Features and Capabilities

Depreciation and Financial Reporting

Depreciation and financial accounting is the foundation of WorthIT. With WorthIT, you can:

  • Support popular depreciation methods, or design your own custom method
  • Maintain multiple companies & multiple depreciation profiles
  • Effect single or group asset transfers and pro-rate costs
  • Perform and track partial or whole disposals, including simulations to determine potential gain or loss on disposal
  • Enter adjustments and reversing entries
  • Preview depreciation registers separately from posting
  • Prepare automatic posting vouchers to your G/L account structure
  • And much more….

Extensive Built-in Security Features

  • Administrative control over authorized users and access passwords
  • Ability to assign each user unique access and function/task permission
  • History tracking of last user activity such as adding assets or changing asset detail

Capital Expenditures and Budgeting

  • Project future depreciation charges – Evaluate how proposed investments impact future depreciation costs
  • Monitor depreciation costs against budgets – Track actual acquisition and depreciation costs against budgets to identify and evaluate potential problem areas and cost overruns

Handy Executive and Management Tools

  • Financial Inquiry – You’re just one click away from viewing an asset’s entire depreciation and financial history
  • Snapshot – View asset highlights or drill down to the minutest transactional records for any asset
  • Insurance Planning – Analyze insured assets per policy to ensure appropriate coverage based on asset mix and current values
  • Maintenance Scheduling – Plan resource availability and schedule downtown using the Next Service Date Feature
  • Memo Manager – Record free-form information and notes against any transaction to document precisely why certain actions, such as premature disposals, transpired

Built-in Components

LOCATION - Track Asset and Location Movement

  • Safegaurd and track assets to minimize potential losses
  • Identify current asset locations
  • Capitilize or expense major moving and/or installation costs
  • Trace movement history and duration
  • Track assets on-loan to employees

SERVICE – Maintain Service & Repair History

  • Monitor repair history
  • Identify recurring and common service problems affecting assets
  • Schedule preventative maintenance for major equipment and minimize unplanned and costly downtime
  • Assign assets to maintenance agreements and evaluate coverage
  • Capitalize major service costs for depreciation

FOLDER – Catalogue Distinctive Assets:

  • For assets such as IT equipment, Folder gives you the ability to list components and attributes (Memory, Storage etc.) to better understand your asset mix
  • Describe performance attributes and characteristics of special equipment
  • Locate and classify assets matching performance attributes to make informed purchase decisions

TASK – Monitor Projects/Constructed Assets:

  • Allocate costs by project, work-in-progress and special activitities and closely monitor big ticket expenditures
  • Keep a history of all transactions and maintain detailed work-in-progress records for cost analysis and control
  • Capitalize major costs for depreciation

REPORTS – Reports Customized the Way You Want Them

  • Comprehensive customization options, formatting flexibility, screen views of entire reports, zoom features and automated export of data provide the ultimate in reporting & analysis. Report templates include:
    • Financial: Additions; Transfers; Disposals; Capitalized costs; G/L psoting summary; G/L posting preview
    • Depreciation: Summary; Continuity; History; Edit; Comparisons; Units of Production; Projections
    • Administration: Insurance; Maintenance contracts; Special properties
    • Asset & Folders Register: Detailed register reports
    • Location: Current; History; Accounting
    • Service: Analysis; Scheduling; Accounting
    • Purchase: Analysis; Spreadsheet
    • Task-activity: Analysis; Accounting
    • Capital Budgeting: Depreciation Forecast; Variance Analysis

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