Fixed asset management software works by creating a digital record for each physical asset that connects operational data to financial calculations. When you acquire new equipment, you enter the purchase details cost, acquisition date, vendor, expected useful life and the system immediately begins calculating depreciation based on your chosen method (straight-line, MACRS, Section 179, etc.). Operations teams then scan QR code labels on the equipment using smartphones to update location, check equipment in and out, document condition with photos, and log maintenance activities. All these operational updates attach to the same asset record that finance uses for depreciation. The system automatically calculates monthly depreciation based on the acquisition date and method, maintaining real-time book values. When equipment is serviced, those maintenance costs associate with the specific asset for total cost of ownership tracking. When assets are retired or disposed of, the system calculates final depreciation through the disposal date and determines any gain or loss for tax reporting. Throughout this entire process, operations and finance work in the same system, operations focuses on physical asset management while finance focuses on depreciation and compliance, but everyone sees the same current, accurate data without manual reconciliation between separate systems.

GoCodes tracks depreciation on all construction assets including heavy equipment, power tools, vehicles, trailers, and machinery. Construction companies use GoCodes to manage depreciation on excavators, bulldozers, generators, welders, scaffolding, trucks, and hand tools, everything from $500 power tools to $500,000 excavators. The system handles construction-specific depreciation scenarios like MACRS for heavy equipment, Section 179 expensing for new tool purchases, and mid-year convention calculations when assets are acquired or disposed of during construction projects. Construction crews scan QR codes on equipment at job sites to document location and condition, while the accounting department accesses the same system to run depreciation schedules for tax returns. This eliminates the common construction industry problem where field operations track equipment in spreadsheets while accounting maintains a separate fixed asset register, causing reconciliation nightmares during year-end reporting.

When you add an asset to GoCodes, you specify acquisition date, cost, depreciation method, and useful life. The system automatically calculates monthly and annual depreciation based on IRS methods including straight-line, declining balance, MACRS, Section 179, and sum-of-years-digits. Book value updates automatically each month. When you dispose of an asset, the system calculates final depreciation through disposal date and any gain or loss on disposal.

Yes. GoCodes imports data from Excel, CSV, QuickBooks, Sage, NetSuite, Xero, and most other systems. Our implementation team assists with field mapping and data cleanup to ensure accurate initial depreciation schedules. Historical depreciation is calculated from original acquisition dates, so your current book values will match your existing accounting records.

Yes, for vehicles and equipment where usage drives depreciation more than time, GoCodes tracks hours operated or miles driven. You can calculate depreciation based on usage (e.g., $0.05 per mile) rather than time (e.g., $5,000 per year). The system supports both methods simultaneously, allowing you to calculate whichever is more beneficial. GPS trackers can automatically log mileage without manual entry.

General asset tracking software focuses on operational questions: Where is this equipment? Who has it? When was it last serviced? Fixed asset management software adds financial questions: What’s the current book value? How much depreciation has accumulated? When should we replace this based on remaining useful life? GoCodes combines both, giving operations’ teams the location and condition tracking they need, while giving finance teams the depreciation and compliance data they need. One system, one source of truth, no reconciliation between operations and accounting.

GoCodes integrates with accounting systems through REST API or Excel/CSV exports. Import asset purchases from your general ledger to automatically create depreciation schedules. Export depreciation entries formatted as journal entries. Synchronize chart of accounts and cost centers. Update book values in your financial system. Most customers run monthly depreciation exports that their accountant uses to post depreciation journal entries.