Dear Sir,
We are using ECC-6.0 and in our present system for Depreciation calculation on WDV method , we have created various Depreciation for each % of depreciation rate . As per company act 2013 Scedule-2 , now depreciation has to be calculated based upon the equipment useful life .
We have following scenario :
Say Asset procurement value is Rs 50,000
Asset useful life is 10 years
Depreciation is on WDV basis
After 10th year , Asset residual value has to remain at 5% (i.e once Asset written down value reaches at Rs 2500 then no further Depreciation
should be charged)
Depreciation should be charged from beginning of month , it means if asset is capitalized say on 20.06.2014 then Depreciation should be calculated
from 01.06.2014
We request forum members to kindly guide me about the steps to be followed for configuring of depreciation key as per above scenario , here we shall not maintain any depreciation rate and it should be calculated by system itself based upon equipment life and last residual value .
With Regards
B Mittal