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132 votes
Appreciate the traction this idea's gained - Thanks for your support, everyone.
Our Fixed Asset product team are working on upgrades to Fixed Assets platform and updating technology - Read more on this broader work on Xero Central
We understand how having an automated control to recognise and apply a write-off for general pooled assets where the balance is beneath the threshold would be useful, this is not in our roadmap right now.
That said, they have a close eye on ideas for Fixed Assets for when the time's right - we'll share any change on the idea, here.
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Ben McConnell
supported this idea
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277 votes
Hi team, we’ve seen a lot of support for this idea, and acknowledge why you’d like a simple way of reflecting if part of a fixed asset is used privately.
As Xero doesn’t currently offer a built-in way to allocate depreciation between business and private use I wanted to re-highlight from our last update how this can be recorded -
Currently you could post manual journals to record the private use apportionment of a Fixed Assets depreciation.
If you're using Fixed Assets in NZ it's possible to set up an asset and apportion a % for private use. However, it's important to note that it's not possible to apportion the private use depreciation of an asset prior to using Xero. In this case when you sell the asset a manual journal may be needed to correctly state the private use.
At this time, we want to be upfront that our…
An error occurred while saving the comment Ben McConnell
commented
A no brainer. Thanks Alanah.
Ben McConnell
supported this idea
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Thanks Alanah. Vital to highlight to clients impact of tax depreciation going forward.