Open Year Expense

Open Year  Depreciation Expense System  (Optionally use Period Expense)


Mindbow Fixed Assets is designed around an open year. Within the current year, you can do almost anything. You can quickly move from period to period, to see asset values, estimate book values. In a real world, complex business,  not all departments report additions and disposals in a timely manner. Our Fixed Assets uses a State engine.  You describe when and what you do to your assets, and our depreciation engine does the rest.


i_yellow_sm.jpg There is an optional strict period by period method for those companies who wish, or have corporate requirements, to use strict monthly reporting. Read More


Using the open year method, there are no monthly close off dates or other restrictions. You can close a prior period to restrict data entry, but that is optional.


The Open Year method is ideal for the smaller enterprise which only reports annually.


It is also ideal for a larger enterprise when the monthly estimated depreciation expense, for each cost centre, can be set up in a repeating (standing) general ledger journal.  This is generally true when the total asset value tends to be constant, with additions matching disposals.  End of year, or quarterly adjustments can be made by reconciling the ledgers.


See Also: Period Expense