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Annuity Depreciation Method - Accounting Entries

in Assets 3 comments

Summary:

Hi All,

We are testing the Annuity Depreciation method which was introduced in the 24C Update. The below entries were auto generated by the system as per the configurations done.

Depreciation

==========Depreciation Expense DR Accumulated Depreciation CRInterest=======Annuity Interest DR Annuity Revenue CR

However, we have a concern as to why the 'Annuity Interest' account gets debited where the expectation is for the 'Asset Cost' account to be debited.

Please advice.

Thanks,

Vipusha

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