Finance: Separate accumulated depreciation account for fixed asset reporting
J
Joakim Bringedal
started a topic
4 months ago
Classification: USEFUL
To provide a more flexible setup that meets different reporting needs, RamBase now supports gross reporting for fixed assets. This feature enables transparent reporting of acquisition cost and accumulated depreciation as separate entries on the balance sheet.
This enhancement introduces an additional field in the fixed asset configuration in the Depreciation rules (DPR) application for the Accumulated Depreciation Account, ensuring a clear separation of acquisition value and accumulated depreciation in financial reports.
By implementing this setup, RamBase aligns with both local and international accounting standards, reducing compliance risks, and providing clearer and more transparent reporting for auditors and stakeholders.
This functionality will only be available for new Depreciation rules (DPR). For existing setups, no changes are necessary, as depreciation will continue to be recorded on the main balance account as before.
Joakim Bringedal
Classification: USEFUL
To provide a more flexible setup that meets different reporting needs, RamBase now supports gross reporting for fixed assets. This feature enables transparent reporting of acquisition cost and accumulated depreciation as separate entries on the balance sheet.
This enhancement introduces an additional field in the fixed asset configuration in the Depreciation rules (DPR) application for the Accumulated Depreciation Account, ensuring a clear separation of acquisition value and accumulated depreciation in financial reports.
By implementing this setup, RamBase aligns with both local and international accounting standards, reducing compliance risks, and providing clearer and more transparent reporting for auditors and stakeholders.
This functionality will only be available for new Depreciation rules (DPR). For existing setups, no changes are necessary, as depreciation will continue to be recorded on the main balance account as before.
Release date: 9 December 2024