What is Fix Asset?
Fixed Asset is an item with a useful life greater than one reporting period, and which exceeds an entity’s minimum capitalization limit. It is not purchased with the intent of immediate resale, but rather for productive use within the entity.like:-
Buildings|Computer|equipment|Computer software|Intangible assets
What is Depreciation Calculation?
Depreciation is the systematic reduction in the recorded cost of a fixed asset. Examples of fixed asset that can depreciate are buildings, furniture, leasehold improvements, and office equipment. The only exception is land, which is not depreciating (since land is not depleted over time, with the exception of natural resources).
What is ROC Act ?
The Registrar of Companies India is the official agency that deals with the administration of Companies Act 1956 & Companies Act, 2013. It falls under Ministry of Corporate Affairs. It has offices in all major states of India.The Registrar of Companies is the primary regulator for company- related matters in India. It is popularly known as ROC.
An Organization surely needs the Tally.ERP 9 Fixed Asset Register module for the following reasons. :-
• Software Licensing
• Total Coverage
• Lack of Data Integrity
• Overall Security
• Audit Trail
• Accurate Depreciation Calculation
COMMONLY TRACK ASSET
• Plant and equipment
• Fixtures and fittings
• Long-term investment
• Vehicles and heavy equipment