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1. Fixed Assets | General Pool Write Off

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   3 comments  ·  For small businesses » Accounting features  ·  delete…  ·  Admin →
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   submitted  ·  AdminKelly Munro (Community Manager, Xero) responded

   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 commented  ·  04 October, 2022  ·  Edit…  ·  delete…

   Thanks Alanah. Vital to highlight to clients impact of tax depreciation going forward.

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   Ben McConnell supported this idea  ·  04 October, 2022

2. Fixed Assets - Partial allocation of depreciation for business and private use

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   70 comments  ·  For small businesses » Accounting features  ·  delete…  ·  Admin →
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   submitted  ·  AdminKelly Munro (Community Manager, Xero) responded

   Hi community, we're thankful for all your support and letting us know the importance of this idea to you in appropriately recording Fixed Assets in Xero.

   As many will have experienced we've launched a new version of Fixed Assets to most regions with just a portion of AU left to receive this new experience. There's been lots of work from the team to develop this version all built on updated technology that'll enable growth in this space, overtime.

   Currently, though we've done some initial discovery of what'd be required to build the capability to proportion assets depreciation for business and private use in all regions, this hasn't been currently planned for the short term.

   For the time being, we'd recommend posting 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.

   We understand it's not the ideal position for many in the idea here and I want to assure you this is high on the teams radar and we'll be certain to let you know if any plans are made that could impact you in dealing with private use depreciation, here.

   Hi community, we're thankful for all your support and letting us know the importance of this idea to you in appropriately recording Fixed Assets in Xero.

   As many will have experienced we've launched a new version of Fixed Assets to most regions with just a portion of AU left to receive this new experience. There's been lots of work from the team to develop this version all built on updated technology that'll enable growth in this space, overtime.

   Currently, though we've done some initial discovery of what'd be required to build the capability to proportion assets depreciation for business and private use in all regions, this hasn't been currently planned for the short term.

   For the time being, we'd recommend posting 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… more

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   Ben McConnell commented  ·  04 October, 2022  ·  Edit…  ·  delete…

   A no brainer. Thanks Alanah.

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   Ben McConnell supported this idea  ·  04 October, 2022