Fixed Assets

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 Balance Sheet fixed asset sources section identifies asset-related journal activity that may not yet have a register record. Use Set up from journals to review proposed assets, 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.

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:

1. Compare the register cost totals with the related balance-sheet accounts.
2. Confirm additions, disposals, non-depreciable items, and accumulated depreciation/amortization.
3. Post the due schedule entries.
4. Review the journals and financial reports.
5. Investigate unlinked fixed-asset source activity before locking the period.