Using Task/Activities in WorthIT Fixed Assets

Task/activities enable you to track tasks or activities relating to your assets that do not fit neatly into service, location, or partial disposals. This is a very flexible tool that enables you to add generic tasks that may or may not be depreciable or add additional value to your assets.

NOTE: Most WorthIT users add tasks/activities on an asset-level. That said, if you have common tasks, you may want to add them globally in the Configuration options.

Some examples of how you can use task/activities

Track Upgrades

A manufacturing plant creates air pollution that inadvertently gets distributed through the ventilation system throughout the building. To reduce the pollution, the company purchases and installs an air filter system meeting government air quality standard. As the government standards change, the company needs to upgrade the air filter system. The upgrade is an asset for this company, but it does not neatly fit into the Location or Service format for tracking purposes. Use this screen to record the upgrade and capitalization as a task/activity.

Track Activities

An example of an activity to track is a safety inspection on hardware. The costs involved in such an activity can be inspection fees, disassembly and re-assembly, licensing costs, and patent renewals.

Projects / Assets Under Construction

If you have an internal project, you can track all the stages of the project as tasks and activities. This allows you to set up the entire project as a single asset. Set up the project in the Task/Activity master list. Enter a project identifier in the Activity Id field. As the project progresses, track the capitalizations with the Task/Activity feature until development is complete. When you enter each task/activity for the project, you select the project identifier from the Activity Id drop-down list on the Task/Activity dialog. This attaches all costs of the specified project to the Asset ID being used.

Track Intangible Assets

Examples of intangible assets you can depreciate are:

• copyrights
• patents
• franchise licenses
• good will

To track all task/activity records of a similar type, set up a file in the Task/Activity master list. For example, to track all franchise licenses, create a file in the Task/Activity master list with the Activity Id franchises. When you enter a franchise license task/activity record for an asset, choose franchises from the Activity Id drop-down list. You can then run a report on the Activity Id franchises detailing all copyright records for all related assets.

Adding Task/Activities

On the Task/Activity page click "Add new task" to bring up the form. It will give you the options as seen below.

Fields

Activity ID: Up to a maximum of 12 characters, this an ID for the task/activity. Description: A description field to provide more context and details for the task/activity. Disposition: Determine how monetary records should be treated. You can capitalize, expense, or just record it without posting anything. Post Codes: The two post code fields will pull from a list of your GLs. This ensures the appropriate accounts are chosen during the depreciation process for the generation of Journal Vouchers.