How do I update fixed assets after my financial year end has changed?

If you change your organisation's financial year end, you need to update your fixed assets start date so that it aligns with the new year end date. You need the Adviser user role to do this. You'll see the message 'Your Financial Year End has changed' when you go to Fixed Assets in Xero. You or your adviser need to take these steps to keep your fixed assets information up to date in Xero.

If you don't want to make the following changes to your organisation in Xero, you can start a new organisation which has your new year end date. Talk to your adviser about making sure you close your current organisation and open your new organisation correctly.

  1. Run and publish reports
  2. Change your fixed assets start date
  3. Export your fixed assets
  4. Edit the CSV file
  5. Import the fixed assets CSV file
  6. Register fixed assets in Xero
  7. Account for movement in fixed asset accounts

Run and publish reports

Run and publish all of the following reports.

Depreciation Schedule report as at:

  • Each financial year end (and each month end if you need monthly figures) since you started using fixed assets in Xero, and
  • The day before your new fixed assets start date. For example, if your new fixed assets start date is 1 January 2015, run this report as at 31 December 2014.

If you use tax reporting, run the Tax Depreciation Schedule report for the same periods.

Fixed Asset Reconciliation report as at:

  • Each financial year end (and each month end if you need monthly figures) since you started using fixed assets in Xero, and
  • The day before your new fixed assets start date. For example, if your new fixed assets start date is 1 January 2015, run this report as at 31 December 2014.

Disposal Schedule report for the period from when you started using fixed assets in Xero to your new fixed assets start date. If you use tax reporting, run the Tax Disposal Schedule report for the same period.

If your organisation uses tracking, run and publish all Balance Sheet reports and Profit and Loss reports for each tracking category as at:

  • Each financial year end (and each month end if you need monthly figures) since you started using fixed assets in Xero, and
  • The day before your new fixed assets start date. For example, if your new fixed assets start date is 1 January 2015, run these reports as at 31 December 2014.

Change your fixed assets start date

Change your fixed assets start date to the first day of your new financial year.

For example, if you're changing your financial year end from 30 June to 31 December, and your last finalised annual accounts were for the year ended 30 June 2015, change your fixed assets start date to 1 January 2015.

When you change the start date:

  • Disposed assets revert back to registered assets.
  • All depreciation rolls back.
  • All fixed assets registered and depreciated before the new start date revert to draft status.

If you have a lock date set, you may need to change the lock date to before the earlier of your old fixed assets start date or your new fixed assets start date.

Set and work with lock dates

Export your fixed assets

Export your fixed assets from Xero to a CSV file.

Edit the CSV file

Open the exported CSV file on your computer and make the following changes:

  • Delete the rows containing assets disposed before the new fixed assets start date.
  • In the Book_OpeningBookAccumulatedDepreciation column, delete the exported values and enter the accumulated depreciation values from your Depreciation Schedule report as at the day before your new fixed assets start date (see Step 1).

Save the file in CSV format on your computer.

Import the fixed assets CSV file

Import the CSV file of fixed assets into Xero.

Xero will update your draft fixed assets with data from the import file.

Register fixed assets in Xero

Bulk register the fixed assets you imported so you can depreciate them from the new fixed assets start date.

If you use tax reporting, update the Tax Value section of the assets.

Account for movement in fixed asset accounts

Post manual journals to account for movements in the fixed asset accounts in the previous years you used fixed assets in Xero. Use the reports you ran in Step 1.

You may need to create journals for these movements in fixed assets:

  • Book depreciation on assets since purchase date or registration date in Xero.
  • Book gain or loss on disposal of disposed assets.