Books

Books are global and can be used across companies. At least one book must be created during setup. You can create as many books as you require for reporting and compliance requirements.

After books are defined, you can assign them to any depreciable asset. Individual books are set up and assigned to the same asset to allow reporting on the asset and the methods of depreciation for the asset.

There are two types of books:

• Asset books are used for assets that are depreciated individually.
• Asset class books are used for assets that are depreciated as a group. It is known as an asset class.

A book is a ledger of assets that defines parameters for calculating depreciation. For example:

• Default depreciation conventions that determine how depreciation is calculated in the first and last year of the asset life
• Method switching that determines whether the depreciation method should switch to a more advantageous method during an asset's life
• Depreciation currency that is the currency that depreciation is calculated

You can define as many variations as are required to accommodate unique depreciation and asset valuation requirements:

• Global Ledger posting book. Asset book
• Tax reporting book. Asset book
• Public Utility Commission book. Asset class book