2018 Review of DepreciationWorks

From the 2018 reviews of Fixed Asset Management systems.

DepreciationWorks is an on-premise database program for fixed assets and financial statement depreciation. DepreciationWorks is best suited for businesses, nonprofits and government agencies that need to calculate GAAP only depreciation and is intended as a subsidiary ledger for fixed asset general ledger control accounts. DepreciationWorks supports both unlimited assets and unlimited companies. DepreciationWorks can be purchased and subsequently downloaded from the vendor website, with users able to try out the product for 30 days prior to purchasing. DepreciationWorks is designed to be installed on desktop computers and supports both multiple users and multiple companies.

DepreciationWorks users a side menu that provides access to standard system functions, including the Asset Maintenance and Asset Utilities options. Users can add one asset at a time using the Asset Maintenance function or utilize the QuickGrid option, which allows users to enter data in rows, using columns. The QuickFill option populates fields in the asset entry process with details as specified during product setup. Other options available include Card View, QuickGrid, Asset Retirement, Annual Views, Monthly Views, Monthly Expense Summary, and a Pivot Grid. Users can also click on the optional fields to create custom searchable fields for each asset.

DepreciationWorks supports numerous depreciation methods including Straight-Line, Straight-Line over Remaining Life, Declining Balance:200, 175, 150, 125 and straight-line rate, Declining Balance Options: Convert to Straight-Line, Leave Residual at End of Useful Life, Continue Beyond Useful Life, Sum-of-the-Years Digits, Fixed Percentage on Declining Balance, and Part Year Conventions – including Mid-Month, Half Year, Modified Half-Year, Full Year, and others as well.

Along with the user defined fields mentioned earlier, users can also attach a variety of supporting documents, including warranty and invoice information, photos and maintenance records. The product also contains a calendar function, which can assist in managing product warranties and maintenance by recording warranty expiration dates, maintenance required dates, registrations, or any other vital dates.

Users can also retire assets directly from the asset maintenance screen. There is also an option to delete company assets if desired. Users can view retired assets for a prior year and can also restore assets if a prior year is ever re-opened.

DepreciationWorks offers good reporting options, including a Company Data Report, a Depreciation Schedule, a Retired Asset Report, Net Book Value Report, Annual Reconciliation Report, Cost Reports, and Company Asset Listings, with several others to choose from. Users can easily customize reports by adding a variety of filtering options. Users can also prepare reports for income tax purposes, if desired. In addition, all DepreciationWorks reports can be emailed directly to recipients from the report screen, printed, exported to both Microsoft Word and Excel, or saved as a PDF.

DepreciationWorks allows users to import asset data from a variety of third-party applications by using a template that works with Excel. Asset data can also be exported to HTML, XML, or text formats.

The Help file that is included in DepreciationWorks is a complete user manual. Users can access the manual by pressing the F1 key while in the program or downloading the PDF for quick reference anytime. Product support is available Monday through Saturday, from 9 Am to 9PM.

Best suited for businesses that need to calculate GAAP depreciation only, DepreciationWorks offers a free 30-day trial, which users can download directly from the vendor’s website, with users able to convert the trial to a live subscription at any time. A significant amount of time will likely be needed to set up the product. DepreciationWorks is currently available for $389.00 for a multiple user license (single location only). A technical support fee is included in the pricing, with users billed annually at a cost of $129.00 thereafter, with the fee covering product support and updates.

2018 Overall Rating – 4.25 Stars