Record Depreciation for Tax Purposes

The Depreciation Tax Journal in SapphireOne allows you to record the depreciation of assets for tax purposes. This ensures compliance with tax regulations and accurate financial reporting. The steps are as follows:

1. Navigate to Assets > Assets > Depreciation Tax Journal.
2. Enter the exact Asset ID or use the “@” or “?” wildcards to search for the correct ID.
3. Fill in Depreciation Details:
   • Date – Enter the date of the depreciation transaction.
   • Period – SapphireOne will auto-fill the current period, but you can alter it if necessary.
   • Tax Code – Enter the applicable tax code.
   • Tax Rate – The tax rate will be displayed based on the entered tax code.
   • Depreciation Amount – Enter the amount of depreciation.
4. Review all entered details for accuracy.
5. Click Save to record the Depreciation Tax Journal.

For more detailed instructions, please refer to the Assets > Assets > Depreciation Tax Journal article.