You can manually activate and fill depreciation data directly in the Worksheet section inside the Individual Tax Return (ITR) form in LodgeiT without using the Depreciation Tools. Here's how:
1. Access the client’s Tax Return and go to the Depreciation section. Click on “Add Worksheet” to start entering asset data manually.
Note that once you move to manual entry within the tax form, you are responsible for calculating depreciation and updating opening WDV yourself, as automatic syncing from Tools no longer occurs for manually entered data and the system doesn’t have an option to calculate Opening WDV.
2. Input Asset Details. Enter all necessary information for each asset, such as the Description, Acquisition date, Depreciation start date which is the Date first used, Cost, Opening Written Down Value (WDV)either the Depreciation Rate or Effective Life. LodgeiT will automatically calculate the corresponding value—for example, if you enter the Depreciation Rate, it will compute the Effective Life accordingly.
Additional Note:
If the depreciation start date falls within the tax form’s period, LodgeiT will use the original cost price for opening written down value (WDV) and won’t permit manual override.
