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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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  • Alanah Beard commented  ·   ·  Report

    Enable private use allocation when adding assets into fixed assets. Currently this is only available for NZ users, can this be made available to Australian Users.

  • Sandra Polotnianka commented  ·   ·  Report

    Not only should there be a function to allow for private use and business use but also the cost limit of motor vehicles is important from an accountants persepctive.
    The derpecaition schedule is very basic compared to other software.

  • Nina Totzek commented  ·   ·  Report

    It should be an easy target. I need this daily.

  • Matthew Hazlewood commented  ·   ·  Report

    This functionality is required for correct depreciation and tracking for balancing charge calculations on disposal.

  • Gregory Chaimandos commented  ·   ·  Report

    We are in 2022 and still no feature of having Private Use % in Fixed Asset register in Xero.

    Xero Customer support advised it is functional in New Zealand however not other counties? Seriously? I am based in Australia and expected that this would be a feature already in the Fixed Asset register. Clearly, Xero have the algorithm set up for it to work in New Zealand. Very disappointed.

  • April Dale commented  ·   ·  Report

    Xero functionality - please can you allow a partial sale of fixed assets in the depreciation schedule.

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