How to setup declining depreciation method in fixed asset daily calendar?
The client has a requirement to calculate depreciation using declining method (DB) in secondary book which is using daily calendar.
I know that we could setup declining balance depreciation for monthly calendar. However, I would like to know how can I setup for declining balance depreciation method for fixed asset daily calendar.
For instance,
Asset cost = 100,000, useful life = 5 years, depreciation rate = 40% per year (using double declining balance), salvage value = 0
Year 1: 100,000 x 40% = 40,000
NBV = 100,000 - 40,000 = 60,000
Year 2: 60,000 x 40% = 24,000
NBV = 60,000 - 24,000 = 36,000
Year 3: 36,000 x 40% = 14,400
NBV = 36,000 - 14,400 = 21,600
Year 4: 21,600 x 40% = 8,640
NBV = 21,600 - 8,640 = 12,960
Year 5: 12,960 x 40% = 5,184
NBV = 12,960 - 5,184 = 7,776
Kindly advise,
Thank you