Method Inquiry Overview
The Method Inquiry screen within SapphireOne Assets Mode is used to define the depreciation method. The choices are Straight Line, Diminishing Value and Cost Price. All can be set up for Tax Jurisdiction (Primary) and the Company Depreciation rate (Secondary).
For example, your company may wish to reflect the approved Tax Jurisdiction Depreciation Rates within the Company’s General Ledger. However, for internal purposes it may be more beneficial to record market value depreciation rates (Company) in order to obtain the true value for disposal purposes.
To create a new Method, go to the main toolbar and select the New icon, or type shortcut ‘command/ctrl N’, and enter your new Method details as seen below. To save a completed Method, go to the main toolbar and select the Save icon.
Method Name Area
- Method ID – Enter the Method ID.
- Name – Enter the Method Name.
- Order of Preference Dropdown – Select from Primary (Tax Jurisdiction Depreciation Rate), Secondary (Company Depreciation Rate) and Other.
- Date Created – SapphireOne will automatically append the Date the Method was created.
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.