NetAsset - Summarized Depreciation Journals
Overview
The Summarized Depreciation feature allows monthly depreciation to be posted in a single journal entry per subsidiary, rather than one entry per asset. This helps reduce transaction volume in the general ledger, particularly for environments with large asset counts.
Step-by-Step Process
Enabling the Feature
- Navigate to NetAsset > NetAsset Setup > System Setup.
- Under Transaction Settings, enable Allow Summarized Depreciation.
- Click Save.
Running Summarized Depreciation
- Navigate to NetAsset > Process Monthly Journals > Run Monthly Asset Journals.
- Select the Summarize Depreciation checkbox to process summarized depreciation entries.
Select the assets and click Create Journals. When the checkbox is selected, depreciation will be posted as one journal entry per subsidiary rather than per asset.
Limitations
- Asset tags are not applied to summarized journal lines. Reports that rely on asset-level tags (such as the Asset Balance Roll Forward Report and the Accumulated Depreciation Ledger Detail) cannot be used. The Asset Balance Subledger Roll Forward Report can still be used to reconcile the subledger to the general ledger.
- If depreciation needs to be refreshed or deleted for a single asset, the summarized journal entry for the entire subsidiary must be deleted and depreciation must be re-run for all assets in that subsidiary.
- Custom segment values cannot be included on summarized depreciation journal lines because the posting combines multiple assets into a single entry.