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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!

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Anna Kelly shared this idea  ·   ·  Report…  ·  Admin →
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working on it  ·  AdminKelly Munro (Community Manager, Xero) responded  · 

Hi all, we wanted to round back here to share for those in the UK that we've now added the ability for you to create a short transition period (between 1 month and 12 months long) when changing the Financial Year End date.  

To recap for anyone new coming across the idea - Aligning with the UK basis period reforms we've made a change to Financial settings so you can add start and end dates to different periods. This change impacts multiple areas of Xero.   

  • 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.  
  • The same applies 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 continue to leave this idea as working on it for now with this only available in the UK version of Xero at present. We'll keep you all informed of any change for this going to other regions. 

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  • Megan Farac commented  ·   ·  Report

    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

  • Georgia Lamkin commented  ·   ·  Report

    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  ·   ·  Report

    Must be number one priority for Xero to fix within days (not weeks or months or years)

  • 52 Degrees Brewing commented  ·   ·  Report

    Unbelievable way to treat year end changes. When you have 10 years of accounting in Xero this is simply not workable.

  • Malcolm Elliot commented  ·   ·  Report

    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.

  • Xero Admin commented  ·   ·  Report

    This is essential. Xero please work at getting this resolved.