Depreciation conventions are available, such as mid-month, mid-year, and full-year.
Customizable schedules mean you can adjust the depreciation calculations to match prior years reporting, and still make adjustments to update and improve the quality of your data.
The ability to specify business rules and conditions on the depreciation offers new levels of depreciation flexibility. Conditions can be based on Fund Accounting, Asset Type, Cost Thresholds, and many other variables.
The system supports both default and user-specified estimated life for assets so you can determine how assets are depreciated, and conform to your internal accounting policies. Default estimated life is associated with category or class codes.
Values can be assigned so that an asset is only depreciated down to its salvage value.

Reports

The standard reports are completely customizable, and we work with you to define every aspect of the depreciation reports to make sure they work the way you need them to. InCircuit's flexibility means you can depreciate and report in many ways. Options include:

Depreciation for a single department, group of departments, or all departments
Special consideration for leased assets
Depreciate and report on assets by fund types, acquisition date, or other accounting information
Depreciate and report on assets above a user-specified cost threshold
Include or omit asset upgrades when calculating depreciation
Isolate upgrades purchased prior to a user-specified acquisition cutoff date
GASB, CAFR and GAAP reporting available