nettTracker can save hours in terms of period-end adjustments. The fixed asset process can be fully automated with new asset purchases detected, and all depreciation calculations posted as journals to Xero every month. The fixed asset register is always up to date and will agree to the balance sheet. Changes made to transactions created as assets will be detected to help ensure that the fixed asset register always agrees to the balance sheet.
The Accruals & Prepayments feature allows items for prepaid expenses, deferred income, accrued expenses and accrued income to be easily created and monitored in nettTracker. All of the adjusting journal entries required will be created every month, at the same time maintaining statements of accruals and prepayments that instant reconcile to values on the balance sheet.
Within a current financial year, a forecast of depreciation displays the monthly charge to the profit and loss for each asset. For accruals & prepayments, a projection of the monthly adjustments to the profit and loss can be seen. Both the depreciation forecast and the accruals/prepayments projections can be downloaded into Excel.
All statements for fixed assets, accruals & prepayments can be easily downloaded into Excel to assist with the preparation of working papers at the end of a financial year. nettTracker has a 'year-end routine' that will close the financial year and stores the statements for that financial period. At the start of a new financial year the fixed asset register will move all 'additions' and 'depreciation in year' to the appropriate columns for accumulated cost and depreciation.