Book

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

  • Default depreciation conventions (determine how depreciation is calculated in the first and last year of the asset life),

  • Method switching (determines whether the depreciation method should switch to a more advantageous method during an asset's life)

  • Depreciation currency (the currency that depreciation is calculated in)

How are books used?

Books are global, and can be used across companies. At least one book must be defined during Asset Management setup. The application gives you the flexibility to define as many books as you need for reporting or compliance needs.

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

There are two types of books: asset books and asset class books. Asset books are used for assets that are depreciated individually. Asset class books are used for assets that are depreciated as a group, known as asset class. Part 32 book

Examples

Depending on your company's reporting requirements, you might define one of these types of books:

  • General Ledger posting book (asset book)

  • Tax reporting book (asset book)

  • Public Utility Commission book (asset class book)