Valuation Journal Overview
The SapphireOne Valuation Journal allows the user to alter the value of an Asset. This valuation could be an increase or a decrease depending on the circumstances, and includes updating the General Ledger accounts. The Valuation Journal function is located by going to Assets > Assets > Valuation Journal.
All of the General Ledger accounts for Assets should be correctly entered into the Asset Control accounts before processing any asset based transactions. These are setup by going to Utilities > Company Inquiry > Control Accounts Page under the Assets Tab.
- ID – Enter in the exact ID or enter the “@” or “?” wildcards to do a search for the correct ID.
- Information Tabs – 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 – This tab lists all depreciation transactions that have been created for this item.
- General Ledger – This tab displays the General Ledger accounts that are linked to this item.
- Asset – This tab display basic details about the item.
- Controls – This tab 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.
Control accounts and a number of other items should be setup for Assets before commencing any Asset based transactions. If they have been correctly setup this area will require minimal data entry by the user for the completion of this Valuation Journal as follows. SapphireOne will automatically prefill many of the data entry fields for the user.
- Date – The computer will enter in today’s date which may be altered by the user if required.
- Tag – A tag may be entered by the user. This list of tags may be created by the user as required.
- Int Ref – SapphireOne will automatically enter in an Internal Reference number. This may be altered by the user if required.
- Ext Ref – The entry of an External Reference number may be entered but it is not compulsory.
- Period – SapphireOne will enter in the current period but this may be altered if required.
- 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.
- Following Data entry Fields – These are all have a light blue background to indicate that they are wild card “@” “?” searchable. Any General Ledger accounts should all be set up before any asset based transactions are processed. The user should also know before hand which accounts to select as in every data file they will be setup according to the companies requirements and will be different.
- Method – Select either DGJ Tax or DCO Company
- Accum. Dep’n – Select the appropriate G/L Accumulated Depreciation account.
- Asset – Select the appropriate G/L Asset account.
- Reserve – Select the appropriate G/L Reserve account.
- Tax– SapphireOne will calculate and then enter the tax applicable for this transaction based an the Tax code and the Total entered below in the Total field.
- Change – This field requires the entry of the movement in the Historical Cost, either positive or negative. For example if the Historical Cost of the Asset was $35,000 and has now had an improvement of $5,000. Enter in $5,000.
- Projects – If the item has been linked to a Project SapphireOne will display the Project ID and Name.
- 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 to be created in Financials.
- Selecting the checkbox tells SapphireOne that this transaction is to be retained in Assets and that a Journal for this transaction is NOT to be created in Financials.