Lapsing schedule

A lapsing schedule is a spreadsheet that lists the purchase date, depreciation, and other accounting actions related to a fixed asset. The intent of the schedule is to show the rate at which the book value of a fixed asset declines over time. This information is compared to the book value stated in a company's accounting records to see if they match; if not, and assuming that the spreadsheet is correct, an adjusting entry is needed to alter the book value figure.