/ / / Fixed Asset Manager – Depreciation Calculator

Fixed Asset Manager – Depreciation Calculator

Depreciation as per Companies Act Schedule II.

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Description

Automated Fixed Asset Management Tool with calculation of Depreciation as per Schedule II of Companies act 2013, and Income Tax Act 1961.

Key Features

  • Line wise SLM and WDV Depreciation as per Companies Act 2013,
  • Calculation of Depreciation under the Income Tax Act,
  • Export of Tax Audit Data for Additions and Deletions during the Year,
  • Monthly Calculation for MIS,
  • Jan-Dec Calculation for Group Reporting by MNCs,
  • Single click change of Financial year,
  • Ready made Schedules for Balance Sheet, and P&L,
  • A simple Copy/Paste is required to Migrate data from Old Fixed Asset Records.

Expert Features

  • Calculation for Extra shift Charge,
  • Users can customize the Useful life, and can change it to their best estimates,
  • Users can customize the Residual value too,
  • There is Calculation for Profit/loss and Capital gain on sale of Assets.

Knowledge Base

  • Depreciation is systematic allocation of the depreciable amount of an asset over its useful life. Further, Useful life is the period over which an asset is expected to be available for use by an entity.
  • Schedule II to the Companies Act, 2013, specifies useful lives for this purpose. Companies can make calculation based on the useful life of an asset supported by technical advice, even though such lives are higher or lower than those specified in the said schedule. In view of this, calculation as per the useful life is true commercial depreciation bringing the financial statements prepared accordingly closer to those prepared in accordance with international standards.
  • The Methods of calculation available are:
    – Straight Line Method
    – Written Down Value Method
    – Unit of Production Method
  • ICAI Guidance Note on Depreciation Accounting https://resource.cdn.icai.org/41241research31047.pdf

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