Settings and activity

2 results found

1. Fixed Asset register - Cost limit for fixed assets fully depreciated at purchase

   35 votes

   vote vote vote

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   vote

   We’ll send you updates on this idea

   submitted  ·  0 comments  ·  Reports & tax » Fixed Assets  ·  delete…  ·  Admin →
   How important is this to you?

   Not at all You must login first! Important You must login first! Critical You must login first!

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   Submit Rating
   Andrew Toomey supported this idea  ·  15 August, 2024

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

   277 votes

   vote vote vote

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   vote

   We’ll send you updates on this idea

   77 comments  ·  Reports & tax » Fixed Assets  ·  delete…  ·  Admin →
   How important is this to you?

   Not at all You must login first! Important You must login first! Critical You must login first!

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   Submit Rating
   Not in pipeline  ·  AdminKelly Munro (Community Manager, Xero) responded

   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 product team doesn't currently have plans to build this functionality.

   We’ll continue to track interest here, and revisit if priorities shift.

   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… more

   An error occurred while saving the comment
   Andrew Toomey commented  ·  29 January, 2023  ·  Edit…  ·  delete…

   Keeping track of private use is currently a manual task and increases the chance of error.

   The tax treatment of the sale of assets that have not been pooled for tax purposes, and that may have had changing private use proportions over time, means careful calculations including a closing tax tax value need to be maintained manually each year.

   I'd love to see this functionality as proposed.

   Save Submitting...
   Andrew Toomey supported this idea  ·  29 January, 2023