DepreciationWorks®
3833 Canehill Ave., Long Beach, CA 90808 (562) 254-2651.
DepreciationWorks is an asset database program to maintain depreciation that is feature loaded. It is a desk top book (GAAP) depreciation software solution that is simple to use. Its price is $349. Written for accountants, bookkeepers, for business owners, small businesses, for larger concerns, each of whom has the need for book depreciation computations, depreciation schedules, and asset management. It supports straight-line, declining balance, double declining balance, 175DB, 150DB, 125DB, sum-of-the-years'-digits, straight-line over remaining life, and constant rate on a declining base depreciation methods. Short years are supported, part year convention options are fully covered, as is straight-line conversion on the declining balance methods. And DepreciationWorks is grounded solidly in your general ledger, set of books, and company fiscal year.
DepreciationWorks is a reasonably priced and well thought out. It is inexpensive yet you won't find it to be too limited for your book depreciation needs. There is no limit on the number of companies or the number of assets than can be entered. See the Features page for a list of asset fields.
Download and begin using it today. Explore its spreadsheet-like ease of use and database integrity. It also includes an optional spreadsheet front end for the asset database.
There is also an on screen Monthly Expense Summary that provides your monthly depreciation journal entry.
It includes a database pivot table for on screen visual multi-dimensional fixed asset data analysis. Included also is a multi user calendar module for scheduling events for people and for assets.
Voluminous assets can be added using spreadsheet import.
To tax professionals: Buying a tax depreciation enabled fixed asset program is a costly redundancy because your income tax preparation software does income tax depreciation. Instead, keep asset detail in DepreciationWorks and enter summary cost totals into your tax software.
Users say: "DepreciationWorks is comprehensive, and without problems inherent with Excel based programs; data is secure, not subject to unintentional changes such as is the case with spreadsheets. A secure record far superior to any I have worked with in my many years in manufacturing accounting. Two thumbs up." Also: "I love your software and it has been a big help, especially for audit purposes."
"We find the software to be very user friendly and it has saved many hours. Hope I have an opportunity to recommend you and your software to someone."
"Your product has made our asset management and reporting very efficient; thanks for providing such reliable, comprehensive yet flexible and easy to use software."
And: "I was able to quickly load our assets without reading a lot of instructions. I needed it fast...it was MUCH simpler than creating an Excel spreadsheet! Thank you!"
"Thank you for your prompt reply. I wish other companies would actually support their software." "Thanks for your excellent client support and after sales service. "
Another user says: "I've downloaded your demo and think its by far the best tool for the money I've run into for tracking our assets...I downloaded several different Fixed Asset programs and chose DepreciationWorks within an hour of demo-ing all of them...Thank your for producing this easy to use, cost effective tool." And: "I have been impressed with your product as far as setup, help menu's, and user friendliness." And: "It's exactly what I was looking for-very user friendly and once the program is set up you don't necessarily need someone with all kinds of accounting experience to run the software given some training. Also the ability to enter assets into the future is great. I am looking at this to estimate our depreciation for our five year budget model. I just can't express what a wonderfully simple product this is and that I don't have to pay for all the tax calculations that we could care less about. "
Varieties of Users: Users are as diverse as subsidiaries of Fortune 500 companies in the USA and abroad, engineering firms, architects, housing authorities, credit unions, banks, not for profit organizations, churches and state and local government agencies.
Price: As a download: upon registration: single user $349; multiple user site license $489 at time of original purchase. A year's technical support and updates are included in the initial price. For subsequent years, technical support and updates are included in the $129 support contract to be offered on the anniversary dates of your purchase.
The full version of DepreciationWorks is what you evaluate and is fully functional for 30 days after it is installed. Registration and payment are required to remove the 30 day limit. The time limit may be extended upon request. Go to Download page or go to Purchase page.
Minimum system requirements: Windows 95 ® or greater.
Network: Note that the DepreciationWorks Data folder can be moved from your local drive to a LAN network drive and is a multi user application that allows concurrent use with record locking.
Concepts and Rationale: Many of us are responsible for computing depreciation expense and for recording it to the general ledger, while at the same time are not responsible for maintaining income tax basis depreciation schedules.
Other programs are available that include tax depreciation methods. Such programs are consequently more complex, including what may to you be the unnecessary overhead (and headache) of tax methods.
Excel® and Access® solutions can be error prone, and are difficult for a developer to support through version changes over which a developer has no control. And writing an application "within an application" means less flexibility, confinement, and some loss of creative autonomy for the developer and the user.
The depreciation software module that may be available for your integrated accounting software package usually includes tax depreciation methods that you may not need or want. Those modules are expensive, may not be well documented, may not be worth the investment of the time necessary to learn how to use, and may have limited and hard to generate reports.
You may want income tax methods so as to have total control, or autonomy, in the fixed asset area. Yet your outside CPA does your tax return, and does it with software that includes tax depreciation functionality. DepreciationWorks includes a useful report that sorts your fixed assets by property type, making it easy and efficient for your outside CPA to continue to take care of the income tax aspects. Your CPA gets the data needed to prepare a return, and you get the advantage of maintaining control over your fixed asset database and the specifics that are of utmost importance to you.
Income Tax Depreciation: DepreciationWorks does not calculate depreciation for income tax purposes. Other depreciation programs do and are more expensive, both initially and for every year you own one. For many, owning an income tax depreciation enabled fixed asset program is an expensive redundancy because income tax preparation software also owned does income tax depreciation calculations.
DepreciationWorks includes a Property Type field that can be assigned to each asset. Income tax methods are primarily a function of a property's class type. Property types in DepreciationWorks can be set up to equate to class types. DepreciationWorks includes reporting on assets placed in service or retired by property type for each month of a company's fiscal year. Property type totals by month in service can be entered into income tax preparation software in order to minimize duplicative data entry.
Functionality: On screen grid sorting and grouping by general ledger cost account gives you a meaningful view of your asset information. An accountant's view. And you can group by any field, and sort by any field. You can even add and edit assets in the grid itself. The asset import spreadsheet template can be used as a spreadsheet front end to the asset database.
Its functionality presents itself to you in pages that display by clicking the program's very visible, instantly accessible, thoughtfully organized Outlook ® style side bar menu groups and shortcut icons. Which means you do your work on nice neat pages that you can even use your Enter key to navigate through. With DepreciationWorks, the Enter key works the way you want it to: like a tab key. And there is nothing confusing about how your asset information relates back to the set of books you are maintaining. That is because the grid view of your asset information is grouped by general ledger cost account on screen. See the Overview for more. You can also download the program for a 30 day full version trial period.
A screenshot of DepreciationWorks' calculate depreciation page is displayed below. Note the on screen display is a meaningful sort and grouping of your asset information.
For information contact info@depreciationworks.com.
DepreciationWorks is a registered trademark of Charles Wood. All other products mentioned are registered trademarks or trademarks of their respective companies.
Copyright © 2000 - 2009 Charles Wood. All rights reserved.
3833 Canehill Ave., Long Beach, CA 90808 (562) 254-2651.