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It’s disappointing that this feature isn’t available — not even as something we can vote for. Even clients with fairly straightforward asset bases often need to revalue assets due to changes in useful life or updated valuations, and without this flexibility, we’re forced to rely on spreadsheets instead of using Xero’s fixed asset register. That’s a real step back in terms of automation and control.

While we’ve developed some workarounds, they’re far from efficient and require significant manual effort.

That's disappointing to hear. In which case, we might have to abandon using Xero's FAR module for some clients and go back to spreadsheets if such a rudimentary accounting feature is not available.

Similar issue for us. We are just about to transfer our fixed assets to Xero.
We revalue land and buildings annually.

Possible work around is to set up additional asset code for each property in FA, (eg. Property x - building revaluation) and put revaluation through that code. Then do a manual jnl to record in ledger. Dr Buildings (B/S) and Cr Revaluation Reserve (P&L)

Problem will be if value decreases. FA wont let you have negative value.

Any other suggestions welcomed.

Hello,

I am preparing a set of accounts which includes investment property which requires fair value adjustments to account for the change in value. When I have dealt with this in previous accounting software there have been codes in the chart of accounts for a separate revaluation reserve account where the change in value is posted to as well as in the investment property value code and change in value on the P&L.

So on the statement of change in equity it shows the profit and loss reserve and a revaluation reserve.

According to Xero Support, Xero doesn't have any short-term plans to introduce a revaluation functionality in fixed assets which is very disappointing. More and more landlords now have properties in limited companies and therefore this function is quite important.
Has anyone else experienced this? Do you require the function?

I'm gobsmacked that this function isn't available within Xero. It's a basic accounting requirement! I've just received a message from Xero support suggesting two 'workarounds', neither of which is a tenable solution, and suggesting I "check with our accountant" - I am our accountant!! I think I'm going to have to move our rather complex asset register onto a manual depreciation schedule and stop using Xero for this key part of our business, which is incredibly irritating and time consuming.

Very disappointed that this is not on the road map. The software is not compliant with prevalent accounting standards.

I agree with all of the comments. This is a basic accounting requirement, particularly when looking at intangible assets. As voting is no longer an option, you appear to have decided that this will not be progressed, which is very worrying for an accounts software program. Please make this a priority as there is not an easy work around solution, which is very frustrating.

I would like to vote for this (but can't as its closed) as I think it is an essential feature that is required and there is not a suitable workaround in the product

Agree with the comments below. This is a basic accounting requirement and should be available. Xero has been around for almost 2 decades now, hard to believe you still haven't even put this on your road map.

Currently there is a restriction to register a credit note in Fixed Asset Register which is making life tricky at some point. can it be simply allowed as there isn't any accounting principle that restricts booking credit note in FA Register

I agree with all the comments- this is a very necessary addition to Xero. A vote on this looks like it may force it to be more of a priority.

Please add this to planned work and open the voting so we can push this issue forward.

Hi @Kelly,

Thanks for the feedback, but by when would this be relooked at?

In addition, would you kindly please turn on the voting section again, since further traction would assist with increasing the awareness for this feature to come through.

Best,
Kyle

With all the updates in Xero features surprised that this still hasn't been resolved.

Agree with all comments below, need to revalue some assets and capitalise unrecoverable VAT. Any work around suggested?

I raised this issue before. When the Accounting standard says we need to revalue our assets on a regular basis and XERO does not have this facility and not seeing this an important issue to introduce. Hope they can re consider this request.

I would agree with many comments that this is fundamental for the fixed asset register. Without this we are having an issue tying the fixed asset register back to our final accounts if there is any revaluation.

Such an important and surprisingly simple thing to implement I would have thought. Amazed this isn't a feature as yet.

So "at this stage want to confirm that this work is not currently on our roadmap."

You really mean that its far too complicated for developers who have no idea how they would do this without fundamentally screwing up the back end!!!

Poor show Xero......

We need a Revaluation feature for Fixed assets. This can be used in lots of fields like: real estate, logistics/transportation, farming, marketing, trading etc.

Actually lots of business around the globe needs this feature and it has been requested multiple times already.

Number of similar apps have already implemented it significantly impoving user experience.

Otherwise, we would appreciate if XERO team at least revert with instructions (workaround) of how Revaluation should be done using their current app functionality.