Depreciation is an accounting method of allocating the cost of a tangible or physical asset over its useful life or life expectancy. Depreciation represents how much of an asset's value has been used up. Depreciating assets helps companies earn revenue from an asset while expensing a portion of its cost each year the asset is in use. If not taken into account, it can greatly affect profits.
Businesses can depreciate long-term assets for both tax and accounting purposes. For example, companies can take a tax deduction for the cost of the asset, meaning it reduces taxable income. However, the Internal Revenue Service (IRS) states that when depreciating assets, companies must spread the cost out over time. The IRS also has rules for when companies can take a deduction.
Depreciation Accounting for Fixed assets is usual activity and process for any accountant in his/her job, but things can get really tricky and difficult when there are numbers of assets and there are transactions like disposal, sale and purchase in mid-month/mid-year.
This course is designed to help you understand the concept of depreciation through practical situations and examples
It is very important to have a robust Fixed assets and depreciation model in place which calculates accurate depreciation monthly, helps you in budgeting and forecasting depreciation costs for next year (years to come). Also when there are assets sale/disposal you need to figure out exact profit or loss on such sale/disposal (especially when it takes place on old days in the month/year)
I will guide you through practical accounting issues and situations while accounting for depreciation, forecasting depreciation costs, the impact of the sale of an assets (profit and loss) on your profit and loss statement and Balance sheet
Depreciation model which I have prepared for the course is quite robust and takes care of any practical scenario in dealing with situations
At the end of his course, you will have hands-on experience in dealing with any challenging depreciation and fixed assets accounting situation and its financial impact (which your manager would want to know accurately). You will also receipt free copy of the template used in the course !! So let's dive into it!
Course consist of total 1h of content, in total.
Hey, I am Prashant Panchal. I like helping fellow Accountants, Auditors and Analysts to become PRO at using Microsoft Excel.
I have been using Excel for mainly Accounting and Analytics for more than 13 years and I quite enthusiastic about sharing my knowledge with fellow Accountants, Analysts, or any Excel user
I have come across many challenging reporting and analytics situations during my career, and I was able to resolve the same using good old Microsoft Excel Spreadsheet application.
With me, you will find Basic to Advanced Excel formulas and Functions, Tips and Tricks, Excel VBA ready to use codes.
The thing I am most excited to share with you is Modern Excel Tools training and its basics to make your life easier as an Accountant or Analyst for Data cleaning, and Report automation
With Techniques I have acquired using Excel for so many years, I pretty sure I can reduce your routine workflow (time and efforts) to half or even more.
While I love traditional formulas and function, Pivot tables and Excel VBA, I feel that its time to go beyond and discover amazing Power Tools offered by Microsoft these days.
These tools include Power Query for Excel (Get and Transform), DAX formulas Engine with Excel Power Pivot.
Don't worry if you have not heard about these tools, you will learn about them in details (basics to advanced) with me without any pain!
My Speciality lies in Data Analytics and ETL (Extract Transform and Load)
While formulas, Functions, Excel VBA can automate reporting and calculations for your projects, but when you are dealing with repetitive tasks, there is nothing better than Power Query.
So I am a big proponent of Automation of Data and reporting: Source data to Reporting with minimum manual steps involved with 100% Accuracy of Output reports
By the way, I am a Chartered Accountant by Qualification, and well versed with hands-on Corporate Financial Accounting and Reporting for diversified industries
So don't worry you are in good hands and a trusted source for your Excel problems and become Excel superuser
Cheers!