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1. Fixed Assets - Automatically update depreciation start date when changing year end dates

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   7 comments  ·  For small businesses » Accounting features  ·  delete…  ·  Admin →
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   working on it  ·  AdminKelly Munro (Community Manager, Xero) responded

   Hi all, we wanted to round back here to share for those in the UK that we've now added the ability for you to create a short transition period (between 1 month and 12 months long) when changing the Financial Year End date.  

   To recap for anyone new coming across the idea - Aligning with the UK basis period reforms we've made a change to Financial settings so you can add start and end dates to different periods. This change impacts multiple areas of Xero.   

   • Fixed assets will draw on this information, to prevent any loss of historic information when your year end changes. Everything will automatically be calculated for you based on the period start and end dates you set in Financial Settings.  
   • The same applies in Reporting. All historic reports will be protected. And you’ll have accurate comparison periods even across varied financial years.  
   • In Xero Tax, you’ll be able to enter transitional profit, and track this across five years.

   We'll continue to leave this idea as working on it for now with this only available in the UK version of Xero at present. We'll keep you all informed of any change for this going to other regions. 

   Hi all, we wanted to round back here to share for those in the UK that we've now added the ability for you to create a short transition period (between 1 month and 12 months long) when changing the Financial Year End date.  

   To recap for anyone new coming across the idea - Aligning with the UK basis period reforms we've made a change to Financial settings so you can add start and end dates to different periods. This change impacts multiple areas of Xero.   

   • Fixed assets will draw on this information, to prevent any loss of historic information when your year end changes. Everything will automatically be calculated for you based on the period start and end dates you set in Financial Settings.  
   • The same applies in Reporting. All historic reports will be protected. And you’ll have accurate comparison periods even across varied financial years.  
   • In Xero Tax,… more
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   Georgia Lamkin commented  ·  08 September, 2023  ·  Edit…  ·  delete…

   Becomes an issue when you have multiple companies with the group year end being changed, which is multiple journals over multiple years which just isn't feasible!
   Even if the feature locked up until the previous year end so you only have to deal with the current year issues!

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   Georgia Lamkin supported this idea  ·  08 September, 2023