Your client's business must keep a record of all depreciable capital assets. Known as a depreciation schedule, this list records the date that each asset was placed in service, a calculation of each successive year's depreciation, and accumulated depreciation. Calculating depreciation for fixed assets can be complex. Help your clients wade through the confusion by developing a systematic approach to depreciation, as well as consistent financial reporting.
Use the following information and tools to learn some basic strategies to deal with depreciation for fixed asset transactions. You'll be able to show your clients calculations that determine which depreciation method makes the most financial sense for their business. Your clients will appreciate your sage advice as you establish consistent accounting policies and procedures.