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Depreciating Fixed Assets

Straight Line, Diminishing Balance, and Custom Methods

The depreciation module enables customers to configure depreciation methods to meet various statutory and organizational needs.

 

Once configured, it streamlines the calculation of depreciation for all assets, simplifying the process with a single click.

Straight Line

Annual depreciation = (Cost of the asset - Salvage value) / Useful life of asset

Cost of the asset represents the purchase price, while salvage value indicates the value at the end of its useful life. The useful life of an asset refers to the expected duration until it is retired by the company.

Custom Formula

Our depreciation module offers dynamic configuration options to accommodate different organizational policies, allowing customers to utilize IFRS for statutory requirements and apply their own cost allocation policies to cost centers.

Diminishing Balance

Annual depreciation = (Net Book Value – Residual value) X Depreciation Rate

Net Book Value reflects the value of fixed assets after depreciation has been accounted for. Residual value represents the anticipated value of fixed assets at the conclusion of their expected useful life.

Depreciation

IASB

International Accounting Standards Board is the standard-setting body for International Financial Reporting Standards. p2r complies with the accounting standards set by IASB and incorporates any new standards introduced.

Custom Configuration

The depreciation module in p2r can be dynamically configured to align with different organizational policies, allowing customers to use IFRS for statutory requirements while implementing their own policies for cost allocation to cost centers.

IFRS

p2r complies with the global financial accounting standards of IFRS, ensuring adherence to the standards of fixed assets depreciation.

GAAP

p2r is designed to meet the requirements of GAAP (Generally Accepted Accounting Principles), which is still followed by many organizations in their accounting practices.

Cost-Center Based

p2r's depreciation module enables grouping of depreciation figures by cost centers or projects, providing accurate cost allocation for specific projects or teams.

Shift Duration Wise

p2r's depreciation module can be configured with different shifts and their durations, ensuring the distribution of depreciation costs across projects running at different shifts but with the same duration.

p2r -
Streamlined Procurement at Your Fingertips

p2r is a user-friendly and highly customizable browser-based enterprise procurement platform. Leveraging advanced web technologies, p2r ensures reliability, stability, and security.

 

Accessible from anywhere through a browser and the cloud, p2r simplifies and enhances the procurement process for organizations.

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