Setting your companies in WorthIT Fixed Assets

WorthIT Fixed Assets supports multiple companies with separate asset books. This can be used for many purposes:

• Separation based on separate business entities within the broader organization.
• Budget and tax planning.
• Testing outputs and evaluation.
• Any other organizational context in which separation of asset books is required or desirable.

Companies can have their own set of periods and books based on their unique requirements. To create a new company, navigate to the "Companies" page using the left-hand navigation and click "Add new company" in the top right of that screen.

Important notes

• Company ID field must be a 3 digit numerical value.
• The short name should be a code that identifies the company name.
• Companies must select between period based or date based depreciation.
• You can optionally maintain tax records. Once checked, there will be options to maintain up to 2 different tax books.

Creating periods

You must create periods for a company before you can run depreciation and/or other reports. Once the company is created, select it from the list to view its details.

As you can see, the second tab in the company info view is "Periods". If you haven't generated periods yet, you will see a screen with a notice saying to create periods, and a button to do so. Once clicked, it brings up the form.

Note: For efficiency purposes, we limit the number of years of periods to generate to 20. This means if starting in 2024, you can generate periods up to 2044. If you need to generate more than 20 years' worth of periods, you can perform the action multiple times.

Switching companies

Once you have created a company, you will see a company display in the top navigation bar with the ability to toggle between your created companies.

This will enable you to view assets and run reports and depreciation for a different company.