Fixed Assets - 100% Depreciation within the same y

[aganguly]

We follow the Financial Year from April to March. in few cases(where the Asset value is less tha Rs. 5000/-)we want the Asset will be fully Depreciated in the same year by March, whenever we add the Asset into the system.

e.g. Since we are following the financial year from April to March so if we add the Asset in the month of January, we want it to be fully Depreciated by March in the same year.

That means we want the Asset should be fully Depreciated in less than 12 months.

How this is possible! Can anyone help me out in this !

Thanks.

Amitava

[anuragagarwal1980]

Hi Amitava,

To achieve your solution you will need to create different depreciation methods for each month.

For examply in your case you have added the asset in January. You will need to create a depreciation method for 3 Months wherein the total depreciation %age would be 100%. you may create a SLM based method for 3 months and the system woyld proratly distribute the asset cost over the three months.

Or esle you may use depreciation override or Bonus Deprciation feature incase you have only few assets alreasy been depreciated using some other depreciation method.

hope this helps you out.

Regards
Anurag

[aganguly]

Hi Anurag,

Thanks for your reply.

Currently we are following WDV Method of Depreciation and putting depreciation rate as 100% and it is taking 12 months (1 year) to get fully depreciated.

If we follow the Straight Line Method and want the the asset to be fully depreciated withing 3 months then what should be the rate of depreciation. Can you help me in this regard. Lets assume the asset cost is Rs. 4000/-.

Regds.

Amitava