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Articles, guides and product updates, published through the content management system.
10 articles
Search articlesOne asset, several books: how FixedAsset Pro keeps Companies Act, Income-tax and other depreciation side by side
Indian companies depreciate the same asset at least twice: once under Schedule II and once under the Income-tax Act. Groups reporting abroad add a third. Here is how depreciation books work in FixedAsset Pro, and what each one is for.
Read moreThe audit trail rule and your fixed asset register
Since 1 April 2023, companies keeping books in accounting software must use software with an audit trail that cannot be disabled, and auditors report on it under Rule 11(g). What that means for the system that holds your fixed assets.
Read moreCapital work-in-progress: ageing, overdue projects and getting the capitalisation date right
CWIP is where cost waits until an asset is ready for use. Too long there and the Schedule III ageing exposes it; too short and depreciation starts on an asset that is not ready. How to manage CWIP through the year.
Read moreMoving assets between locations, branches and companies without losing the trail
A transfer looks like a change of location in the register. Depending on where the asset goes, it can also be a GST supply, a disposal by one company and an acquisition by another, and a gap in your verification. A practical guide.
Read moreImpairment indicators for fixed assets: a practical year-end review under Ind AS 36 and AS 28
You do not have to test every asset for impairment every year, but you do have to look for indicators at every reporting date. How to run that review, document it, and recognise when a full test is needed.
Read moreSchedule III disclosures for property, plant and equipment: what the notes must show
The fixed asset note is more than a roll-forward. Since the 2021 amendments, Schedule III also asks about title deeds, registered valuers, CWIP ageing and benami proceedings. A walk through what goes in, and where the data comes from.
Read moreTagging the awkward ones: a field guide for assets that resist a label
Laptops and chairs are easy. Hot machines, sterilised equipment, vehicles, moulds at a vendor's site and land are not. A practical, asset-by-asset guide to tagging and verifying what does not take a sticker well.
Read moreWhat your auditor will ask for on fixed assets, and how to have it ready
A prepared-by-client list for property, plant and equipment, organised by the questions the auditor is trying to answer: does it exist, is it complete, do you own it, and is it valued and presented correctly.
Read moreLow-value assets: setting a capitalisation threshold after Schedule XIV
The old ₹5,000 write-off rule disappeared with Schedule XIV. Here is what replaced it in the books, why the Income-tax and GST answers differ, and how to keep control of items you expense.
Read moreComponent accounting in practice: deciding what to split and how to price it
Schedule II and Ind AS 16 both require significant parts with different lives to be depreciated separately. The hard part is the judgement: which parts, at what cost, and what happens when one is replaced.
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