Acquire a fixed asset through a purchase invoice

Overview:

Learn how to purchase fixed assets

Why purchase fixed assets through a purchase invoice?

Using Wiise to acquire fixed assets helps you track long-term investments and comply with accounting standards. By linking purchase records to these assets, Wiise makes it easier to manage depreciation, reporting, and the asset lifecycle.

Note: To acquire the fixed asset, the fixed asset card needs to be set up first. Then you can record the acquisition by creating a purchase invoice.

Note: When using a purchase invoice, transactions automatically post to the general ledger. To ensure acquisition costs are recorded correctly, enable G/L integration on the depreciation book linked to the fixed asset.

How to purchase fixed assets through a purchase invoice?

Select the + Purchase Invoice action on your Wiise landing page. This action enables you to directly create a new purchase invoice.

Note: You can search for Purchase Invoices on the top right-hand corner of the page and select the related link to create your purchase invoice.
In the Lines section:
1. Select Fixed Asset in Type.
2. In the No., field update the fixed asset number to purchase.
3. The Description will be filled in. You can edit this if you need to.
4. Update the Location, Quantity and Direct Unit Cost fields.
5. You can include a Lines Discount % based on the payment terms.
Complete the other sections in the Purchase Invoice.
Select Release. Then, select Post.

Note: Once the purchase invoice is posted, the Book Value field in the Depreciation Book section on the fixed asset card will reflect the asset's acquisition cost.
You’ve acquired fixed assets through a purchase invoice.

Note: You can post acquisition costs from a purchase invoice, the FA G/L journal or the FA journal.

What’s next?

Find out how to acquire fixed assets through a journal.

If you have any questions, please reach out to support@wiise.com