Fixed asset depreciation calculation is an integral part of financial management/auditing that helps businesses to claim expenses under the head depreciation on the provision given in Income Tax/ Companies Act. Maintaining Fixed asset register can be challenging for many businesses. Common problems that businesses face include applying the correct depreciation method, estimating the correct salvage value of assets, keeping track of the government regulations and finally avoiding audit non-compliances.
With the introduction of Asset Management Softwares, calculation of depreciation of fixed assets has become a child's play. The Fixed Asset Depreciation module offers a four-click solution, which can calculate depreciation as per Income Tax/Company Act for all the assets base within 1 minute.
Calculation of depreciation daily, monthly or yearly with Companies Act and IT Act simultaneously based on SLM/WDV method and getting asset register chart & schedule under IFRS and IND-AS reporting standards.
Reversing the depreciation calculated may be needed due to various reasons. In our Asset Management Software, reversal of depreciation is just a click away. On reversal, depreciation can be re-calculated without any hassle and FAR is updated automatically. This feature makes Asset Depreciation Calculation module extremely customer friendly.