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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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  • Joseph Ignatious commented  ·   ·  Report

    Hi,

    It will reduce time & mistake if we can enter private usage % which we use in other accounting softwares.

    Regards

    Joseph Ignatious

  • Wendy King commented  ·   ·  Report

    I can't believe this functionality to account for the private portion of depreciating asset is available in NZ but not Australia.

  • Catherine Scelly commented  ·   ·  Report

    You cannot update depreciation settings when you have rolled depreciation in prior years. You should be able to add a private use account to the settings or to the individual asset without rolling back depreciation multiple years.

  • Nikki Johnson commented  ·   ·  Report

    Starting to wonder if we made the right decision moving from MYOB

  • Nicholas Chatrie commented  ·   ·  Report

    Calculating private portion % has been around forever. Why would you not have it?

  • Paul Howlett commented  ·   ·  Report

    This is available in Xero Tax, and yet not in Xero Blue?!?

    I sometimes wonder what all the programmers are doing at Xero (other than removing the ability to effectively tab through screens quickly, and without using the mouse)...

  • Michael Cox commented  ·   ·  Report

    This should be given a high priority it is an important part of our work as accountants/tax agents and would streamline the process. With all the excellent features in XERO I am surprised this has not been implemented already.

  • Andrew Toomey commented  ·   ·  Report

    Keeping track of private use is currently a manual task and increases the chance of error.

    The tax treatment of the sale of assets that have not been pooled for tax purposes, and that may have had changing private use proportions over time, means careful calculations including a closing tax tax value need to be maintained manually each year.

    I'd love to see this functionality as proposed.

  • Janelle Sawtell commented  ·   ·  Report

    I can't believe that Xero does not support a feature that is required and used with all business clients. Having to manually calculate the private use of assets does not streamline processes and is highly likely to be overlooked in the end of year process. Xero marketing suggests that we can work smarter and speed up the preparation of taxation documents by using the program. I don't think so. Other countries have this feature, so why is Australia missing out?

  • Kerri Welsh commented  ·   ·  Report

    Hard to believe that Xero can't do something like this that is SUPER important but yet go and change the format of bank recs that work perfectly fine.
    Guess I will have to work out a messy work around.

  • Andrew Dick commented  ·   ·  Report

    If one of the premises with Xero is creating efficiencies this feature missing certainly detracts from this and Xero is actually behind other products.

  • Christian Dorward commented  ·   ·  Report

    This is critical. If MYOB, Handisoft and CCH can do it why can't Xero?

  • Rebecca Koppers commented  ·   ·  Report

    Agree that this is an essential upgrade that should be in the Australian version

  • Drew Delamont commented  ·   ·  Report

    An option or inbuilt calculator within the fixed asset register settings to categorise and easily reconcile assets with private use so that they depreciate correctly, with further resources to calculate compounding or fluctuating rates of private use over multiple years on the same asset.

  • Kim Turton commented  ·   ·  Report

    AU - Depreciation to be able to enter private use percentages and appropriate journals entries calculated and transferred to ledger

  • Kirsty O'Gorman commented  ·   ·  Report

    All other accounting software has this functionality. It is critical and many accountants would need use of this on a regular basis.

  • Andrew Dick commented  ·   ·  Report

    this is very important for automating accounting function.
    i am surprised that it is not in the Australian software

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