Direct property – factoring depreciation
If you have depreciated your property and wish to note the depreciation claimed prior to your Fund Start Date, you can ADD ANOTHER ITEM to the property record to record depreciation.
Note: Depreciation entries dated after the Migration Date are permitted even while the Migration Year is open and Migration incomplete. If depreciation entries are dated prior to 1 July in the Start (Migration) year, the From Account must be 9-9999 Clearing Account. Mclowd will default to this account if it detects a purchase date prior to 1 July in the Start (Migration) year. If depreciation entries are dated after 1 July in the Start (Migration) year, the From Account will be the appropriate depreciation account, and in that case Mclowd will default to the correct depreciation account (based on whether Depreciation – Buildings, Depreciation – Fixtures and Fittings or Depreciation – Plant and Machinery was selected in the Type field).