How to Add a Fixed Asset?

If you’ve purchased a new asset like equipment or furniture and need to track and depreciate it, you can register it and start depreciation in Wafeq.

Steps to Register a Fixed Asset

1. Go to "Fixed Assets" from the main menu.

2. Add a new row and enter the following details:

   • Name, purchase date, purchase cost, useful life (in months).

   • Salvage value (if any).

   • Depreciation start month.

   • Select the fixed asset account and depreciation account.

3. Update the status to “Registered” to activate depreciation.

To record the asset’s purchase cost:

• Go to "Purchases".

• Enter a purchase invoice for the asset, and select an account like "Furniture and Equipment".

For more details, refer:
Fixed Assets – Full Guide