Sales Disposal Journal Overview
The SapphireOne Sales Disposal Journal allows for the disposal of an asset. Once this transaction is saved SapphireOne will automatically create the Disposal Journal ready for posting to the General Ledger account. The user has the ability to create both a partial or a complete disposal.
The Sales Disposal Journal is located by going to Assets > Assets > Sales Disposal Journal.
The only requirement for data entry in this area is to enter the ID of the item that is to have this Sales Disposal Journal created for it. SapphireOne will then display the name of the asset immediately below the ID.
Additional information on the item may be viewed by selecting one of the four tabs in the tab area. These tabs display as follows.
- Transactions – Lists all depreciation transactions that have been created for this item.
- General Ledger – Displays the General Ledger accounts that are linked to this item.
- Asset – Displays basic details about the item.
- Controls – Displays additional details about the item.
Any Notes that are required may be entered in this area. The user can select the Green Clock Icon to add a Time and Date stamp to the Notes. The user also has the ability to highlight the text in the Notes area and right mouse click to customise the Font, Style, Colour and Background Colour to their preference.
- Date – SapphireOne will enter in today’s date which may be altered by the user if required.
- Period – SapphireOne will enter in the current period but this may be altered if required.
- Int Ref – SapphireOne will automatically enter in an Internal Reference number. This may be altered by the user if required.
- Ext Ref – An External Reference number may be entered but is not compulsory.
- Client – Enter a Client ID here or use the wild card search characters “@” or “?” to search for the Client ID.
- Projects – If the item has been linked to a Project SapphireOne will display the Project ID and Name.
- Tax Code – Enter the Tax Code to be used for this transaction.
- Tax Rate – The tax Rate will be displayed based on the entry of the Tax Code above.
- Tax – SapphireOne will calculate and display the value of the tax component of this transaction based on the Total entered for this disposal. This is one of the last fields documented below.
- Asset (Cr) – This data entry field displays the General Ledger credit account linked to the item.
- Bank (Dr) – This data entry field displays the Main Bank account linked to the item.
- Profit/Loss – This data entry field displays the General Ledger profit and Loss account linked to this item.
- Accum – This data entry field displays the currently linked General Ledger Accumulated Depreciation Plant and Equipment account.
- Max Disposal – SapphireOne will automatically display the maximum disposal amount here before capital gains tax comes into effect.
- Capital Gain – SapphireOne will automatically calculate any capital gains on the item when a Total is entered for the disposal. See below.
- Total – This is a critical user data entry field. Enter the amount that you wish to dispose of the the item in this data entry field. A number of other fields are linked to the value entered into this Totals field and the values in these other fields will not be populated until a value is entered here.
- % Sold – This data entry field allows for the partial disposal of an Asset. The maximum allowable percentage is based upon the Current Written Down Value (CWDV) of the item. It should also be noted that any calculated values will be rounded to two decimal places.
- Do Not Transfer Transaction to Financials Checkbox – When this check box is selected, this transaction will be retained in Assets. A Journal for this transaction is not created in Financials.
- Tag – A tag may be entered by the user. This list of tags may be created by the user as required.
- Saving – Once all data entry is correct select the save icon on the main toolbar.