Fixed Assets - Partial or Bulk Sale
Enable partial sale of assets - allows one to dispose of assets that have been added as one transaction.
Enable bulk sale of assets - allowing one to select all assets involved within a sale to be sold for one purchase price i.e. sale of a fitout of a Hairdresser, over the years they had purchased numerous items and completed numerous renovations.
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Griffiths Advisory Admin
commented
Of course, the bulk disposal include properly allocating the total sales proceeds to each asset. ATO allows 2 methods: pro rata based on market value, or written-down value. The new function should give a choice to pick the method by accountants.
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Daniel Nunes
commented
Update to my comment from 21 Oct: the bulk part is out now, ahead of 6 November. In RuleMover (my Chrome/Edge extension, paid, not affiliated with Xero) you tick the registered assets, set the date, accounts and depreciation once, with a sale price of 0 for write-offs or one per asset from a spreadsheet, and check the preview. It then fills in Xero's own dispose form for each asset. Anything Xero refuses is listed with its reason, and Undo reverses the whole batch. Still no partial disposal, and tested on Xero Australia so far. rulemover.com/bulk-dispose-xero-fixed-assets
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Tonia Briggs
commented
Would make it a lot easier with a lot of our clients.
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Daniel Nunes
commented
For the bulk part of this: I'm adding bulk disposal to RuleMover, a Chrome/Edge extension I make (paid, not affiliated with Xero). You tick the registered assets, set the disposal date, sale price (0 for a write-off, or one price per asset from a spreadsheet), accounts and depreciation once, check a preview, and it runs Xero's own dispose form for each asset. If a batch goes wrong it can undo it with Xero's Undo disposal. It doesn't do partial disposal. Pre-orders are open, ready by 6 November: rulemover.com/bulk-dispose-xero-fixed-assets/
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Natalie Jones
commented
Agree this is critical for example if you bought 50 office chairs you certainly wouldn't want to add them individually on Xero as this would be very time consuming and their individual value may not meet your capex limit requirements, however if a couple of the chairs break or you get rid of them after some time you would need to have the ability to part dispose or part sell which is a basic requirement in accounting that you learn in AAT
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Geoff Bourchier
commented
Agree this is a necessary feature
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Lauren Campbell
commented
Is certainly needed for partial sale of land
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Catherine Howell
commented
A lot of assets are partially sold and we often need to be able to sell a portion of the asset along with its prorata accumulated depreciation and prorate cost price while retaining the balance of the asset and continue to depreciate it. APS allows for this whereby you calculate the cost price and accumulated depreciation manually and enter into the sales field along with the sale price.