Fixed Assets
Build asset schedules from ledger activity and post depreciation or amortization journals.
Fixed Assets may be hidden in the default sidebar. Use Customize Sidebar or Show more to display it for the current client.
The page combines an asset register, balance-sheet source review, depreciation/amortization schedules, and the journal entries posted from those schedules.
Create an asset manually
Select New asset, then enter the identifying and accounting details:
- description and asset kind;
- acquisition or placed-in-service date;
- cost and salvage value, when applicable;
- useful life and depreciation or amortization method;
- fixed-asset, accumulated depreciation/amortization, and expense accounts;
- posting policy and start period.
Review the calculated periodic amount and schedule before saving.
Set up from the ledger
The Chart of accounts fixed asset sources section lists eligible client fixed-asset cost accounts, including accounts without a posted cost balance. Select Register asset to prefill the client account and review any available ledger balance; enter the individual asset's cost, in-service date, and depreciation details before saving. This creates a register record, not another journal entry. If no cost is posted, reconcile the acquisition in the ledger before posting depreciation. A firm-level Universal COA standard is only a template; apply it to a client, and check that the resulting client account is classified as fixed-asset cost before using it in register setup.
Use Set up from journals to review proposed assets from ledger activity, choose whether a source should create a new asset or attach to an existing one, and confirm account mappings and posting policy.
A fixed-asset account balance can contain several assets, improvements, disposals, or non-depreciable items. Compare every proposal with invoices and the client’s capitalization policy before creating records.
Post a period
Choose the post period and review each scheduled amount. Select the action for an asset to create the depreciation or amortization journal entry. Wesley opens the journal-entry flow so you can confirm the date, memo, accounts, and amount before posting.
Posted periods show their journal status. Use Unpost only when the corresponding schedule entry must be corrected; then fix the asset setup and post the period again.
Set default journal references and memos
Open an asset for editing. Under Posting → Journal entry defaults, enter a Reference # template and/or Memo template, then save the asset.
Use plain text for a fixed value, or placeholders to change the value with each depreciation period:
| Placeholder | Value |
|---|---|
{asset} | Asset description |
{YYYY} | Four-digit year, such as 2026 |
{YY} | Two-digit year, such as 26 |
{MM} | Two-digit month, such as 06 |
{MMM} | Short English month, such as Jun |
For example, DEP-{YYYY}-{MM} becomes DEP-2026-06, and Depreciation for {asset} ({MMM} {YYYY}) includes the asset description and period. Date placeholders use the depreciation period, rather than the date on which the journal is posted. The generated Reference # must fit within 21 characters.
These defaults apply to new manual and automatic depreciation or amortization journals for this asset. Both journal lines receive the memo. You can still edit an individual journal before posting. Changing these settings leaves posted journals unchanged; blank fields use Wesley's system-generated values.
Fiscal calendars
For clients with fiscal reporting periods, the schedule can follow reporting periods instead of calendar months. Verify the client’s fiscal calendar in settings before producing a full schedule.
Close checklist
Before closing a period:
- Compare the register cost totals with the related balance-sheet accounts.
- Confirm additions, disposals, non-depreciable items, and accumulated depreciation/amortization.
- Post the due schedule entries.
- Review the journals and financial reports.
- Investigate unlinked fixed-asset source activity before locking the period.