If you want to create a **monthly depreciation schedule in Excel**, you have come to the right place. Here, we will walk you through some easy methods to do the task smoothly.

## Download Practice Workbook

You can download the **Excel file** and practice while you are reading this article.

## What Is a Depreciation Schedule?

The reduction in the value of an asset over multiple numbers of years is called **Depreciation**. A **Depreciation Schedule** is a dataset that represents the reduction in the amount of assets over the span of the asset’s life. This schedule is used for calculating total yearly depreciation for several numbers of assets.

**Depreciation Terms:**

**Cost (C):**This is the cost of the asset.**Salvage Value (S**This is the value of the asset at the end of the depreciation period._{n}):**Depreciation Period (n) or Recovery Period:**This is the useful life period of the asset.

## 8 Steps to Calculate Monthly Depreciation Schedule in Excel

In the following dataset, you can see the **Assets**, **Purchase Date**, **Actual Cost**, **Salvage Value**, and** Depreciations Rate **columns. Further, using this dataset, we will create a **monthly depreciation schedule in Excel**. Here, we used **Excel 365**. You can use any available Excel version.

### Step-1: Using Data Validation Tool to Insert Assets in Excel

Here, you can see the outline of the **monthly Depreciation schedule** with all the necessary terms. In this step, we will use the **Data Validation** feature to insert the** Asset **name in our Depreciation schedule. This is because we want to insert only one asset name at a time, we want to see the **monthly depreciation schedule** of that particular asset.

- First of all, select merged cells
**B12:B14**>> go to the**Data**tab. - After that, from
**Data****Tools**>> select the**Data Validation**group. - Moreover, select
**Data Validation**.

At this point, a **Data Validation **dialog box will appear.

- Then, from the
**Allow**group >> we will select**List**.

- Then, we will click on the
**upward arrow**of the**Source**box to select the source cells.

- Furthermore, we will select cells
**B5:B7**as the Source cells.

- Then, we will click
**OK**in the**Data Validation**dialog box.

- Next, to insert an
**Asset**in cell**B12**, we will click on the drop-down arrow of cell**B12**.

This will bring out the assents name.

- Then, we will select
**Car**since we want to create a**monthly depreciation schedule in Excel**for**Car**first.

After that, we will insert the months that we want to show in the** monthly depreciation schedule** in cells **C12:C14**.

Hence, you can see the asset along with its months in the **monthly depreciation schedule in Excel**.

**Read More: ****How to Create Rental Property Depreciation Calculator in Excel**

### Step-2: Calculating Return Down Value at Starting Month of January

In this step, we will calculate the return down value at the start of the month. Here, **WDV** indicates return down value.

- In the beginning, we will type the following formula in cell
**D12**.

`=IFS(B12=B5,D5-E5,B12=B6,D6-E6,B12=B7,D7-E7)`

**Formula Breakdown**

**IFS(B12=B5,D5-E5,B12=B6,D6-E6,B12=B7,D7-E7)**→**the IFS function**finds out whether one or more conditions are met, and then finds out the value of the corresponding True condition.**IFS(B12=B5,D5-E5,B12=B6,D6-E6,B12=B7,D7-E7)**→ becomes**Output: $22,000**

- Explanation: Here,
**$22,000**is the**WDV at Starting of Month**of**January**.

- After that, press
**ENTER**.

Hence, you will see the result in cell **D12**.

After that, since **January **is the starting month, there will be no** Addition During the Year **and **Deletion During the Year**.

- As a result, we put
**$0**in cells**E12**and**F12**respectively.

Therefore, you can see **WDV at Starting of Month**, **Addition During the Year** and **Deletion During the Year **in cells **D12**, **E12**, and **F12 **respectively.

**Read More: ****How to Use WDV Method of Depreciation Formula in Excel**

### Step-3: Evaluating the Current Value of Assets in Depreciation Schedule

In this step, we will calculate the **Current Value of Assets **to create a monthly** depreciation schedule**.

- First of all, we will type the following formula in cell
**G12**.

`=IFS(B12=B5,D12+E12+E5-F12,B12=B6,D12+E12+E6-F12,B12=B7,D12+E12+E7-F12)`

**Formula Breakdown**

**IFS(B12=B5,D12+E12+E5-F12,B12=B6,D12+E12+E6-F12,B12=B7,D12+E12+E7-F12)**→**the IFS function**finds out whether one or more conditions are met, and then finds out the value of the corresponding True condition.**IFS(B12=B5,D12+E12+E5-F12,B12=B6,D12+E12+E6-F12,B12=B7,D12+E12+E7-F12)**→ becomes**Output: $30,000**

- Explanation: Here,
**$30,000**is the**Current Value of Assets**of month**January**.

- After that, press
**ENTER**.

Hence, you will see the result in cell **G12**.

- Later, depreciation during the year is 0 for the starting month of
**January**, we put**$0**in cell**H11**.

Therefore, you can see the **Current Value of the Assets** and **Dep. During the Year **in cells **G12**, and **H12 **respectively.

**Read More: ****Calculate Sum of Years Digits Depreciation with Formula in Excel**

### Step-4: Calculating Depreciation of Current Value for the Month of January

In this step, we will find out the depreciation of the current value for **January **to create a **monthly depreciation schedule**.

- In the beginning, we will type the following formula in cell
**I12**.

`=IFS(B12=B5,D5*F5,B12=B6,D6*F6,B12=B7,D7*F7)`

- Furthermore, press
**ENTER**.

Therefore, you can see the **Dept. of Current Value **for the month of **January **in cell **I12**.

**Read More: ****How to Use SLM Method of Depreciation Formula in Excel**

### Step-5: Computing Total Depreciation in the Monthly Depreciation Schedule

In this step, we will calculate the **Total Depreciation** for **January **by creating a monthly **Depreciation schedule**.

- First of all, we will type the following formula in cell
**J12**.

`=I12+H12`

This formula adds cells** I12** and **H12**.

- After that, press
**ENTER**.

Therefore, you can see the result in cell **J12**.

- Along with that, for the month of
**January,o**we will put**$0**in cell**K12**for**calculating the value Accumulated Dep. of Starting of the Month**.

### Step-6: Calculating Accumulated at End of Month of January

In this step, we will find out the value of **Accumulated at the End of the Month**, for the month of **January **in the **monthly depreciation schedule**.

- In the beginning, we will type the following formula in cell
**L12**.

`=J12+K12`

- After that, press
**ENTER**.

As a result, you can see the result in cell **L12**.

### Step-7: Evaluating Return Down Value of Depreciation Schedule at End of Month January

In this step, we will find out the **WDV at End of Month **for the month of **January **in the **depreciation schedule**.

- In the beginning, we will type the following formula in cell
**M12**.

`=IFS(B$12=B$5,D$5-L12,B$12=B$6,D$6-L12,B$12=B$7,D$7-L12)`

- Then, press
**ENTER**. Hence, you can see the result in cell**M12**.

As a result, you can see the **depreciation schedule** for **January**.

### Step-8: Creating a Depreciation Schedule for the Month of February

In this step, for the month** of February,** we will create the** depreciation schedule**.

Here, the return down value at starting of month **February **is equal to the return down value at the end of the month of **January**.

- Hence, in cell
**D13**, we type the following formula.

`=M12`

This will input the value of cell **M12** in cell **D13**.

- After that, press
**ENTER**.

Hence, you can see** WDV at the Starting of Month **for the month of **February** in cell **D13**.

- Along with that, since
**Addition During the Year and Deletion During the Year**are $0 for the month of**February**, we put**$0**in cells**E13 and F13**respectively.

- Moreover, we type the following formula in cell
**G13**to calculate the**Current Value of Assets**for the month of**February**.

`=D13+E13-F13`

- After that, press
**ENTER**.

Therefore, you can see the result in **G13**.

- Furthermore, since
**Dep. During the Year**is**0**for the month of**February,**we put**$0**in cell**H13**.

- Moreover, since the
**Dep. of Current Value**is the same for the months of**January**and**February**, we put the following formula in cell**I13.**

`=I12`

This will input the value of cell **I12** in cell **I13**.

- Then, press
**ENTER**.

Therefore, you can see the result in cell **I13**.

- Afterward, we find out the
**Total Depreciation**by typing the following formula in cell**J13**.

`=I13+H13`

- At this point, press
**ENTER**.

Therefore, you can see the result in cell **J13**.

- Furthermore, since the value of
**Accumulated Dep. of Starting of the Month**for**January**and**February**is the same, we will type the following formula in cell**K13**.

`=L12`

This will input the value of cell **L12** in cell **K13**.

- Then, press
**ENTER**.

Hence, you can see the result in cell **K13**.

- Moreover, to calculate the
**Accumulated Dep. of Starting of Month**for the month of**February**, we will type the following formula in cell**L13**.

`=J13+K13`

- Furthermore, press
**ENTER**.

Hence, you can see the result in cell **L13**.

- Later, to find out the
**WDV at End of Month**for**February**, we will simply drag down the formula of cell**M12**to cell**M13**by the**Fill Handle Tool**.

Therefore, you can see the result in cell **M13**. Along with that, you can see the complete** February **month in the **depreciation schedule**.

- In a similar way, we complete the
**March**month of**depreciation schedule**.

Hence, you can see the complete** monthly depreciation schedule** for the asset **Car**.

- Along with that, you can see the complete
**monthly depreciation schedule**for asset**Machinery**.

- Moreover, you can see the complete
**monthly depreciation schedule**for asset**Furniture**.

## How to Create a Fixed Asset Depreciation Template in Excel

Here, we will show you how you can create a fixed asset depreciation schedule.

In the following table, you can see the properties of the asset **Car**.

Next, we will create a fixed asset depreciation template for the asset** Car**.

Here, you can see the outline and months for the fixed asset depreciation template.

Next, we will find the depreciation schedule template for the asset Car.

### Step-1: Calculating Depreciation for January

In this step, we will find out the **depreciation schedule **for **January**.

- First of all, to calculate the
**WDV at Starting of Month**, we will type the following formula in cell**D9**.

`=D5-E5`

- After that, press
**ENTER**.

As a result, you can see the result in cell **D9**.

After that, since **January **is the starting month, there will be no** Addition During the Year **and **Deletion During the Year**.

- As a result, we put
**$0**in cells**E9**and**F9**respectively.

Therefore, you can see **WDV at Starting of Month**, **Addition During the Year**, and **Deletion During the Year **in cells **D9**, **E9**, and **F9 **respectively.

- Afterward, to find out the
**Current Value of the Asset**, we will type the following formula in cell**G9**.

`=IFS(B12=B5,D12+E12+E5-F12,B12=B6,D12+E12+E6-F12,B12=B7,D12+E12+E7-F12)`

- After that, press
**ENTER**.

As a result, you can see the result in cell **G9**.

- Along with that, since the
**Dep. During the Year**is**$0**for the month of**January**, we put**$0**in cell**H9**.

- Furthermore, to find out the
**Dep. of Current Value**, we will type the following formula in cell**I9.**

`=D5*F5`

- Afterward, press
**ENTER**.

Therefore, you can see the result in cell **I9**.

- In addition, to find out the
**Total Depreciation**, we will type the following formula in cell**J9**.

`=I9+H9`

- After that, press
**ENTER**.

As a result, you can see the result in cell **J9**.

- Along with that, since
**Accumulated Dep. at Starting of Month**is 0 for**January**, we put**$0**in cell**K9**.

- Moreover, to calculate the
**Accumulated at End of Month**, we type the following formula in cell**L9**.

`=J9+K9`

** **

- Furthermore, we will type
**ENTER**.

Hence, you will see the result in cell** L9**.

- After that, to calculate the
**WDV at End of Month**, we will type the following formula in cell**M9**.

`=$D$5-L9`

- Then, press
**ENTER**. As a result, you can see the result in cell**M9**.

Therefore, you can see the depreciation schedule for **January**.

### Step-2: Creating a Depreciation Schedule for February

In this step, we will create a **depreciation schedule** for **February** for a fixed asset.

- Here, since
**WDV at End of the Month**of**January**is equal to**WDV at Starting of Month**of**February**, first of all, in cell**D13**, we type the following formula.

`=M9`

This will input the value of cell **M9** in cell **D10**.

- After that, press
**ENTER**.

Hence, you can see** WDV at the Starting of Month **for the month of **February** in cell **D10**.

- Along with that, since
**Addition During the Year**and**Deletion During the Year**are**$0**for the month of**February**, we put**$0**in cells**E10**and**F10 r**espectively.

- Then, to find out the
**Current Value of the Asset**for the month of**February**, we will drag down the formula of cell**G9**to cell**G10**with a**Fill Handle tool**.

Therefore, you can see the **Current Value of the Asset **for the month of **February **in cell** G10**.

- Along with that, since
**Dep. During the Year**for the month of**February**is 0, we put**$0**in cell**H10**.

- Furthermore, since the value of
**Dep. of Current Value**for**January**is equal to**Dep. of Current Value**in**February**, we will type the following formula in cell**I10**.

`=I9`

- Furthermore, press
**ENTER**.

Hence, you can see the result in cell **I10**.

- Afterward, to find out the
**Total Depreciation**, we will type the following formula in cell**J10**.

`=I10+H10`

- Afterward, press
**ENTER**.

Therefore, you can see the result in cell **J10**.

- In addition, since the
**Accumulated Dep. at Starting of Months**for**January**and**February**is equal, we will type the following formula in cell**K10**.

`=L9`

- At this point, press
**ENTER**.

Hence, you can see the result in cell **K10**.

- Furthermore, to find out the
**Accumulated at the End of Month**for**February**, we will type the following formula in cell**L10**.

`=J10+K10`

- At this point, we will press
**ENTER**.

Therefore, you can see the result in cell **L10**.

- After that, to find out the
**WDV at End of Month**for**February**, we will type the following formula in cell**M10**.

`=$D$5-L10`

- Furthermore, press
**ENTER**. Therefore, you can see the result in cell**M10**.

As a result, you can see the complete** depreciation schedule** for **February**.

- In a similar way, we created the
**depreciation schedule**for the month o**f March**.

Hence, you can see the **depreciation schedule template for a fixed asset**.

**Read More:** **How to Create Fixed Asset Depreciation Calculator in Excel**

## Practice Section

You can download the above** Excel **file to practice the explained method.

## Conclusion

Here, we tried to show you some easy steps to create a **monthly depreciation schedule in Excel**. Thank you for reading this article, we hope this was helpful. If you have any queries or suggestions, please let us know in the comment section below. Please visit our website **Exceldemy** to explore more.