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Tax Depreciation
   
Tax depreciation is the depreciation of a fixed asset (FA) as calculated and recognized for tax reporting purposes, according to the rules set by a country’s tax authority. It is the allocation of the cost of a FA over its useful life, specifically for the purpose of determining the amount of depreciation expense a business can deduct from its taxable income each year. Common FAs subject to tax depreciation include machinery, vehicles, buildings, and equipment.
The Tax Depreciation tab provides a comprehensive overview of tax depreciation data for the selected FAs or small tools. It displays key information such as Purchase Value, Accumulated Depreciation, Entry Type and Book Value. The contents of this tab are dynamically updated based on confirmed depreciation and revaluation calculations. This allows for precise tracking of a FA’s tax depreciation over time, supporting accurate tax reporting and compliance with local tax regulations.
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Warning
The Tax Depreciation tab in PANTHEON is available only when Tax Depreciation Calculation option is enabled in the Fixed Assets section of the Administration Panel.
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The Tax Depreciation tab can be accessed in the Fixed assets and Small Tools registers.
The Tax Depreciation tab consists of the following functional units:
| Line |
Contains a sequential number of the item. It automatically starts at 1 but can also be manually filled-in. For each subsequent entry, the field will auto-populate based on the previous entry. |
| Date |
The activation Date of the FAs which determines the starting point for tax Depreciation Calculation.
If the date is entered manually, fields Line, Purchase Value, Accumulated Depreciation, Status, Entry Type 1, Book Value, Days deprec. and Depreciation are automatically populated.
If the activation Date is changed in the Accounting tab after the FA has been entered, the corresponding date in this field is not updated automatically.
If the activation Date is not available at the time of the FA’s initial entry into the register, the acquisition date is used instead. The activation date can be manually updated later, if necessary.
For depreciation calculations (when Entry Types 21 to 23 are selected in the Entry Type field), the displayed date corresponds to the date the calculation was confirmed (see chapter Depreciation Calculation). This date serves as the starting point for depreciation in subsequent reports.
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| Purchase Value |
Represents one of the following:
- the Purchase Value recorded at the time of the FA’s acquisition. This field is automatically populated from the Cost field in the Accounting tab upon first entry;
- the revalued Purchase Value from a confirmed revaluation report, if applicable.
The Purchase value is always entered as a positive amount, whether it reflects the original or the revalued figure. |
| Accumulated Depreciation |
The total amount of depreciation expense recorded for FAs since they were acquired and placed into service. This amount automatically increases with each recorded depreciation and is always entered as a positive value.
Accumulated Depreciation is also used to determine the FA’s Book Value.
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| Currency |
Specifies the Currency in which tax depreciation is calculated for the FA. The selected Currency ensures that all depreciation amounts for tax reporting purposes are recorded in a consistent monetary unit, which may differ from the company's primary financial reporting currency. |
| Status |
Automatically populated with Status set to AK when a new entry is created. It can also be manually selected from the drop-down menu.
Each FA is assigned a status to indicate its condition:
- AK (Active): default status for all active FAs.
- NA (Non-active): assigned to FAs that have been sold, written off, deactivated, or disposed of.
When an Inventory Count sheet is generated, it only includes Active FAs which have been designated for depreciation and revaluation.
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Hint
- A non-active FA cannot be reactivated. If reactivation is required, the FA's deactivation must be reversed.
- Double-clicking on the field opens the Fixed Asset Status form, where statuses can be added or edited.
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Warning
This is a different Status from the one located in the Header.
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| Related Document |
Displays the internal number assigned by PANTHEON, linking each value adjustment entry to its source document. The behavior and meaning of this field depend on the Entry Type field selection:
- Entry Type 1-Acquisition: the Related Document field displays the internal number of the purchase invoice associated with the acquisition of the FA. Double-clicking on the number opens the original Purchase Invoice.
- Entry types 3-9 Value Adjustments: the Related Document field shows the journal entry number where the manual value adjustment was posted. Double-clicking the journal number opens the related General Ledger posting.
- Entry type 10 – FA Sale: Related Document field displays the internal number of the Sales Invoice created when the FA is sold. Double-clicking the number opens the corresponding Sales Invoice.
- Entry types 21-23 Depreciation Calculations: the Related Document field displays the internal number of the Depreciation Calculation report generated after confirming the depreciation calculation. Double-clicking the number opens the Depreciation Report.
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Warning
- Deleting a Journal Entry or Depreciation Calculation does not remove the corresponding record from the program.
- To fully delete a posted value adjustment, the Journal Entry must first be deleted, followed by the removal of its ID from this field. Only then is it possible to repost the item.
- Deleting data from a Depreciation Calculation requires restoring the associated report.
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| Entry Type |
Determines the nature of each record in the Fixed assets and Small Tools registers, indicating what kind of financial or status change has occurred for the asset.
- Type 1 is automatically generated when a new FA is created.
- Types 21 to 23 (related to depreciation) are automatically created by the program during Depreciation Calculation.
- All other Entry Types (such as disposals, sales or revaluations) must be manually entered and posted.
Tax Depreciation tab unique Entry Types are:
- 31 - Changeover to EUR on acquisition accounts;
- 32 - Changeover to EUR on upward revaluation accounts;
- 33 - Changeover to EUR on downward revaluation accounts.
For other Entry Types see the Value chapter.
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Hint
- When the strengthening or impairing FA, only the Entry Types 1 - Acquisition, 6 - Disposal of fixed assets and 21 - Depreciation on acquisition accounts are typically applied
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| Book Value |
Automatically populated and calculated when a new entry is created.
Book Value is the value of a FA as recorded in a company’s accounting records. It represents the original purchase cost of the FA minus any accumulated depreciation, amortization, or impairment costs (Book Value = Purchase Price – Accumulated Depreciation). It reflects the FA’s net value on the balance sheet and is used to determine its current accounting value. It also helps assess the remaining value to be depreciated. |
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Days deprec.
(Days Depreciation) |
Automatically populated and calculated when new entries are created. It refers to the amount of depreciation that is calculated for a FA based on the number of days the FA has been in service during a given period. It helps determine a prorated depreciation value when the FA is not in use for the entire period (such as a partial month or year).
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Deprec. Group
(Depreciation Group) |
This field is linked to the Depreciation Category specified in the Accounting tab. It is automatically populated based on the selected Depreciation Category and reflects how the FA is grouped for depreciation purposes. |
| Depreciation |
The Tax Depreciation amount calculated for the current period. This field is automatically populated. |
| Invoice number |
The internal PANTHEON number for the received invoice related to the purchase of the FAs. Double-clicking the field opens the corresponding FA’s invoice. |
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Hint
To access additional columns such as Book Value, Days Deprec., Deprec. Group, Depreciation, and Invoice Number, right-click on any column header and select Edit | Select Columns.
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