Do you know what your company's capital expenses are for the year?

Every business owner has to field questions on their assets. How much is in your resources? What will be needed in the future? What is the cost of your company's assets now and does it need to be adjusted for inflation up or down? These are all tough, difficult questions, but they can be put together with our free tool for tracking capital expense information.

Capital Expense Tracking Module is a new tool that allows you to track capital expenses easily and quickly. It can be used by business owners and CFOs. Firms with assets valued over $1 million may need to do this on a quarterly basis. Our Capital Expense Tracking Module connects your user account to your company's financial system for easy access to bank accounts, credit cards, checkbooks, and more.

The Capital Expense Tracking Module has fields for the company name, capital expenses per year (quarterly or annual) and all of the information needed when doing an analysis of capital expenditure needs over time. It uses direct entry and allows you to enter information in one table rather than having to log into each record in your accounting system. It also includes an expense calculator that can be used on the fly for quick and simple expenses.

Capital Expense Tracking Module can be accessed through any of our platforms including Web or Mobile apps. Use this free tool today to get started quickly and easily tracking capital expenses for your company.

Add a New Capital Expense

When you add a new capital expense transaction to Better Capital, we’ll now automatically prompt you to enter a date placed in service and to make a useful life determination and have a look at the date. These important details are then shown on the new “Capital Expenses” report available via the “Reports” button on your Transactions page. You will also receive a pop-up alerting you to any necessary useful life or date placed in service changes for your total assets.

How Do Useful Life and Date Capital Place in Service Work?

If you are a Better Capital Free user, we recommend that you enter these two data points for each capital expense. This process is simple and unique to Better Capital. This data helps you project your asset needs over time and is a critical piece of the puzzle to calculating depreciation. If the IRS tells you that the useful life of your asset is 8 years, then it’s highly likely that this is still true, especially if you’ve just purchased an asset.

If you’re not a Better Capital user, then the IRS requires you to calculate depreciation for each asset based on its useful life. The useful life of an asset determines how much you can depreciate or deduct over time and therefore shape how profitable your business is.

How To Use Useful Life And Date Placed In Service For New Capital Expense Construction Jobs

Capital Expenditure tracking is also important for construction jobs. Find out more about how useful life and date capital are placed in service work in our blog, "Tracking Capital Expenditures For Construction Businesses". Add your comments below to let us know what you think about this feature and if you have any tips or suggestions for future improvements.

For more information, you can visit Real Estate Calculators.