I have noticed that ProfitBooks currently does not support an automated depreciation calculation feature for fixed assets. Implementing this functionality would be highly beneficial, as it would save time, reduce the risk of manual errors, and enhance the overall utility of your software.

Depreciation Methods

Support for commonly used methods such as Straight-Line Method and Reducing Balance Method (Declining Balance).
Customizable options to accommodate other methods, if needed, for specific industries.
Asset Setup

Add fields in the fixed assets module to record asset purchase price, useful life, residual value, and depreciation start date.
Option to categorize assets into groups (e.g., machinery, vehicles, computers) with pre-set depreciation rates.
Automated Calculations

Automatic calculation of monthly, quarterly, or yearly depreciation based on selected methods and asset details.
Ability to generate a depreciation schedule showing the asset value at the start and end of each period.
Accounting Integration

Auto-posting of depreciation journal entries to appropriate accounts (e.g., Depreciation Expense and Accumulated Depreciation).
Option to preview and edit entries before posting.
Reporting

A detailed Fixed Asset Register Report showing original cost, accumulated depreciation, net book value, and disposal details.
Depreciation summary report for compliance and financial review.
Flexibility

Allow users to pause or adjust depreciation for specific assets in case of revaluation, sale, or temporary non-use.
Option to exclude certain assets from automatic depreciation calculations.
Benefits:
Implementing this feature would:

Save significant time by eliminating the need for manual depreciation calculations.
Reduce the risk of errors in fixed asset management and accounting.
Enhance compliance with accounting standards (e.g., IFRS, GAAP) for businesses across various industries.