Financials for India - EBS (MOSC)

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100% Depriciation for Assets < 5000

edited May 27, 2009 9:23PM in Financials for India - EBS (MOSC) 2 commentsAnswered
 Hi

As per Schedule IV requirements of Indian companies act, the assets for which value is less than Rs.5000, 100% deprication should be claimed as per Indian companies act(Financials books). Also as per Company's act, 100% depriciation should be claimed irrespective of when the asset is placed in service in a financial year. How to define the setups to achieve the above 2 requirements.

The prorate calender has defined as daily and Divide deprication has been setup as "By days" so that deprication is calcuated per day basis in their financial books.

Can you please share the recommended setups for this.

Regards,

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