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Tax Value

Why is there two depreciation tabs, referring to Tax value and Book value?

See also Depreciation_Overview<LinkId=369>

Select the Fixed Assets Cost Asset Account - The Default accounts should be set up in Utilities>Preferences>Fixed_Assets<LinkId=231> Select the Fixed Assets Clearing Account - ie. The Bank account used for purchases Select the Depreciation Option - This is the type of Depreciation as advised by your accountant. See Depreciation_Overview<LinkId=369> The percentage displayed is provided by the ATO and can change from time to time. The default is 200% Enter the Salvage Value as either a Percentage or Amount as advised by your accountant. This is the expected salvage value at the end of the Asset Life (Note: This field is only applicable to Straight Line Depreciation method) Enter the Asset Life ie. The period of time over which you wish to depreciate the asset Enter the Business Use Percentage - eg. In the case of a Motor Vehicle, if 70% of the vehicles milage is for business the Business Use Percentage would be 70% Select the Fixed Assets Depreciation Assets account - This is the asset account that will decrease in value as the asset is depreciated eg. In the Sample Company, the account for Motor Vehicles is "Vehicle Depreciation" Select the Fixed Asset Expenses account - this is the account where the depreciation expense is posted If the asset has already been partially depreciated at the time of entering into ERP Software, Select Enter Amount

Enter the amount of Accumulated Depreciation already accounted for. Enter the Year Ending. This is the last accounting period for which the accumulated depreciation related.

Select Calculate to see the future depreciation values