Depreciation/Property Classes

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What is a Depreciation/Property Class?

A Depreciation/Property Class is a configurable record for the Property Control module that stores information relating to Depreciation Method and Recovery Period. When a Depreciation/Property Class is added to a Fixed Asset Record, the Book Life, Depreciation Method, and Depreciation Convention fields on the Fixed Asset Record will automatically populate based on the values specified in the Depreciation/Property Class. The Depreciation Method and Depreciation System fields on a Depreciation Class are fixed and cannot be updated after creation. Veracross only supports Straight-Line Depreciation. GL Defaults can also be set on the Depreciation/Property Class level or on the Asset Category level.

Depreciation Class and Property Class are currently used interchangeably within the system, but both pertain to the same record list.

Navigating to the Depreciation Class List

  1. From the Launchpad, navigate to the System Homepage
  2. Under the "View Configuration" column, click on the Property Class List

Adding a New Depreciation/Property Class

  1. From the Launchpad, navigate to the System Homepage
  2. Under the "Change Configuration" column, click on Add a Property Class
  3. Fill out the Description, Depreciation Convention, Recovery Period, and GL Defaults (if needed)
  4. Once complete, click the green "Add Property Class" button