Setting Up the Asset Register for Enhanced Depreciation

  1. Open Ledger Setup (LES) from the main SunSystems menu.
  2. Click the General tab and select these check boxes:
    • Full Year Depreciatn in 1st Yr
    • Apply Advanced Depreciation.
  3. Open Chart of Accounts (COA) from the main SunSystems menu.
  4. Create the profit and loss account and the balance sheet account to be used for Advanced Depreciation postings.
  5. Open Asset Records (FAS) from the main SunSystems menu.
  6. Click the General tab.
    1. Specify the advanced depreciation accounts (as created in step 4) for every fixed asset subject to advanced depreciation.
    2. verify that End Period is blank
  7. Click the Value 1 Depreciation tab.
    1. Ensure that the depreciation method is specified as Straight Line.
    2. Ensure that the percentage field has been populated.
    3. Specify the information in the Advanced Depreciation Settings and Reduction Settings sections as necessary for Base currency and any other currency required.

      For example, under Italian depreciation rules you might set the following options:

      • Apply From: enter the year in which the depreciation starts for this asset.
      • Term of Years: enter 3 for new assets or 1 for assets bought used.
      • Factor: enter 1.
      • % First Year Reduction: enter 50.
  8. If your business unit requires depreciation to be posted also in currency values 2 and 3, then open Asset Records (FAS) from the main SunSystems menu. Specify the information on the Value 2 Depreciation and Value 3 Depreciation tabs following the same guidelines as step 7 above.
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