Worthic’s Real Estate module includes an Assets and depreciation register for capital items used in or added to a property. Typical examples include furniture, appliances, equipment, fixtures and capital improvements.
The register helps separate longer-term assets from routine repairs and operating expenses. This matters because a capital purchase may reduce cash immediately but is not always recognised as a full expense in the same period. Instead, its cost may be allocated over its useful life through depreciation.
Adding and maintaining assets
Open the relevant workspace, select Real Estate, choose a property, and locate Assets and depreciation.
You can add an asset manually or import an asset register from a CSV or spreadsheet. Each asset record can include:
- Asset name
- Purchase date
- Purchase amount
- Capital-item category
- Depreciation schedule
- Useful life in years
- Supporting document references
- Sale or disposal information, where recorded
Worthic can also prefill an asset draft from a related capital transaction and its attachments. Review imported or suggested records before confirming them so the description, date, cost, category and depreciation treatment are correct.
The register can be searched and filtered by description, category, purchase date and amount. Active assets are listed with their purchase details and depreciation settings.
How depreciation is calculated
For assets using Worthic’s calculated depreciation schedule, the purchase amount is spread across the recorded useful life. The calculation is aligned to the property’s configured financial year-end and apportions the first and final service months.
For example, an asset costing 12,000 with a useful life of five years has a base depreciation rate of 200 per month before financial-year apportionment.
Depreciation is prorated for assets acquired during a financial year, with half a month’s depreciation applied in the acquisition month under the mid-month convention and full monthly depreciation applied thereafter.
Assets marked No depreciation / capital item remain in the register but do not generate a depreciation schedule. This is useful for items that must be tracked as capital records but should not be depreciated through Worthic’s automated schedule.
Opening an existing asset shows:
- Depreciation allocated to each financial year
- Accumulated depreciation through completed financial years
- Remaining book value
Book value is calculated as purchase cost less accumulated depreciation and will not fall below zero.
Depreciation is an accounting allocation, not a new cash payment. Capital expenditure appears in cashflow when paid, while depreciation may affect annual profit and loss when the relevant depreciation adjustment is recorded. The appropriate useful life and tax treatment depend on the asset and jurisdiction, so users should confirm them with an accountant or tax adviser.
Financial-year view and exports
Select FY view in the Assets and depreciation section to review depreciation by asset and financial year. The register can also be exported to CSV for further analysis or year-end accounting work.
From the property’s Report Centre, choose Assets & Depreciation, select the relevant financial-year period, and select Generate report. Worthic can generate a report for a completed financial year or for the current financial year through the latest completed month.
The report includes:
- Opening book value
- Asset additions during the period
- Depreciation for the period
- Closing book value
- Purchase cost, accumulated depreciation and book value by asset
- Total financial-year depreciation
Previously generated reports can be reopened through View previous.
Assets, cost base and property reports
The asset register and the property’s Cost base register serve related but different purposes. Assets and depreciation support book-value and expense allocation records. The Cost base register supports capital-gains records and can include acquisition and improvement costs that are not depreciating assets.
Likewise, the Monthly cashflow statement shows the cash paid for capital expenditure, while the Annual P&L reports depreciation adjustments rather than loan principal or the full capital purchase. Keeping these records separate gives a clearer view of cash movement, annual profitability, asset value and tax-supporting capital history.