HandiLedger can automatically create the Depreciation Expense journal entry for your assets.
The automatic journal calculates the gross depreciation for each period of the year. It does not take the following into account:
Private portions
Profit or loss on disposal of assets
Both of these scenarios will require you to complete a manual journal entry.
To facilitate the production of interim financial statements, HandiLedger creates the Depreciation Expense journal entry for each period within the accounting year. When interim financial reports are produced, the correct amount of depreciation should be reflected in those reports.
Note: Pooling depreciation is journaled on 30 June each year, so interim reports may be incorrect if you use Pooling.
Enable automatic journals for depreciation expense
Log in to HandiLedger and Find your entity.
Click Edit.
Under Options, select the Auto journal depreciation check box.
Click Save.
Note: You must also specify the Depreciation Expense and Accumulated Depreciation account codes against the depreciation schedule.