User Support Forum

Hello all. Is anyone reporting accumulated depreciation and depreciation expense? If so what method are you using? And how many years of estimated useful life are you using? Thanks.

Yes, I am recording depreciation expense, and the accumulated offset. I make a journal entry at the end of the month, from a depreciation form that I put together. In the tables that I have been able to locate churches are normally listed with a 50 year life, but I use 40 years just to be conservative. If you want, you could set the journal entries up as a repeating monthly entry, and make it automatic. I figure that office equipment and furniture is safe at 10 years, and electronics are expensed as we purchase them. Hope this is a help to you. Larry

Hi Cisco, I forgot to let you know that I am using the straight line method because I see no reason to use any of the declining balance methods. They are more difficult to set up, and since no taxes are involved there is no reason to write off quickly. We just need to recognize the cost of useage for the buildings & fixtures. Larry