Fixed Assets

Depreciating fixed assets

Wafeq makes it easy to run depreciation for your fixed assets.

Step-by-step instructions

To book and depreciate a fixed asset:

  1. Record the purchase of the fixed asset in a Bill. Make sure you choose a Fixed Asset account in the bill line item so the asset is booked as a fixed asset.
  2. In the Fixed Assets page, enter all the required details of the fixed asset, then change the status to Registered.
  3. To run depreciation, select the fixed assets you want to depreciate by ticking the checkbox in the first column, then click on Run depreciation.
  4. Select the last month where you want the depreciation to run, then click Run depreciation. Wafeq will run monthly depreciations with the straight-line method.
  5. To view the depreciation of the asset, hover over the Current book value cell and click the depreciation icon to open the side panel showing all depreciations recorded.
  6. The Current book value is the net book value of the asset as at the end of the previous month. When the current book reaches the salvage value, the status of the asset will change to Fully depreciated.