WorthIT Fixed Assets Management Overview

• Introduction to WorthIT Fixed Assets
• WorthIT Fixed Assets - a Management Tool
  • Entering Financial and Operating Data
  • Tracking Asset Locations
  • Managing Self-Constructed Assets and Capital Projects
  • Tracking Service History
  • Cataloguing Asset Specifications Using Folders
  • Taking a Snapshot View
• WorthIT Fixed Assets and Depreciation
• Asset Transfers and Disposals
• Financial Inquiry
• WorthIT Fixed Assets and Capital Budgeting
• Reports
• Data Export
• Start -up Wizard, File Import and other helpful Features
• Configurable and Expanded G/L Account Coding Structure
• Automated Back-up and Restore Procedures

Fixed Assets are a valuable resource with significant impact to the financial well being of any company. To help you maximize the return on your investment, WorthIT Fixed Assets incorporates three powerful tools:

* Fixed Asset Management

* Depreciation Accounting & Projections

* Capital Budgeting & Analysis

These seamlessly integrated tools let you implement a cohesive and cost effective asset management solution in your company. WorthIT Fixed Assets will help you:

• Calculate depreciation costs and forecast future charges accurately.
• Produce timely accounting reports and supporting financial documents.
• Keep track of asset locations and complete service history.
• Manage self-constructed assets and capital projects.
• Catalogue specifications of complex assets such as personal computers.
• Budget asset acquisitions and evaluate alternative investment scenarios.
• Display asset snapshot views and financial summaries.
• Create a library of customized reports.
• ..... and much more.

WorthIT Fixed Assets is the tool to use to gain an edge in today's competitive global environment.
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WorthIT Fixed Assets - a Management Tool

WorthIT allows you to build a database of vital information about your fixed assets - on your own schedule.  Whether you simply want to use the systems depreciation capabilities or take full advantage of the significant asset management features included, the choice is entirely yours.

With WorthIT Fixed Assets, you can:

• Calculate depreciation and create detailed accounting and financial reports simply by completing the fields in the DETAIL entry dialog box.
• Track asset locations, analyze service history, manage the various phases of self-constructed assets, and define the composition of such assets as Personal computers - all  by completing the fields in each of the four optional components (LOCATION, SERVICE, TASK and FOLDER ).

With this information available on demand, you can locate and deploy your assets effectively, control service and repair costs, monitor projects and assets-under-construction closely and make informed purchase decisions.
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Entering Financial and Operating data

The following basic information is all you need to start using WorthIT's extensive depreciation capabilities and financial reporting tools.

Asset ID Number
Asset Description.
Date in Service.
Acquisition Cost
Category and Tax Class Id. 
Salvage Amount.
 

The DETAIL view lets you enter and maintain a wealth of 
information about an asset

Clear the ACTIVE field to prevent the asset from being depreciated (e.g., Leased asset).

• The Parent Id field lets you define Parent - Child relationships.
• Analyze insurance coverage using the Policy Id field.
• Customize the Primary ID or Secondary ID fields to assign an asset to a lease, project or desired category.
• Use the Notepad to enter free format text.
• Use the KEYS tab to assign this asset to a business unit.
• Go to MORE tab to view access information (e.g., Date Last Changed) or define additional depreciation views for State or What-if scenarios.
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Tracking Asset Locations

Keeping track of assets in today's fast paced technology driven environment can be a challenging and time consuming task. Using the LOCATION component in WorthIT, you can:

• Define any asset's current location and trace its movement history since acquisition.
• Create location codes to identify assets at customers, employees or bin locations.
• Capitalize or expense costs or record expenses for reference only.
• Depreciate capitalized transactions and summarize by G/L post codes.
   

Keeping track of assets is easy with the LOCATION component

Highlight: The Location analysis report calculates the elapsed days between locations and displays all From - To dates for reference.
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WorthIT's Task/Activity component is an invaluable multipurpose tool. You can use it to track individual stages and related costs of self-constructed assets and to allocate depreciation costs against projects and other activities.
 

Monitor Projects and Assets Under Construction with the TASK component

Highlight: You can create your own activity codes for cost allocation. Each activity may detail a sub-component cost of a major asset.
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The availability of service history can prove invaluable in preventing recurring maintenance problems or identifying problematic assets. WorthIT's Service component can help you:

• Trace each assets entire service history.
• Measure Service performance quality.
• Schedule maintenance for major assets.
• Identify common and repetitive problems.
• Capitalize or expense costs or simply record expenses for reference only.

View an asset's complete Service history in a convenient manner

Highlight: Schedule preventative maintenance using the NEXT SERVICE DATE field and use the CONTRACT ID field to track maintenance agreements.
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WorthIT's Folder component lets you define the composition of complex assets such as Personal Computers or Plant Machinery. Like a magnifying glass, Folders can provide you a clearer perspective about your assets. Using Folders you can:

• Define PC options such as CD-ROM, modems and software.
• Categorize company cars by model.
• Describe performance characteristics of  special equipment.
• Classify assets using your own indexing system. 

With FOLDERS, you can quickly determine the configuration of special assets

Highlight: You can create unlimited variations of Folder IDs, Tabs and Selection Items to organize your data as needed. Using the FOLDER report template, you can search and display assets matching specified criteria.
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The Snapshot view will help you put the wealth of asset information in your WorthIT databases into perspective. With a simple click of the right mouse button, significant information and operating statistics about any asset will be at your fingertips.

Operating statistics and valuable information always one mouse click away
 

Highlight: Click on the SERVICE icon or other components to view record details on file. Press the Prev and Next buttons to navigate through your database and view other assets.
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The cornerstone of any sound Fixed Asset system is its ability to calculate depreciation accurately and produce detailed accounting reports and supporting financial documents. In this area, WorthIT Fixed Assets excels in every respect.

Here's a quick summary of features:  

• up to four (4) depreciation profiles for separate Corporate and Tax reporting per Asset book.
• supports popular depreciation methods and allows users to define custom depreciation schedules.
• comprehensive set of accounting and financial report templates with customization options.
• adjustment capabilities with comprehensive built-in audit trail features.
• Journal Voucher file creation for uploading to your General Ledger system.
• inter-company asset transfer and cost allocation.
• unlimited partial disposals tracking.
• full disposal simulation.
• single asset or asset group transfers and disposals.
• in-depth current and historical financial inquiries.
• future period depreciation projection capabilities.
• and much more

Depreciation Overview

Defining your corporate and tax depreciation rules is a simple matter of completing the Depreciation dialog box. But do not be fooled by this simplicity because, behind the scenes, WorthIT performs complex depreciation calculations providing you with timely financial information on demand.
 

Simply create a depreciation profile for each asset group

Highlight: Use the Custom Depreciation view to define your own depreciation tables.
 

WorthIT Fixed Assets incorporates US Depreciation averaging conventions (Mid-Month, Midyear and Mid-Quarter) and special features to support ACRS and MACRS calculations.  Furthermore, WorthIT's  STARTUP Wizard can automatically pre-load depreciation profiles of the most common ACRS and MACRS tables to get you started right away.
 

Depreciation Methods

Once you select a depreciation method, WorthIT will highlight the parameter fields you need to complete. Choose from:

Straight Line - Net
Compound
Straight Line - Gross
Declining Balance
Sum of Digits                   
No Depreciation
Units of Production
 

Depreciation Start Code/Convention options

Using the date the asset was acquired as the base, you can use one of the following options to calculate the effective depreciation start date:

• Beginning of Month
• Mid Year
• Mid last Quarter
• Date in Service
• Next Period
• Mid Month
• Mid Quarter
• Beginning next Month
• Half Year
• Full Year
   

User Defined Depreciation Schedules

For special cases, you can build your own schedules using the powerful Custom Depreciation feature in WorthIT.
 

Design your own custom depreciation tables

Highlight: set special rules for any From - To period. Specify a percent rate or absolute dollar amount.
 

WorthIT Fixed Assets uses a two step depreciation process. The Depreciation-Run may be performed as often as desired allowing you to make adjustments along the way. The Update procedure is run once only to post the final results to the history file. The same concept applies to the Year End procedure.

About General Ledger Journal Vouchers

WorthIT Fixed Assets takes care of  your general ledger posting needs. You can produce a Journal Voucher report for manual entry or let WorthIT Fixed Assets create a file for posting to your G/L system - and you set the level of detail to post.

About Adjustments

WorthIT Fixed Assets' built-in intelligent features assess the need for depreciation recalculations based on the changes you make. For audit trail purposes, the posting vouchers will include the reversing entries to adjust the errors as well as the new entries reflecting the changes.

Maintaining multiple depreciation profiles

WorthIT Fixed Assets lets you maintain up to four separate corporate and tax depreciation profiles per Asset book. The mandatory Category and Tax Class profiles are used to depreciate assets from a corporate and tax perspective while the two optional profiles may be used for State, Provincial or other user defined tax scenarios for what-if analysis.

Date or Period Based Depreciation

You can choose between Date Based or Period Based depreciation. For Period Based depreciation, WorthIT Fixed Assets lets you specify your period end dates and, optionally, the percentage distribution for each period totaling 100% across all periods.  There is a maximum of 52 periods in a year.   When using Date Based, you can calculate depreciation as of any date within the fiscal year.
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Asset Transfers and Disposals

Whether you need to transfer a single asset or a selected group, you will find WorthIT's Transfer procedure easy to use. Just select the assets, identify the receiving business unit and the effective date and depreciation from that date forward will be charged against the new business unit.
 

Just select the receiving business unit and enter the transfer date
 

This procedure also lets you simulate the potential gain or loss should you dispose of an asset. Simply enter a disposal date and a salvage value, and WorthIT will calculate all values for you. To dispose of a group of assets, simply select the assets and use the Group disposal feature.

You can enter an unlimited number of partial disposals against any asset using the Task-Activity component and keep track of each transaction for audit trail purposes. All partial disposal transactions are automatically reflected in the Asset Disposal report.
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The Financial Inquiry tool puts comprehensive current and historical depreciation information on any asset at your disposal. You can:

• View an assets current value and depreciation data.
• Display an assets depreciation data as at any previous year end.
• View financial information on capitalized transactions.
• Analyze data from Corporate or Tax viewpoints.

Current and Historical Information is always conveniently accessible
 

Highlight: Click the Capitalization button to view comprehensive depreciation details on all additional capitalized transactions.
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In an age of expensive money, controlling capital expenditures is critical. The savings may very well afford you the competitive edge you need. WorthIT's Capital Budgeting tools help you implement a comprehensive asset investment management process.

Use WorthIT Fixed Assets to:

• Budget asset acquisitions by business unit and asset type amongst other criteria.
• Compare actual acquisitions against budget and analyze variances.
• Forecast depreciation charges from a corporate or tax perspective and know how these decisions impact your bottom line and cash flow.
• Compare actual depreciation costs against budget.
• Maintain multiple budget and forecast files and evaluate alternative investment scenarios.
• Generate spreadsheet reports and plan your future cash flow needs.

Variance Analysis Report

This report helps you monitor actual acquisitions and depreciation costs against budgets. You can analyze variances by business unit, asset category, requisitioner and other parameters to identify trends and patterns.
 

Compare actuals against any time period

Highlight: You can choose From - To time period and select sort fields  amongst other parameters.
 

This report uses the assets currently on file and your planned acquisitions to give you a complete depreciation budget for any desired time period.

Depreciation Forecasting

Forecast depreciation costs for any period and at the desired level of detail and prepare accurate budgets.
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With WorthIT Fixed Assets, you get reporting features normally found in leading spreadsheet programs, not in traditional business accounting applications. Comprehensive report customization options, formatting flexibility, screen view of entire report, page preview, zoom features, and point and click graphing create the ultimate in report and graph generation.

Here is a small sample of what you can do:

• Scroll through any report, a record or a page at a time, previewing the data right on your screen.
• Transfer back and forth between report view and main section instantaneously. What better way to confirm accuracy of calculated values than having simultaneous on-line access to source data?.
• Define report headers, footers, fonts, colors, page size and orientation.
• Customize all reports, include/exclude columns, select data ranges and time intervals, set subtotals and page breaks, define sort sequences and rounding factors and other parameters.
• Create a library of memorized reports that can be retrieved and run at any time.
• Point and click graphing options.
• Transfer report data to leading spreadsheet programs for further processing.
• ..... and much more.

WorthIT's built-in Reports module lets you produce reports on virtually every vital area relating to fixed asset management. And better still, you can customize each report the way you want it and memorize these settings for future use. And if you need more, you can add WorthIT Report Gallery. This executive report generator lets your users exploit the vast information in your WorthIT Fixed Assets databases for competitive advantage.

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To maximize your reporting flexibility, we have included special tools in WorthIT Fixed Assets to let you transfer report data to your favorite spreadsheet program or application for further processing. Once you produce a report, transferring the data to a spreadsheet program or application of your choice is a simple mouse click away.

Export your data to your favorite application 
 

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There are many outstanding and thoughtful features throughout WorthIT Fixed Assets. You'll find the following particularly handy:

• Startup Wizard to guide you in the creation of selected list files at start up time (see sample below).
• Import File utility to help you convert your existing files to WorthIT Fixed Assets.
• Memo dialog boxes to store notes and comments on-line on practically every transaction type (see sample below).
• Insurance and Maintenance related features to help you analyze your policies and coverage requirements.
• ..... and much more. 

Get started right away with the startup wizard 
 

Do you need to explain why an asset was loaned to a customer ? Or record disposal instructions? Using WorthIT 's Memo Pad feature, you can now store freeform text information on practically every transaction type you can enter against an asset. 

Important details can be stored on-line for practically every transaction type 
 

The coding structure provides up to 10 separate field components. Each field is configurable to a maximum of 15 characters for a potential G/L account number size of up to 150 characters.

Users can customize their G/L account structure to suit practically any environment. Related functions have also been enhanced to take full advantage of this feature. For example, the JV Export function supports this G/L Account Coding structure allowing you to create posting vouchers to the desired level of detail.  Also, the Transfer procedure lets you transfer assets using this enhanced classification structure.
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WorthIT Fixed Assets incorporates WorthIT Backup & Restore procedure that lets you implement a comprehensive and secure (encryption facilities) database back up environment.  This is performed automatically before and after closing a period in your depreciation schedule.
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