How to manage fixed assets

How to manage your business's fixed assets in Wiise

Fixed assets are the larger things you buy in your business that tend to last for a number of years, like office furniture, PCs, printers, cars. 

You need to record these items in Wiise so you can keep track of costs and run monthly depreciation calculations. Here's how you do this in Wiise.

1. Create a new fixed asset record

The first thing you'll need to do is create a new record for the asset. 

Here's how to create a fixed asset record: 

  1. From the role centre, select Finance > Fixed Assets.
  2. Then select +New.
  3. A new Fixed Asset card will open - fill in the details, making sure to fill in the mandatory fields marked with a red *. And you can also select the depreciation method in the record. 

2. Record the expense

Once you receive the asset, you'll need to record the expense in Wiise using a purchase invoice. You'll be able to link the fixed asset record to your newly created purchase invoice to keep track of the expense. For details on how to do this, follow the steps in this help file: How to create a record in Wiise with a purchase invoice.  When you add the asset details in the line section, just make sure you enter the Type as Fixed Asset.

3. Keep track of it 

Wiise has a report, known as a batch run, that helps you calculate the depreciation (the decreasing value) of the asset. You can find information on how to set up a Fixed Asset depreciation batch here.

3. Sell it 

If you need to sell a fixed asset, you'd use a sales invoice. Wiise will automatically post all transactions for the asset as a gain or loss.