GoCodes includes sophisticated yet easy-to-use depreciation calculations that cover all the most common scenarios for most fixed-assets. We take the asset data you input like the cost of the asset, date purchased and asset life and use this information to calculate annual depreciation using a range of the most common IRS MACRS schemes. We do this by providing a series of pre-built depreciation reports which can be run with a single click. The reports generate a Microsoft Excel compatible .csv file which contains a list of your assets along with their corresponding depreciation data like annual depreciation, current year depreciation, prior year depreciation, total depreciation to-date and balance remaining to be depreciated. This information is calculated in accordance with US IRS publication 946 conventions and can be used in the filing of financial statements and tax returns*
GoCodes is designed to make it easy to complete the most common asset deprecation scenarios with confidence. All GoCodes depreciation reports adopt the half-year (HY) convention required by the IRS.
Here’s a summary of the deprecation calculations GoCodes offers:
When you’re ready to calculate depreciation, you should complete the following steps: