Can anyone please let me know what naming conventions are normally followed by big organizations / MNCs while numbering the Fixed Assets?
Kindly explain with an example.
Thanks
2 Replies
CA.Madhavan
(Chartered Accountant)
(942 Points)
Replied 31 March 2008
Fixed assets are set up using asset groups. Through a simple allocation of the new asset to an asset group, the asset inherits a user-defined setup. Setups include, for example, type of asset, depreciation method, bar code allocation and parallel, and independent depreciation setup for tax and other purposes.
Acquisition
of the asset can be posted in a number of ways. For example, it is
possible to use purchase order processing, to record the vendor invoice
directly or to use the invoice approval system.
PADMAKAR
(SERVICE)
(21 Points)
Replied 23 April 2008
What are the Sch 6 requirements of Co Act wrt Fixed assests register & Calculation of Depreciation.
If Register format can be provided its highely appreceiated.
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