A named book of depreciation rules. You keep one set for each way you depreciate the same assets, usually "Accounting Standard" for the books and "Income Tax" for the tax schedule.
When to use it
- Once, when the fixed assets module is being set up.
- Again if a second rulebook appears, for example when tax rates no longer match the book rates.
Before you start
Your asset groups must exist, because each rate belongs to a pair of set and asset group. You need rights on Fixed Assets Setup.
Where to find it
Setup > Fixed Assets Setup > Depreciation Set.
The fields on this screen
| Field (on screen) | What to enter | Required |
|---|---|---|
| Depreciation Set | Such as Accounting Standard or Income Tax. You pick the set on a depreciation charge and its rates then apply. | No |
How it works
- A set on its own carries nothing but a name. The rates live on the Depreciation screen (Setup > Fixed Assets Setup > Depreciation). There is one row per set, asset group and date window, carrying the method (straight line or written down value) and the yearly percent.
- A Depreciation Charge asks for the set first. The set decides which rate row each asset line is priced at. If no row matches that asset's group and date, the run falls back to the method and rate held on the asset itself.
- Renaming or deleting a set does not touch a charge that has already been run. A posted charge keeps the figures it worked out and the journal it wrote.
What this screen does not decide
Whether a run posts a journal, or is calculated for reference only, is a property of the set that this form does not show. Every set you add here behaves as a posting set. If you need a report-only tax book, ask your administrator to set it up; you cannot create one from this screen.
Tips and common mistakes
- Name the set after the rulebook, not the method. One set can hold straight line rates for some groups and written down value for others, because the method is on the rate row.
- A set with no rate rows is not an error; it is only empty. Every asset then falls back to its own rate, which is rarely what you meant.
Related guides
- Depreciation (the rates for each set and asset group), Fixed Assets Group, Depreciation Charge, Fixed Assets (the assets themselves).