Question: The depreciation expenses show at P10 as an immediate write-off, it does not get deducted as business expenses, in other words, it has to be input manually. Could you please confirm if it’s the case?
Answer:
If the amount at P10 is from depreciation module, it should automatically shows to P8M Depreciation expenses (which is taxable) provided that Importing of Financials is not being used.
* Figures from depreciation modules will auto inject via tax form
* Figures from depreciation modules will auto inject via tax form
Note:
- If depreciation was imported from 'QuickBooks Online' and you have used the Depreciation module, small business immediate write off assets will show in P10
And should be manually entered in P8-Depreciation expense.
But if you did not import function for Financials, P10 will automatically show in P8 as well. (Must remove any "Financials" record)