Frequently Asked
Questions

Find Solutions to Common Issues Related to accounting-reports - depreciation charge

FAQs

Are there different depreciation rules for income tax versus company financial statements in BUSY

Yes, in BUSY depreciation of fixed assets with 2 rules, Income tax Act and Company's Act. Income Tax is charged on 180 days interval basis where Company's Act charge on proportionate to the period of use. In BUSY Company's Act W.D.V.(Written Down Value) Method.

What is the process for passing fixed asset depreciation entries in BUSY

Please follow below mention steps for passing fixed asset entries in BUSY:-
Step 1:-Display Tab
Step 2:-Depreciation Chart
Step 3:- Select account of depreciation and then all fixed asset will appear with respective depreciation rate. 
Step 4:- Select fixed asset press "F4key for book depreciation charges

Can you explain the use of the depriciation chart that has opened?

The depriciation chart that has opened in BUSY Accounting software. It is used to perform depreciation calculations based on the selected method and rate. To check this depriciation chart follow these steps:
Step 1: Go to display then select depriciation chart and open report.

Where do I find the depreciation chart in BUSY Is it under fixed assets

Please follow below mention steps for checking depreciation chart report for fixed asset:-
Step 1:- Display Tab
Step 2:- Depreciation Chart
Step 3:- Select depreciation ledger all fixed assets will reflect with respective depreciation rate. Calculation of depreciation reflect in Depreciation to be charged filed

I need the depreciation chart to file income tax How can I get it from BUSY

Please follow below mention steps for checking depreciation chart:-
Step 1:- Display Tab
Step 2:- Depreciation Chart
Step 3:- Select ledger of depreciation all fixed assets will reflect with their respective depreciation rate. For depreciation amount check Depreciation to be charged filed amount

What reports or screens in BUSY show the depreciation calculations

Please follow below mention steps for checking depreciation calculation report:-
Step 1:- Display Tab
Step 2:- Depreciation Chart
Step 3:- Select depreciation ledger all fixed assets will reflect with respective depreciation rate. Calculation of depreciation reflect in Depreciation to be charged filed

How can I print the depreciation chart

Please follow below mention steps for print depreciation chart:-
Step 1:- Display Tab
Step 2:- Depreciation Chart
Step 3:- Select depreciation account and then open report on the top of report option show print Or can press shortcut key "Alt+Pfor print command

Where can I view and check depreciation charged on assets in BUSY

Please follow below mention steps for checking depreciation report:-
Step 1:- Display Tab
Step 2:- Depreciation Chart
Step 3:- Select depreciation ledger all fixed assets will reflect with respective depreciation rate. Calculation of depreciation reflect in Depreciation to be charged filed

I made changes to my depreciation chart in the current year How do I ensure it calculates correctly with the modifications

If made any changes in fixed asset by modification. Go to Display Tab then Depreciation Chart then check changes reflect in respective asset rate check calculation through calculator amount with depreciation to be charged filed amount

Im looking for the depreciation chart under income tax act Where is it located

Please follow below mention steps for checking depreciation chart:-
Step 1:- Display Tab
Step 2:- Depreciation Tab
Step 3:- Income Tax Act, Select depreciation ledger. In report all fixed assets will reflect with respective depreciation rate