Fixed Asset Management Tool with Depreciation Calculator as per Schedule II of Companies Act 2013
♦ 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,
♦ Direct Import of Fixed Assets Data from Tally,
♦ 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 of Fixed Asset Management Tool with Depreciation Calculator
♣ 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.
♠ 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 calculations 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 in accordance with international standards.
♠ The Methods of calculation available are:
♠ There are four inputs required to calculate depreciation – Useful life, Residual value, Depreciable Amount, Ready to use Date.