Auto Depreciation Overview
Auto Depreciation is the diminishing in the value of assets. Essentially, when you purchase a depreciating asset it permanently decreases in value as it is lifecycle progresses and overtime the economic value of the asset will be depreciated to zero. Accordingly, SapphireOne has the functionality to account for this process automatically via the Auto Depreciation function.
Auto Depreciation Page
The SapphireOne Auto Depreciation feature will create the transactions required for the selected depreciation schedule, for the current period on all assets in the database.
- For the Primary Method in the example, (Tax rate), transactions will be created in Assets and then transferred to Financials where the appropriate General Ledger journals will be created.
- For the Secondary Method in the example, (Company rate) transactions will be created in Assets and no further action will be taken on them.
SapphireOne’s implementation of both Dictation (MacOS) and Speech to Text (Windows) is a game changer for anybody doing data entry within SapphireOne. Any data entry field that the user can type into using a keyboard, they can use this feature.
They can also use this functionality on all inquiry screens within SapphireOne. For example, the user is in a Contact within a Client and they have just made a phone call to that particular client using the Softphone technology, this will automatically date and time stamp the contact and the phone number you called to. As soon as the call is completed or finished, the user has the ability to use the Speech to Text (Windows) function or Dictation (MacOS) function and dictate into the memo field of the CRM contact, adding as much description as they require.
This functionality applies across every single Data Entry screen. For example, if the user is entering a Vendor Invoice (VI) and they want to add a memo within the Vendor Invoice (VI), the user can simply dictate the memo. Another example is if the user wants to add additional lines to the General Ledger account, within each General Ledger account when the user is completing data entry using a General Ledger, there’s always a unique memo field for each General Ledger account line, the user can utilise this feature to quickly add the information they need to add. Additionally, if you’ve got an interview with an employee and after the interview process is completed the user is able to make notes about the employee.
Speech to Text or Dictation is an extremely powerful tool and it’s something that we at SapphireOne as well as our clients utilise daily. It is a massive timesaver.
SapphireOne as seen above will select the Depreciation rate only to run this Asset Depreciation function on. The user must remember to also select the Company depreciation option to tell SapphireOne to run that depreciation process as well.
All purchases, disposals and the recording of asset movements and adjustments should be completed prior to selecting this option.