Fixed Assets - Automatically update depreciation start date when changing year end dates
It would be great if Xero dealt with changing balance dates more efficiently. If the balance date changes it should be able to automatically calculate the opening book value, then calculate the depreciation for the new financial year end as per usual. Currently its very manual and time consuming as it reverses all journals posted since you started using Xeros fixed asset feature. Very odd and very frustrating!
Hi everyone, as mentioned earlier our team have been making change across Xero to enable user to change their year end in their Xero organisation. We recently made a change to Financial settings so you can add start and end dates to different periods. Currently this is only available to users with the UK version of Xero however we are looking at rolling this out across all versions over the coming months.
It's also worth noting that atm it's only possible to set a longer transitional period (12+ months). Our team are working on shorter periods (<12 months) which we'll be providing in the near future.
This change impacts multiple areas of Xero. As a reminder from our last post -
Fixed assets will draw on this information, to prevent any loss of historic information when your year end changes. Everything will automatically be calculated for you based on the period start and end dates you set in Financial Settings. It's important to note that Fixed assets will only be un effected when you create a transitional period through the Financial Settings.
Similarly in Reporting - All historic reports will be protected. And you’ll have accurate comparison periods even across varied financial years.
In Xero Tax, you’ll be able to enter transitional profit, and track this across five years.
We'll keep you informed of further changes for this here.
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Megan Farac commented
SO HOW do we fix the Assets then on a roll back to a change of Balance Date to 10 months, obviously is STILL an issue as I can't set my Start date now
XERO this has been questioned for years and you are still working on it
NOT good enough -
Bill Hichens commented
Do we have a date for this update?
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Georgia Lamkin commented
Becomes an issue when you have multiple companies with the group year end being changed, which is multiple journals over multiple years which just isn't feasible!
Even if the feature locked up until the previous year end so you only have to deal with the current year issues! -
Malcolm Elliot commented
Must be number one priority for Xero to fix within days (not weeks or months or years)
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52 Degrees Brewing commented
Unbelievable way to treat year end changes. When you have 10 years of accounting in Xero this is simply not workable.
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Malcolm Elliot commented
Please get this done immediately. Xero cannot possibly have such a brutal approach to change of year end dates. The rework required for small businesses is unacceptable. There are much more important reasons to change the year end date than a major software flaw by Xero.
I consider this as a major design issue that needs immediate fixing. At the very least, depreciation should not be reversed beyond the last financial year.
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Xero Admin commented
This is essential. Xero please work at getting this resolved.