Enter your fixed assets opening balances

If you've maintained a fixed assets register in your previous accounting system, enter your opening fixed assets balances into Xero so they are recorded in your fixed assets register and in your balance sheet. You must have the Adviser user role to do this. Your fixed assets start date is always the start of a financial year. If your conversion date is the start of your financial year, you can enter your opening fixed assets register balances and your fixed asset general ledger conversion balances as at the same date in Xero. If your conversion date is different from the start of your financial year, enter your fixed assets balances separately.

Enter book values only for your fixed assets using this method. Xero doesn't record tax values in the general ledger. After you've entered the book values, enter the opening tax values for your assets in each asset record.

Your conversion date is the start of your financial year

Follow this process if your conversion date for Xero is the beginning of your financial year. If you kept a fixed asset register in your previous accounting system, you'll have general ledger accounts for fixed assets in your conversion balances when you start with Xero.

  1. Enter your general ledger fixed assets balances with your conversion balances in Xero.

    Image showing conversion balances in Xero.

  2. Set up your fixed assets register in Xero. Set the start date for fixed assets to match your conversion date.

    Image showing start date for fixed assets.

  3. Add or import your fixed assets into Xero.

    Image showing opening fixed assets in register.

  4. Register the assets.
  5. Run the Fixed Asset Reconciliation report. Set the To date as your conversion balances date. Confirm the closing values for Balance Sheet and Asset Register match.

    Image showing Fixed Asset Rec report at conversion date.

Your conversion date is not the start of your financial year

Follow this process if you're converting to Xero after the start of your financial year. You'll need to enter your fixed assets in the fixed assets register in Xero as at the start of your financial year before your conversion date. Then depreciate them in Xero so their value at your conversion date equals your general ledger conversion balances for fixed assets.

  1. Set up your fixed assets register in Xero. Set the start date as the beginning of the financial year before your conversion date.

    Image showing start date for fixed assets.

  2. Add or import your fixed assets into Xero with their values as at the beginning of the financial year. Only include those assets you still have on hand at conversion date.

    Image showing opening fixed assets in register.

  3. Register the assets.
  4. Add new fixed assets to your register in Xero if you purchased them between the beginning of your financial year and your conversion date.
  5. Run depreciation on your fixed assets up to your conversion date.

    Image showing depreciation on assets.

  6. (Optional) If you don't have the accumulated depreciation figure for your fixed assets at conversion date from your previous accounting system, run the Fixed Asset Reconciliation report in Xero from the start of your financial year to your conversion date. Record the Closing Accum Dep figures for the Asset Register from this report. You'll need them when you enter your conversion balances.

    Image showing Fixed Asset Rec report at 31 October.

  7. Enter your general ledger conversion balances, including your fixed assets balances, as at your conversion date.

    Note that you must enter the asset cost value in the asset accounts for fixed assets (accounts 710 - Office Equipment and 720 - Computer Equipment in this example).

    Image showing fixed asset balances at conversion date.

  8. Run the Fixed Asset Reconciliation report. Set the From date as the end of your financial year before conversion date. Set the To date as your conversion balances date. Confirm the closing fixed asset values for the Balance Sheet and Asset Register match.

    Image showing Fixed Asset Rec report as at conversion date.