Acquired items such as Computers, Machineries, Leaseholds, Equipment and the likes are usually being considered as a part of the company’s fixed assets and the each will depreciate their value over the period of time. Recording of depreciation will let us know the current book value of the fixed assets.

Using the Navigation Panel, go to the General Ledger and select Chart of Accounts.

Under the Property, Plant and Equipment Accounts, create a fixed asset accounts and accumulated depreciation accounts.

Accumulated Depreciation Accounts per each fixed asset accounts should be tagged as ADA in the Special Account.

To tagged, right-click to the corresponding accumulated depreciation account and select edit.

On the Account Entry pop-up window, select Accumulated Depreciation Account under Special Account Type. Once done, save the window.

If all of the accumulated depreciation accounts are being tagged, we can now match them to its corresponding fixed asset accounts using Assets and Depreciation Maintenance.

To match, click New under Record Creation.

Select the Fixed Asset account and its corresponding Accumulated Depreciation account using the drop-down button.

Continue to do matching until all fixed assets have been matched.

Once done, all matched accounts will be displayed in the Assets and Depreciation Maintenance.

Now go to Journal Entries in the General Ledger Module using Navigation Panel.

Create a depreciation of fixed asset by debiting the Depreciation Expense account and credit the Accumulated Depreciation account.

Note: Provide a description for reference in report.

Then to check the current book value of the fixed accounts. Go to View then Reports > GL Reports > Reports > Fixed Assets Accounts > Fixed Assets Three Columns report.

Now generate a report, click the preview and select the available format. (you may select and filter date based on preference).

Upon checking on the report, Book Value of each fixed assets have been shown by deducting the accumulated depreciation amount to its corresponding cost upon acquired.