Accounting > Write down assets

To write down assets, choose the option Write down assets in the menu Bookkeeping > Financial > Assets.

Assets are initially filled via the menu Maintenance > Financial > Assets.

Write down assets in the previous year

After writing down assets in the previous year, the changes which have been made can be transferred to the current year with option Copy book value assets from previous year in menu Bookkeeping > Financial > Assets.

Selection tab

Write down until

A date must be entered until when the write downs have to be calculated.

The date of the end of the year is filled in by default.

When the end date of an asset is reached before the date entered, the write down will be calculated until the end date of the asset.

The journal entries created will also have this date instead of the date entered at Write down until .

Daybook

In this section a daybook must be chosen where the journal entries must appear.

By default the Memorial daybook is selected.

Write down assets completely

Assets can be written down completely by checking this option.

The assets to be written down completely can be selected individually in the Proposal tab.

The current value of the asset, book value or remaining value, will be written down and placed in the field disinvestment in the asset screen. The asset is set to the status Removed.

This amount is also shown on the Assets report as a disinvestment.

Assets which are already written down completely are set to the status Removed without any journals made.

Note

During creating the new bookyear assets with the status Removed are deleted from the asset list.
When assets are completely write down in the previous year the current value can be taken over to the new year with the function 'Copy book value assets from previous year' in menu Bookkeeping > Financial > Assets.

The asset must be write down completely again in the new year to get again the status Removed.

Reset assets (correct journals manually)

With this option it is possible to turn back write downs to a given date set in Write down until.

No journals will be made. Correction journals should be made manually.
Also, the Depreciation tab in Maintenance > Financial > Assets has to be corrected manually.
Only Assets with a Purchasing date before the Write down until can be reset.

Proposal tab

In case of Write down

All the amounts that should be written down are shown in the Proposal tab.

All of the assets are selected by default. When an asset should not be depreciated, remove the check marks in the last column.

The amounts are calculated by the method of a fixed percentage of the purchase value, but the amounts can be overwritten in this screen.

Mill7 calculates the number of periods. This is the number of months between the date written down until or purchase date and the date entered for writing down until. The month of purchase is not taken into account. Suppose the purchasing date is September 13th and write downs are created for December 31st, the number of months written down will be three. (October, November and December).

In case of Reset

The proposal will show all assets which are written down after the Writing down until date and have not been removed already.

Per Asset the Book value on the Write down until date is recalculated.

The Total depreciations amount will be a negative amount: the amount of the write downs turned back.

Process

In case of Write down

Journal entries will be made and the book value of the assets will be changed according to the amounts in this screen.

In case of Reset

The book value of the assets will be changed according to the amounts in this screen. No journal entries will be made.