September 9, 2020 9:51 am | by John Adams
Our Assets Software functionality is integrated into all other modes, which enables users of SapphireOne to easily keep track of its company’s assets and their depreciations.
Entering new data in the equivalent Mode of the Assets Software creates a number of transaction types that can also link through to the financials mode:
There are two groups that Transactions in our Assets Software can be divided into:
Transactions which are transferred to Financials as a GJ, VI or MP:
- DGJ – Depreciation General Journal
- PGJ – Purchase General Journal
- SGJ – Disposal Sale General Journal
- VGJ – Revaluation General Journal
- RGJ – Reverse Sale General Journal
Transactions which are retained within Assets:
- DNT – Depreciation Note
- DLN – Depreciation Loan
- DSR – Depreciation Service
- DRP – Depreciation Repair
- DCO – Depreciation Company
The Assets Software is based on two principles:
This is the calculation of multiple depreciation schedules in relation to the company assets. Only one depreciation schedule may be transferred to the General Ledger. This covers the ATO Standard, plus the Company required value. For example: Your company may wish to retain a record of the WDV tax value, plus the potential WDV sale value. We suggest that only the transactions relating to the ATO Standard are transferred to SapphireOne, while the company transactions are kept within Assets in order to give a true reflection of the assets worth.
The Assets of your company can be purchased, sold and controlled with ease in SapphireOne. It includes the ability to record locations of assets and the specific staff responsible for each. Further, you can keep a record of all asset details, including the warranty period, any repairs that were done and loans that were taken. This enables the tracking of the life of any asset in the company.
If you would like to find out more on how to manage and control your Assets Depreciations etc. with our Assets Software, have a look at our website.