Settings and activity
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26 votes
HI team, we're grateful for your involvement and sharing through product ideas. To let you know, currently we don't have any plans for developing the ability to add custom percentages in the depreciation schedule.
We'll continue to track the interest from community through this idea and if there are any changes surrounding this we'll share an update with you all.
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Johann Ferreira
supported this idea
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5 votes
Hi Van, thanks for submitting this idea. We understand why having the option to enter an asset’s effective life in months could be helpful, especially for assets with shorter or more specific depreciation periods.
The idea is to allow users to set asset effective life using months instead of converting them into years or decimal values, making fixed asset setup more straightforward and reducing manual calculations.
We encourage the community to vote on this idea if you'll find it useful.
Johann Ferreira
supported this idea
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We have a request to expand the depreciation methods to include a 3 year depreciation method where 50% of the asset is depreciated in year 1, 30% in year 2 and the remaining 20% in year 3.
Many South African companies have recently joined Xero.
This is a standard accelerated depreciation rule for South African companies defined as Small Business Corporations:
• Write-off schedule (50/30/20):
• Financial Year 1: 50% of the cost (50% in 1st year regardless of month in wich it is purchased.
• Financial Year 2: 30% of the cost
• Financial Year 3: 20% of the cost
This will
Without this many companies will not be able to use the automated Xero Fixed asset depreciation. This will have a major effect for such companies as they will have to 1) post depreciation manually, 2) Keep track of Accumulated depreciation and book value per asset on a spreadsheet or database outside of Xero. This process will be time consuming for such companies and will steer such companies away from Xero (which is a brilliant solution) to other providers/solutions.