Using Teampay for Managing Depreciation

Teampay can help manage your depreciation schedule by giving users the ability to filter by a vendor, category, and department.

You should follow your organizations’ procedures for categorizing these expenses and then utilize Teampay to easily find them. An example of this would be filtering for expenses that are capitalized/depreciated

1. You can start by navigating to your Teampay.co Dashboard
2. Navigate to your Teampay transactions tab
3. Then, filter for Apple in Vendor
4. Then sort, by Amount

Using these steps, you can flag typical expenses that should be capitalized instead of expensed in a period.

You can send transactions directly to the correct fixed asset balance sheet account by making the account viewable to users. You can then rename the accounts to help users select the correct categorization at the transaction. For example, rename “Office Expenses” to “ Office Expenses (<$1k)” and “Fixed Asset - Computer Hardware” to “Office Expenses (>$1k)”. When a transaction is categorized as Office Expenses (<$1k), it will be posted to the balance sheet, and you can then add it to your depreciation worksheet, in Google Sheets or Excel.