Bulk edit tax values for fixed assets
When you begin tax reporting on your fixed assets in Xero, you can set your opening tax values using Xero's bulk update. Use this process if you already have registered fixed assets in Xero.
Before you start
- Register all fixed assets you want to depreciate.
- Turn on tax reporting.
- If you want to add assets to a pool during the bulk update, set up your pools.
If you've run depreciation past your tax reporting start date, roll depreciation back to that date.If you transferred assets to a pool as at a date after your tax reporting start date, they'll be removed from the pool when you roll back depreciation. You can transfer them back to the pool after you've completed the bulk update and re-run depreciation.
- If you have an 'all users' lock date set, remove the lock date. If you have an 'all users (except advisers)' lock date set, and you have the Adviser user role, you can continue with the bulk update.
Assets transferred to a pool aren't included in the download file
Fixed assets you transfer to a pool before you download the import file won't be included in the downloaded file.
For example, you purchased a delivery truck in 2014 and depreciated it in Xero. You turned on tax reporting in Xero as at 1 July 2016. You transferred the truck to a pool in Xero as at that date.
The truck won't be included in the downloaded file for bulk update.
Download the registered asset file
- On the Settings menu, select General Settings.
- Under Features, click Fixed Assets.
On the Tax Reporting tab, click Bulk Update.
- Click Download Registered Assets. A CSV file of your registered assets downloads to your computer.
Enter information into the template
- On your computer, navigate to the downloaded file and open it in a spreadsheet program such as Microsoft Excel or Google Sheets.
- Enter or edit information in tax depreciation columns X to AH only, following the rules and formatting requirements.
- Save the updated CSV file on your computer. Keep it in CSV format. If you have more than 500 registered assets in your file, split it so that each file has no more than 500 assets.
Upload the completed template to Xero
- In Xero, go back to the Update Registered Assets page (if you navigated away from it).
- Select your date format.
- Click Browse and select your updated CSV file.
- Click Continue.
- Click Update. If you have more than one file, repeat the update process.