How to maintain proper asset depreciation schedule

Every company has its own policy on how to record its fixed asset face value during the books of accounts closing.

Most of the accounts department are maintaining an excel showing the allocated depreciation value for its fixed asset items.

But first the following criteria has to be considered in which the particular fixed assets is being depreciated based on the useful life of the asset.

Policy has to be defined as per the useful life of the particular assets. Particular asset could be estimated as in workable condition for the next 5 years (i.e., Vehicle, Equips etc.).

The estimated useful life of the assets can also be re-assessed whether the useful life of it can be extended for another year or so on.

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