Fixed asset Depreciation Calculation and Additional Requirments

[IT-Saravanan]

St Line Vs Declining Balance.xlsx

[IT-Saravanan]

Field's To be added in Fixed asset Page Accumulated Depreciation (Income Tax) Accumulated Depreciation (Company Act) Gross Block Net Block ( Company's Act) WDV Applicable for (Income tax Act) Depreciation Start Date Acquisition Date External Document Vendor Name Balance Useful life

[IT-Saravanan]

Calculation of the Fields 1 Accumulated Depreciation (Income Tax) = Depreciation 2.Accumulated Depreciation (Company Act)=Depreciation 3.Net Block ( Company's Act) =Gross Block +Depreciation 4.WDV Applicable for (Income tax Act) =Gross Block +Depreciation

[Abigaiel]

@IT-Saravanan Fields have added in Fixed asset Page. 1.Gross Block 2.Net Block ( Company's Act) values will flow as per the given calculation. 3.WDV Applicable for (Income tax Act) values will flow as per the given calculation. 4.Depreciation Start Date 5.Acquisition Date 6.External Document 7.Vendor Name development done in test server please check and confirm.

[IT-Saravanan]

Move this to live

[Abigaiel]

Fixed asset changes are moved to live

[Abigaiel]

@IT-Saravanan While creating the fixed asset card, "company" and "income tax" lines will be created automatically. If the depreciation book code is "Company" , then  depreciation book method is "straight-line.". If the depreciation book code is "income tax" then  depreciation book method is "declining balance-1" .While sending for  approval, I have placed an error to check that two lines are present, otherwise the system will throw an error. Development done in test server please check and confirm.

[IT-Saravanan]

1).While Sending for an approval the fixed asset card, Depreciation book code "company" and "income tax" lines need to be created automatically.

[Abigaiel]

@IT-Saravanan In fixed asset card page have given 2 buttons called "FA Record Update" and "FA Update History". This functionality is similar to the functionality present in the Employee card (Employee record update and Employee Update history)buttons. Development done in test server please check and confirm.

[Abigaiel]

@IT-Saravanan In the fixed asset card , while sending an approval request, "company" and "income tax" lines will be created automatically. Development done in test server please check and confirm.

[IT-Saravanan]

@YashwanthGowdaJ FA Update Page working Fine. and depreciation book code its automatically updating. in test server. so move this functionality to live.

[Abigaiel]

@IT-Saravanan In the fixed asset card , have added the field " Balance Useful Life " . Values will flow as per the given calculation. Development done in test server please check and confirm.

[Abigaiel]

@nagalakshmi2022 While creating a fixed asset, if the fa category is Tools and dies, then actual seasons are allowed. Otherwise, the system will throw an error. Development done in test server please check and confirm.

[Abigaiel]

FA Record Update functionality moved to live .

[Abigaiel]

FA card changes are moved to live.

[YashwanthGowdaJ]

While sending any FA to an approval, if Depreciation Book Code is INCOMETAX and Depreciation method is Straight Line, then we are updating Depreciation method as Declining Balance-1 and then sending for an approval.

This change has been done in live.