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- Fixed Asset Inventory
FAQ: I am setting up an asset to depreciate. What should I select for the First Year Depreciation Type?
I am setting up an asset to depreciate. What should I select for the First Year Depreciation Type?
The First Year Depreciation Type field indicates how the asset is depreciated the first year, which is particularly important if the asset was purchased other than right at the beginning of the fiscal year. If the asset will not be depreciated the first year, select None. If the asset will be depreciated for the actual number of months (of the first year) that the school district has had the asset, select Actual Months. If the asset will only be depreciated for six months for the first year, select Half Year. If the asset will be depreciated for a full year, select Full Year. For those school districts who must comply with GASB 34, refer to the regulations with GASB 34 and your auditor to determine which option to select; SUI recommends to use the same first-year depreciation option for all assets.