Record fixed assets using a journal

Why purchase fixed assets through a journal? 

Recording the fixed asset using a journal is another method to update your financial records for fixed assets. 

How to record fixed assets through a journal? 

Here are the three ways you can acquire fixed assets through a journal.  

1. Acquire fixed assets through Fixed Asset G/L Journal - Automated

1. Select Acquire from the Home menu in your Fixed Assets Card.  
   
2. The Fixed Asset Acquisition wizard displays. Select Next to start the process.  
   
3. You’ll be requested to provide which account you want to post the acquisition to.  
   
   1. Post to: Select either a G/L Account, Vendor or Bank Account.  
   2. Balancing Account No.: This is the general ledger, customer, vendor, or bank account number where the balancing entry for the acquisition line will be recorded. 
      
      Note: If you’ve selected a G/L account to post to, the corresponding balance account number must be set to direct posting. This is because you can only post directly to the general ledger when this field is selected. If it is not selected, users must use sales documents or similar methods instead of posting directly to the general ledger.
   3. Select Next to continue.  
4. Provide information about the fixed asset.
   
   1. Acquisition Cost Incl. GST: Enter the total amount including GST of the acquisition. 
      
      Note: To post acquisition costs as credits, enter the amount with a minus sign in the Acquisition Cost Incl. GST field. 
   2. Acquisition Date: Input the acquisition of the fixed asset date. 
   3. Select Next to continue. The Finish page displays.  
      
   4. Enable the button to open the FA G/L Journal.
   5. Select Finish to complete the process and post the fixed asset G/L journal line.The Fixed Asset G/L Journals opens.  
      
5. Select the Home action menu. Then, select Post.  
    
6. A prompt displays asking to confirm if you want to post the journal lines. Select Yes to continue. 
    
7. The process ensures there are no errors when posting. A prompt displays when the journal lines are successfully posted.  
   
8. This action posts the acquisition cost to the fixed asset.  
9. You can now see that your fixed asset Book Value has been updated on the Fixed Asset Card.  
10. You’ve acquired fixed assets through a journal.  

2. Acquire fixed assets through Fixed Asset G/L Journal - Manual

1. Search for Fixed Asset G/L Journal on the top right-hand corner of the page. Select the related task. The journal page displays.  
    
   1. Select an appropriate batch. 
   2. Posting Date: Enter the transaction date. 
   3. Document Type: Select the type of transaction. This can be an Invoice as it’s related to the acquisition of the fixed asset.  
   4. Document No.: Provide a unique document number.  
   5. Account Type: Select Fixed Asset.
   6. Account No: Select the fixed asset you’re acquiring. 
   7. FA Posting Type field: Select Acquisition Cost. 
   8. Amount: Enter the acquisition cost. Enter with a minus sign for credits.  
   9. Bal. Account Type: Select the balancing account type. This can be a correlating G/L account that has been G/L integrated to the acquisition cost.  
   10. Bal. Account No: Enter the corresponding balancing account number. 
   11. Fill in the remaining fields as required. Then, review and verify to ensure all information you’ve entered is correct.  
       
       Note: Use the Test Report option to confirm the journal accuracy before you post. You can see potential errors and warnings that prevent you from posting the journal.  
   12. Then, select Post to finalise the transaction and post the journal.  
2. Go back to the fixed asset card to ensure that the acquisition cost has been updated correctly against the Book Value field.  
3. You’ve acquired fixed assets through Fixed Asset G/L Journal through the manual process. 

3. Acquire fixed assets through Fixed Asset Journal

If you want to post data for the Depreciation Book that is not linked to G/L entries, you need to use the Fixed Asset Journal.

1. Search for Fixed Asset Journal on the top right-hand corner of the page. Select the related task. The journal page displays.  
   
   1. Select an appropriate Batch Name for the fixed asset journal. 
   2. FA Posting Date: Enter the transaction date. 
   3. Document Type: Select Invoice for acquiring the fixed asset.   
   4. Document No.: Provide a unique document number. 
   5. FA No: Select the fixed asset you’re acquiring.  
   6. FA Posting Type field: Select Acquisition Cost. 
   7. Amount: Enter the acquisition or depreciation cost. In this instance it is the acquisition cost.  
      
      Note: Enter a positive value for costs or acquisition. Enter a negative value (with a minus sign) for credits or reversals. 
   8. Depreciation Book: Select the depreciation book to use.  
   9. Fill in the remaining fields as required. Then, review and verify to ensure all information you’ve entered is correct. 
      
      Note: Use the Preview Posting option to confirm the journal accuracy before you post.  
   10. Then, select Post to finalise the transaction and post the journal. 
2. Go back to the fixed asset card to ensure that the acquisition cost has been updated correctly against the Book Value field.  
3. You’ve acquired fixed assets through a Fixed Asset Journal. 

What’s next? 

Find out how to dispose an asset.

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