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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Michael Cox commented
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.
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Andrew Toomey commented
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.
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Janelle Sawtell commented
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?
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Kerri Welsh commented
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
If one of the premises with Xero is creating efficiencies this feature missing certainly detracts from this and Xero is actually behind other products.
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Christian Dorward commented
This is critical. If MYOB, Handisoft and CCH can do it why can't Xero?
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Rebecca Koppers commented
Agree that this is an essential upgrade that should be in the Australian version
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Drew Delamont commented
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.
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Kim Turton commented
AU - Depreciation to be able to enter private use percentages and appropriate journals entries calculated and transferred to ledger
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Kirsty O'Gorman commented
All other accounting software has this functionality. It is critical and many accountants would need use of this on a regular basis.
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Charles Zou commented
This is really important, need upgrade asap
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Dion Moroney commented
Critical
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Andrew Dick commented
this is very important for automating accounting function.
i am surprised that it is not in the Australian software -
Andrew Heffernan commented
An extremely important requirement.
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Nick Schapel commented
critical
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Ben McConnell commented
A no brainer. Thanks Alanah.
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Alanah Beard commented
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.
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Sandra Polotnianka commented
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
It should be an easy target. I need this daily.
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Matthew Hazlewood commented
Also required to apply the immediate write off correctly.