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DEPRECIATION

Depreciation module allows the user to configure all the parameters pertaining to different acts. Once configured, it simplifies the process of calculating depreciation for all assets, with a single click of a button. With the help of flexible filtering of parameters, the user can pull out any combination of report on demand. Now you can forget about spending nights doing reconciliation of several spread sheets, during the annual return filing.

Features in Depreciation Module

IASB

International Accounting Standard Board

IASB (International Accounting Standard Board) is the standards setting body of the IFRS Foundation. TRAXX complies with accounting standards of IASB. We keep track of any new standards introduced and quickly incorporate them in TRAXX.

IFRS

International Financial Reporting Standards

IFRS is the global standard of financial accounting. TRAXX complies with all their standards of fixed assets depreciation

GAAP

Generally Accepted Accounting Principles

GAAP is the standard of accounting followed still by many. RCS TRAXX is designed to comply will all the requirements of GAAP.

Custom Depreciation Calculation

Company based depreciations


Our depreciation module can be configured dynamically to suit different policies adopted by Organisations. For example, customers can use IFRS for statutory requirements and use their own policies for cost allocation to cost centers.

SINCE 1999 … TRACKING OVER A MILLION ASSETS

Traxx is the oldest Fixed Asset Management Solution with our first installation in the late nineties. This product is the evolution of over ten thousand man hours with feedbacks from some of the best asset managers from Global MNCs.

Configurable Functions

Configurable functions of Depreciation

Provision to configure Asset Groups

Provision to configure Country and Parent Company specific rates

Company financial year

Parent Company financial year

Dynamic configuration of depreciation rates for IT ACT and Company ACT and life of the asset

Addition and deletion to an asset

Sell off of an asset

Write off an asset

Scrapping of an asset

Profit and loss for assets sold

Freeze/Unfreezing of depreciation processed for a month or year

Provision to select Capitalization or non capitalization of asset and accessory

Leasehold Improvement

Provision to add Additional costs like duties, insurance charges and additional charges