IASB (International Accounting Standard Board) is the standards setting body of the IFRS Foundation. TRAXX complies with accounting standards of IASB. We keep track of any new standards introduced and quickly incorporate them in TRAXX.
IFRS is the global standard of financial accounting. TRAXX complies with all their standards of fixed assets depreciation
GAAP is the standard of accounting followed still by many. RCS TRAXX is designed to comply will all the requirements of GAAP.
Our depreciation module can be configured dynamically to suit different policies adopted by Organisations. For example, customers can use IFRS for statutory requirements and use their own policies for cost allocation to cost centers.
Provision to configure Asset Groups
Provision to configure Country and Parent Company specific rates
Company financial year
Parent Company financial year
Dynamic configuration of depreciation rates for IT ACT and Company ACT and life of the asset
Addition and deletion to an asset
Sell off of an asset
Write off an asset
Scrapping of an asset
Profit and loss for assets sold
Freeze/Unfreezing of depreciation processed for a month or year
Provision to select Capitalization or non capitalization of asset and accessory
Provision to add Additional costs like duties, insurance charges and additional charges