Track multiple fixed assets with different depreciation methods, generate combined schedule, and calculate accumulated depreciation.
This tool maintains a register of fixed assets, each with its own cost, salvage value, useful life, in-service date, and depreciation method, then builds a year-by-year schedule for each asset and rolls them into one combined register showing total depreciation expense, accumulated depreciation, and net book value per period. Assets can use different methods (straight-line, declining balance) side by side. Where people get tripped up: this produces book depreciation for accounting records, not the MACRS tax depreciation the IRS requires on a return, and those two schedules will not match.
A concrete input and expected output from the current implementation.
Input
Asset A: cost $10,000, salvage value $1,000, useful life 5 years, straight-line method, in service Jan 1, Year 1. Asset B: cost $5,000, salvage value $500, useful life 5 years, straight-line method, in service Jan 1, Year 1.
Expected output
Year 1 combined schedule: Asset A depreciation $1,800 (accumulated $1,800, book value $8,200); Asset B depreciation $900 (accumulated $900, book value $4,100); Totals: depreciation $2,700, accumulated depreciation $2,700, net book value $12,300.
Straight-line depreciation is (cost - salvage) / useful life: $9,000/5 = $1,800 for Asset A and $4,500/5 = $900 for Asset B; the combined row is just the sum of both assets' figures for that period.
Each row of the register is one asset with its own cost basis, salvage value, useful life, placed-in-service date, and chosen method. The tool runs that asset's depreciation formula independently across its useful life, so a straight-line asset and a declining-balance asset sit in the same register without forcing a single method on the whole portfolio.
For each reporting period, the tool sums every active asset's depreciation expense, running accumulated depreciation, and resulting net book value into one combined line, so a register of many assets produces a single period-by-period total rather than requiring the user to add up separate asset schedules by hand.
No. This produces book depreciation under standard accounting methods like straight-line and declining balance, not the MACRS tables, conventions, and elections (Section 179, bonus depreciation) the IRS requires. For a tax return, use IRS Publication 946 and its prescribed method.
This is worth verifying directly in the tool: check whether it lets you enter a disposal date that stops depreciation and removes the asset from the combined total for later periods, or whether you need to zero it out manually.
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