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:
- In the
Fixed Assets
page, enter all the required details of the fixed asset, then change the status toRegistered
. - To run depreciation, select the fixed assets you want to depreciate by ticking the checkbox in the first column, then click on
Run depreciation
. - 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. - 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. - 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 toFully depreciated
.