Depreciation helps you properly depreciate assets over their useful life and hopefully, help avoid receiving a qualified opinion on your next audit.
As per Companies Act
User defined rates and methods, WDV or SLM Provision of 100% depreciation for assets costing less than Rs. 5000/-. Yearly/half yearly/quarterly/monthly depreciation can be calculated.
As per Income-tax Act
User defined Blocks of assets and rates for each financial year, 50% depreciation for assets used for < 180 days.
Retrospective Change
In Rate
When the company decides to change the rate, complete recalculation of depreciation is carried out and report is generated.
In Method
When the company decides to change the method from WDV to SLM or vice versa, complete recalculation of depreciation is carried out and report generated.
In Classification
When an asset is reclassified, depreciation is re-calculated from the date put to use and any shortfall / excess provision of depreciation is suitably adjusted.
Prospective Change
The rate / method / Category can be changed prospectively without affecting the previous calculations
Features
Track of all lease agreements, maintenance agreements etc.
Track cost center, physical location, asset ID, physical ID , date of use etc.
We at Eazy Business Solutions value our client relationships. Our solutions are designed to address the need of various industry verticals - scaling from low and mid-sized companies to large production and manufacturing establishments.