Depreciation Classes / Book Classes of Property, Plant & Equipment

For financial statement purposes, property, plant and equipment are grouped into classes. These can differ from client to client and for continuity purposes and convenience we'll; continue on with what have been previously defined. However, GC has the ability to add new cases so if there is reason to define a new class(es) this can be done.

Mainly these classes will be setup during the initial setup but these can also be added either on the fly (using the accounts settings) or by clicking the Book Classes button on the bookkeeping page.

The book classes must be setup prior to entering the opening assets as these feed the drop-down to select the respective book class for each asset added.

Default Classes

• Automotive Equipment @ 30%
• Buildings @ 5%
• Computers @ 55%
• General Equipment @ 30%
• Software & Tools @ 100%
• Excavating Equipment @ 30%
• Boats @ 15%
• Paved Areas @ 5%
• Aircraft @ 25%
• Manufacturing Equipment @ 30%
• Licenses & Patents @ 25%
• Trucks & Tractors @ 40%

Straight-line Classes

Since straight-line classes are unique to their asset they need to be created individually as assets are added. See the Class 13 in the assets section for more details