Asset Details
Asset Details in WorthIT Fixed Assets
When you select an asset from the list, it will navigate to the Asset Details screen which will include all the details related to your asset in a tabbed view. The default (first) tab is "Main", which will show the most important information related to the asset. Not included in the screenshot is some metadata related to the user who created the asset and the user who last modified, as well as the dates of both.
You have the ability to edit this information by clicking the small "Edit" button in the top right corner of each information box. Additionally, you can set the Parent ID, Lease ID, or folder/tags at any point. Be sure to click "Save Changes" at the bottom of the screen once completed!
Note
Some information, such as acquisition cost or date in service, may require recalculation of past periods if any depreciation history records exist for this asset. Be very careful when you update this information after depreciation has already been run. If possible, use the "Depreciation Undo" function before adjusting this information.
Custom User Codes
You can see in the "Main details" box that there are three custom user code fields available. The Admin of your organization can adjust the name of these custom user codes so you have some customizability in WorthIT. Check out the Customization section for more details on how to use this feature.
Preferences
You can see the default post codes under the Preferences box on the main details view. Click "Edit" to adjust them to your liking. Remember the priorities set in your Category will determine whether the category or asset level defaults will take precedence.
Property Defaults
Examples of Listed Property
In its annually updated Publication 946: How to Depreciate Property, the IRS provides a long list of items that it classifies as listed property. They include but are not limited to:
- Passenger automobiles, defined as "any four-wheeled vehicle made primarily for use on public roads, and rated at 6,000 pounds or less of gross vehicle weight."
- Property that the IRS says is "generally used for entertainment, recreation, or amusement (including photographic, phonographic, communication, and video recording equipment)." Cell phones and similar personal telecommunications devices were once considered listed property. Congress changed that in 2010. They can still be written off as a business expense to the extent they are used for business, but they are no longer subject to the stricter record-keeping requirements of listed property.
Duplicating Assets
At the bottom action bar for an asset, you have the option to "Duplicate Asset". Selecting this will bring up a simple form requesting an Asset ID. Once you select this, a new asset with the exact same settings, other than the Asset ID, will be created. This does not include depreciation history.