Set up Fixed Assets
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      3. Set up Fixed Assets

      Set up fixed asset posting groups

      Overview:  

      • Learn how to set up a new fixed asset posting group 

      Why set up fixed asset posting groups? 


      Fixed asset posting groups define how fixed asset transactions are posted to the general ledger, ensuring accurate and consistent financial reporting. They link fixed asset activities, such as acquisition, depreciation, and disposal, to the appropriate G/L accounts.

      Note: You can create multiple fixed assets posting groups as needed. 

       How to set up fixed asset posting groups? 

      1. Search for FA Posting Groups on the top right-hand corner of page. Select the related link and the page displays a list of existing fixed assets and their related G/L accounts for different expenses and costs.   
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      2. Select +New to add a new FA posting group or select Edit to edit an existing fixed asset posting group. The FA Posting Group Card displays. 
      3. There are four sections to complete on the FA Posting Group Card. They are General, Balancing Account, Gross Disposal and Allocation. Fill in the relevant fields.  
        1. The FA Posting Group Card has more fields than the list. To assign G/L accounts for appreciations and write-downs, open the FA Posting Groups card. 
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          1. Code: Enter a unique code for the posting group. This code helps to identify the group in transactions.  
          2. Acquisition Cost Account: Assign the G/L account for asset purchases. 
          3. Accumulated Depreciation Account: Assign the G/L account where depreciation expenses will be recorded. 
          4. Acquisition Cost Account on Disposal: Handles the asset's acquisition cost when it is disposed of. 
          5. Accumulated Depreciation Account on Disposal: Manages the accumulated depreciation at the time of asset disposal. 
          6. Gains Account on Disposal: Records any gains realized from the sale or disposal of assets. 
          7. Losses Account on Disposal: Records any losses incurred from the sale or disposal of assets. 
          8. Maintenance Expense Account: Tracks expenses related to the maintenance and upkeep of assets 
          9. Depreciation Expense Account: Records the periodic depreciation expense of assets. 
      4. You’ve set up the fixed asset posting group. 

      What’s next? 

      Find out how to report your fixed assets. 

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