Depreciation Schedule
A Depreciation Schedule is a financial planning tool that shows how business assets lose value over time. Think of it like tracking how a company car or office equipment becomes worth less each year. Bookkeepers and accountants create and maintain these schedules to help businesses correctly report their assets' values and calculate tax deductions. It's similar to keeping a detailed timeline of how much your phone or laptop is worth as it gets older. Other names for this concept include "Asset Depreciation Table" or "Fixed Asset Schedule."
Examples in Resumes
Created and maintained Depreciation Schedule for company assets worth over $2M
Implemented automated Depreciation Schedules using accounting software
Updated Asset Depreciation Schedule quarterly for tax compliance
Managed Fixed Asset Schedule for multiple business locations
Typical job title: "Bookkeepers"
Also try searching for:
Where to Find Bookkeepers
Professional Associations
Online Communities
Job Boards
Example Interview Questions
Senior Level Questions
Q: How would you handle a complex depreciation schedule for multiple asset classes with different depreciation methods?
Expected Answer: A senior candidate should explain how they would organize different asset types, apply various depreciation methods (straight-line, declining balance), and ensure compliance with tax regulations while maintaining accurate records.
Q: Describe a situation where you had to correct errors in historical depreciation calculations.
Expected Answer: Look for answers showing problem-solving skills, attention to detail, and understanding of how to make adjusting entries and update financial statements accordingly.
Mid Level Questions
Q: What software have you used to manage depreciation schedules?
Expected Answer: Should demonstrate experience with common accounting software like QuickBooks, Sage, or Excel, and explain how they use these tools to track and calculate depreciation.
Q: How do you ensure depreciation schedules are accurate and up-to-date?
Expected Answer: Should discuss regular review processes, reconciliation with general ledger, and methods for tracking asset disposals and additions.
Junior Level Questions
Q: What is the purpose of a depreciation schedule?
Expected Answer: Should explain that it helps track the declining value of business assets over time and its importance for tax purposes and financial reporting.
Q: What basic information is included in a depreciation schedule?
Expected Answer: Should mention asset description, purchase date, original cost, useful life, depreciation method, and accumulated depreciation.
Experience Level Indicators
Junior (0-2 years)
- Basic depreciation calculations
- Data entry in accounting software
- Understanding of asset categories
- Simple financial record keeping
Mid (2-5 years)
- Multiple depreciation methods
- Financial software proficiency
- Asset life cycle management
- Tax compliance knowledge
Senior (5+ years)
- Complex asset management
- Tax regulation expertise
- Team supervision
- Process improvement
Red Flags to Watch For
- Unable to explain basic depreciation concepts
- No experience with accounting software
- Poor attention to detail
- Lack of understanding of tax implications
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