Set up Fixed Assets
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      2. Fixed Assets
      3. Set up Fixed Assets

      Set up Depreciation Books 

      Overview:  

      • Learn to create and manage your depreciation books 

      Why set up depreciation books? 

      Setting up a depreciation book cards in Wiise helps you accurately track and manage your assets' depreciation, ensuring your financial records show their true value. 

      Note: You can manage your depreciation books when you set up and manage your fixed assets in the fixed asset card. Each fixed asset must have one depreciation book, and you can add additional depreciation books if necessary.  

      Note: When you have multiple depreciation books, usually only one is linked to the general ledger. You can set the default book on the Fixed Asset Setup page. 

      How to set up depreciation books? 

       Here are the steps to set up a new depreciation book card: 

      1. Search for Depreciation Books on the top right-hand corner of the page. 
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      2. Select the related link and the administration page displays. You can view, set up new and manage the existing list of depreciation books. 
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      3. Select +New to set up a new depreciation book.  
      4. A new depreciation book card is created with four sections of fields to complete. These are General, Integration, Duplication and Reporting sections.  
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      5. Update the fields in the following sections: 
        1. General section: 
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          1. Code: Enter a code to identify the type of depreciation you’re applying for your fixed asset.  
          2. Description: Provide a description of your depreciation book.  

            Note: Fill in the fields as necessary. Hover over a field to read the short description to identify which fields apply to your depreciation book.  

            Note: You can enable the Use FA Ledger Check toggle button to specify which checks to perform before posting a journal line.  

            Note: You can enable Use Same FA+G/L Posting Dates toggle button to specify whether the posting date matches the fixed asset posting date on a journal line before posting. 
        2. Integration section: 
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          1. G/L Integration: Enable the toggle to post entries from this depreciation book to both the general ledger and the fixed asset ledger. 

            Note: Leave the G/L integration fields disabled if you’re not integrating the depreciation book to the general ledger.  
        3. Duplication section:  
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          1. Part of Duplication List: Turn on this toggle to copy entries from another depreciation book to this one. 
        4. Reporting section: 
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          1. Update the Reporting section fields as necessary.  
        5. Select OK to save your settings. The Select – Depreciation Book Card page closes.  
      6. You’ve set up a new depreciation book for your fixed assets.  

      Note: You can set up the Fixed Asset Journal directly from your Depreciation Book Card.  

      Note: You can add multiple depreciation books when you set up a new fixed asset.  

       

      What’s next? 

      Find out how to set up a fixed asset journal. 

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