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Fixed Asset Register: Why You Should Stop Tracking Depreciation in Excel

  • Writer: Agnes Lee
    Agnes Lee
  • Feb 23
  • 2 min read

Are You Still manually Calculating Depreciation Every Month?

It is the end of the month. You have closed the AP/AR, reconciled the bank, and now you have one final, tedious task: The Depreciation Journal.


For many accountants, this means:

  1. Opening a giant Excel spreadsheet called "Fixed Asset Register 2025 (v3).xlsx".

  2. Checking the formulas for Straight-Line vs. Declining Balance.

  3. Manually typing a General Journal (GJ) entry into ABSS for the monthly amount.

  4. Praying you didn't make a typo.

If you are managing computers, machinery, or office equipment, this manual workflow is a waste of your time.


At Apscom Solutions, we believe your accounting software should do the heavy lifting. Here is how to use the Recurring Transaction function in ABSS (MYOB) to automate your asset depreciation.


The "Set and Forget" Method

You don't need a separate expensive "Fixed Asset Module" for small-to-medium registers. You just need to use the Save as Recurring feature effectively.

Step 1: Calculate the Monthly Amount ONE Time Let's say you bought a new machine for $12,000.

  • Useful Life: 5 Years.

  • Depreciation: $2,400 / year = $200 / month.

Instead of calculating this every month, you only need to know that the magic number is $200.


Step 2: Create the "Master" Journal

  1. Go to Accounts > Record Journal Entry.

  2. Date: Use the current month-end date (e.g., 31/01/2025).

  3. Memo: "Monthly Depr - Machine #1234" (Be specific! Don't just write "Depreciation").

  4. The Lines:

    • Debit: Depreciation Expense (6-xxxx) -> $200

    • Credit: Accu. Depreciation - Machinery (1-xxxx) -> $200

  5. STOP! Do not click Record yet.


Step 3: Save as Recurring

  1. Click the "Save as Recurring" button (bottom left or Actions menu).

  2. Edit the Schedule:

    • Frequency: Monthly.

    • Starting Date: Next month-end (28/02/2025).

    • Alerts: Select "Remind me to record this transaction".

  3. Save the template. Now you can record the original entry.


Step 4: The Monthly 10-Second Workflow Now, when you reach the end of February, March, April... you don't open Excel.

  1. Go to your To Do List > Recurring Transactions.

  2. You will see "Monthly Depr - Machine #1234" sitting there, waiting for you.

  3. Tick the box. Click Record.

Done. You just posted your depreciation perfectly, with the correct GL codes, in 10 seconds.


Managing Disposals & Fully Depreciated Assets

"But what happens when the asset is fully depreciated?"

This is where the To Do List is smarter than Excel.

  • When the asset reaches the end of its life (e.g., after 60 months), you simply Delete the recurring template from your list.

  • No more accidental "Over-Depreciation" where you depreciate an asset below $0 because you forgot to check the Excel formula.


The Verdict: Ditch the Spreadsheet

Excel is great for analysis, but it is terrible for repetitive data entry. By moving your fixed asset depreciation into ABSS Recurring Transactions, you ensure:

  1. Consistency: You never accidentally debit the wrong expense code.

  2. Speed: Month-end closing becomes minutes faster.

  3. Accuracy: No more "fat finger" typing errors.


Is your Fixed Asset Register a mess? If you need help setting up a clean, automated depreciation schedule in ABSS, contact the Apscom Solutions now . We can review your chart of accounts and help you build a "Set and Forget" system today.



 
 
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