Settings and activity
5 results found
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16 votes
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Dande Taxplan
supported this idea
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285 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…
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Dande Taxplan
commented
I can't believe you can't account for private use in the depreciation schedule at all. Its a pretty standard feature that even MYOB has. People have been requesting this for almost 3 years and it still hasn't been addressed. So much for Xero looking at these all the time!
Dande Taxplan
supported this idea
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21 votes
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Dande Taxplan
commented
Hopefully this gets addressed sooner rather than later. Doesn't seem like too much to ask??
Dande Taxplan
supported this idea
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9 votes
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Dande Taxplan
commented
Or just add the ability to change the font type rather than just the size...surely that can't be too difficult. A lot of clients use the Xero depreciation schedule and to include it in the set of financial statements we need to be able to change the font for the report.
Dande Taxplan
supported this idea
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87 votes
Hi community, we really value all feedback that has been shared through this idea to help our product teams understanding of the needs here.
Enabling this capability has been closely considered and we understand the importance of this feature for customers that make monthly PAYG income tax instalments.
However, we want to be upfront that this work has not been roadmapped yet.
This will continue to be a feature raised in our product teams regular planning sessions and I'll be sure to share if there are any updates on this, here. Thanks
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Dande Taxplan
commented
The ATO has automatically changed several of our clients to monthly PAYG instalments from 1 July. One particular client lodge their own BAS's and now can't lodge from Xero and are not impressed. They were already considering moving all of their files to a different platform so this may be the nail in the coffin so to speak. Surely this can't be too hard to change?
Dande Taxplan
supported this idea
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The depreciation schedule in Xero really lets the software down.