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Fixed Assets - Partial allocation of depreciation for business and private use

To have the ability to account for depreciation on both business and private portions of an asset.

Purpose: Save time for users to get the correct figures rather than going through manual process.

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AdminXero Team (Admin, Xero) shared this idea  ·   ·  Report…  ·  Admin →
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submitted  ·  AdminKelly Munro (Community Manager, Xero) responded  · 

Hi community, we're thankful for all your support and letting us know the importance of this idea to you in appropriately recording Fixed Assets in Xero.

As many will have experienced we've launched a new version of Fixed Assets to most regions with just a portion of AU left to receive this new experience. There's been lots of work from the team to develop this version all built on updated technology that'll enable growth in this space, overtime.

Currently, though we've done some initial discovery of what'd be required to build the capability to proportion assets depreciation for business and private use in all regions, this hasn't been currently planned for the short term.

For the time being, we'd recommend posting manual journals to record the private use apportionment of a Fixed Assets depreciation.

If you're using Fixed Assets in NZ it's possible to set up an asset and apportion a % for private use. However, it's important to note that it's not possible to apportion the private use depreciation of an asset prior to using Xero. In this case when you sell the asset a manual journal may be needed to correctly state the private use.

We understand it's not the ideal position for many in the idea here and I want to assure you this is high on the teams radar and we'll be certain to let you know if any plans are made that could impact you in dealing with private use depreciation, here.

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  • Paul Howlett commented  ·   ·  Report

    @Dale They were able to implement it within Xero Tax, but still not within Xero Blue!!

  • Dale Dunbar commented  ·   ·  Report

    I believe this has to be a feature in XERO, why does the NZ version have it and Australia doesn't????

  • Zoe Mahlstedt commented  ·   ·  Report

    I cannot believe it is 2024 and Xero still does not have this capability..

  • Linda Kaye commented  ·   ·  Report

    I cannot believe that this is not already a feature of Xero - it is very disappointing that it is not - means extra work for the accountant.

  • Kerry Turnbull commented  ·   ·  Report

    I am an accountant and this feature is a must....I can't believe it is not already written into the software. Xero you need to fix this!!!

  • Belinda Ebert commented  ·   ·  Report

    Necessary function to keep track of clients accounting and taxation.

  • Tracey Woods commented  ·   ·  Report

    Definitely needs to be available in Australian version ASAP.

  • Xin Liu commented  ·   ·  Report

    Save time for us to create manual journals each year.

  • Megan Molenaar commented  ·   ·  Report

    How in the name of god is this live for other versions of Xero but not just the "Australian version" - surely if its already up an running for other jurisdictions there can be no real impediment for adding this into the "Australian version" immediately. Poor form Xero. Very unhappy.

  • Margaret Walton commented  ·   ·  Report

    Many of our clients require a private usage calculation for their tax returns, especially on motor vehicles, and by not having to manually make this adjustment, will be time saving for us. I am sure we are not the only ones, (being a Taxation Accounting Company), to have clients that would benefit from this inclusion.
    Urgent consideration will be much appreciated.
    Thanks and regards
    Margaret

  • Kate Short commented  ·   ·  Report

    This is an important function that we need ASAP

  • Sharon Field commented  ·   ·  Report

    This is important in calculating accurate accounting and tax depreciation for clients. No only will it save time but reduce errors when accounting for private use. Xero should make this option available to be competitive with other available software.

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