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Fixed Assets - Allow Custom values in depreciation schedule e.g. 50%, 30%, 20%

Please update depreciation schedule to allow for custom percentages per year, for small business in SA it is allowed to depreciate 50% / 30% / 20% over three years but there is no viable way to implement currently.

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Wynand Schoeman shared this idea  ·   ·  Report…  ·  Admin →
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Gaining Support  ·  AdminKelly Munro (Community Manager, Xero) responded  · 

HI team, we're grateful for your involvement and sharing through product ideas. To let you know, currently we don't have any plans for developing the ability to add custom percentages in the depreciation schedule.

We'll continue to track the interest from community through this idea and if there are any changes surrounding this we'll share an update with you all.

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  • Edmund Lodewijks commented  ·   ·  Report

    Hi Support,

    Please do have a look at this feature request, not for custom depreciation schedules, but simply for the 50-30-20% schedule that is law in South Africa:

    https://productideas.xero.com/forums/939198-for-small-businesses/suggestions/49044623-fixed-assets-add-3-year-depreciation-schedule-fo

    It's a law for small businesses in South Africa (less than 20 million Rand turnover), and therefore exactly the target market of Xero!

    It's an absolute pain to have to track the depreciation externally in a spreadsheet, and do Manual Journals to simply follow a normal depreciation scheme in South Africa.

    Thank you for your understanding and support!

  • Stoffel Van Rensburg commented  ·   ·  Report

    A Custom Depreciation method.
    Would like if it was posable to create a custom Depreciation method like for the first year the asset will depreciate 50%, Second Year 30% and third year 20%.

    And others like that.

  • Wynand Schoeman commented  ·   ·  Report

    I have no idea how to change:) Might be best to create a new one

  • Edmund Lodewijks commented  ·   ·  Report

    Instead of allowing custom values for depreciation, it might be better to request the specific 3-year 50/30/20 depreciation schedule. That would be a LOT easier to implement than custom schedules. Could you please change the feature request? Otherwise I will start a new one, thinking that it would have a better chance of being accepted if it is more easily implementable. Thank you.

  • Anneke Du Plessis commented  ·   ·  Report

    For a lot of business in South Africa especially small business corporations (and farmers) which is the Xero market they qualify for the section 12B depreciation rates of 50/30/20% for three years. Therefor this must be a feature and option available on the Fixed asset register module. Please can you look to add this to Xero. Thank you.

  • Eytan Aginsky commented  ·   ·  Report

    Please update this issue on Xero,

    it's important when I'm operating a business full of assets but I now have to individually depreciate them, this one one of the drawing cards to xero, the automatic depreciation

  • Paul Richardson commented  ·   ·  Report

    Please add this feature, as our depreciation schedules need to coincide with South Africa's tax collection agency (SARS).