Fixed Asset - Partial disposal of an asset
Would be good to have a function within fixed asset register that allows to part dispose of an asset and to revalue.
Hey team, thanks for all your input on partial asset disposal.
We understand that manually managing parts of an asset can be time-consuming. While we don't have plans at this time to develop a built-in feature, your feedback's really helpful in showing us where things could improve.
For now, manual methods to calculate depreciation and record journal entries to keep things accurate would be the best option.
However, this is a feature that we'd like to revisit as we plan our future roadmaps, and will be happy to share if there is any traction around this. Please keep sharing this idea with any colleagues you feel could benefit from this too.
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Vilija Blazeviciute
commented
Apparently changing how things look on the dashboard is way more important than improving what the software was actually designed to be used for...
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Kim Peters
commented
Almost 4 years to turn around and say "Yeah, nah maybe later, ey!"...... What in the actual?!
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Yasmin Sellars
commented
This will be really handy and save a lot of fluffing time.
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Greg Thomas
commented
Come on Xero. This is critical to a lot of your users. Unless it gets fixed I’ll need to move some of my clients to other accounting software solutions.
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Fraser Hannon
commented
Be good to see some progress on this, along with other fixed asset features. They can add the investment boost functionality quickly yet take years for other simple things
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Jason Kim
commented
Hi Xero Helpdesk,
I agree with the posts below. We need a functionality to partially dispose of asset by qty. Is there a timeline as to when this might happen? It would be really good to know. -
Tash Falcon
commented
I totally agree with all comments, and Janette Taylor's comment really stands out for our line of business.....
"The inclusion of a "Quantity" field in the Fixed Asset set-up (that carries across from the entry into the fixed asset account into the draft in the Fixed Assets Register) would mean then you could go back and dispose of a certain quantity".Our business is the same "We are often purchasing large volumes of small value assets (items for hire), that we don't want to have to enter individually due to the excessive volume, so we enter as a single asset for all items purchased at one time - but then have no way to go back and dispose of just some of those assets after a stocktake (due to loss/damage etc)".
This is a big issue and is where Xero seems a little behind and basic for what you are paying for. I agree this should be addressed yesterday. Instead of worrying about the small stuff like font and home page look, get to the stuff that really matters to businesses and will save them time and hassle, that's what we are all paying for.
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Manon Van den Brekel
commented
Been using Xero since 2007. It's about time this was resolved... please?
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Katherine Roberts
commented
Partial disposals & additions are a must have for any Fixed asset module!
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Greg Thomas
commented
Partial Sale of assets is a must. I'd also like to see the ability to account for Fixed Assets for both Tax and Accounting purposes.
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Elaine Holmes
commented
Definitely lagging behind on this and rolling out the Investment Boost initiative.
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Alison Hogg
commented
Just a note - if you go right to the last page on this thread, you'll see the first request for this is noted in 2013 - 12 years ago.
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Alison Hogg
commented
Given that the asset module has been brought over to the, well, I call it the Xero 2.0 platform, that is supposed to be able to have changes rolled out more rapidly, along with the work that is much needed for dealing with the investment boost initiative that came in this year, it is the perfect opportunity now for Xero to pull finger and sort this. Every other major accountants platform can handle this and has done for over a decade at least.
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Kathy Skinner
commented
The too hard basket for them given it's been asked for for years. They would rather change what they want like invoicing while putting the price up every year. They are getting over priced and lack things that other accounting packages give that have been asked for in Xero for years.
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Tracy Wilton
commented
I completely agree with you Elaine Holmes.
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Elaine Holmes
commented
This is an important part of tracking assets and has been under review for 3 years. How much longer will it be before this is actioned. Work has been done on the Dashboard but to me this is less important than what affects our ability to complete accounting tasks.
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Tracy Wilton
commented
Xero, Kelly Munro stated this was under review in 2022. Please provide a further update
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Sharyn McIntosh
commented
It is surprising that there is STILL no function for a partial disposal of an asset - xero fees are constantly increasing!
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Alison Hogg
commented
on the asset register we sometimes record revaluations of land and buildings - more often than not, the valuations increase, but sometimes there is a devaluation of land & buildings. It looks untidy to dispose of a valuation year and then re-record a new valuation when we could just adjust a single line for revaluation up or down in the FAR (That way I also don't end up with five lines for revaluation on the asset register either) so conversely as well as partial disposal, partial increases?
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Nicola Fick
commented
It would be beneficial for our clients for Xero to implement partial disposal. My client has had a situation where a fire damaged part of several of their assets (insurance has assessed a certain percentage). These assets have been in existence for a number of years so there is accumulated depreciation. Difficult to adjust prior periods if the accounts have been audited. I've had to create a manual spreadsheet outside of the system and manual journals as a workaround.