Select a start date for your fixed assets

If you haven't used fixed assets in Xero before, you'll need to select the date you want to start calculating book depreciation on your registered fixed assets in Xero.

Select the first day of the financial year when you want to start depreciating your fixed assets. You can select any financial year from when you first started using Xero, to the following financial year from now.

If your financial year end is not the last day of a month, for example 5 April, depreciation won't be posted correctly. You can change your financial year end to be the end of a month, or maintain your fixed asset register outside Xero. Talk to your accountant or bookkeeper about what's best for you.

For example, if your financial year runs from 1 July to 30 June, you first started using Xero in October 2014, and it's now November 2015, you can select any of the following dates:

  • 1 July 2014
  • 1 July 2015
  • 1 July 2016

To select your start date:

  1. Go to Accounts, then select Fixed Assets.
  2. Click Set Start Date.
  3. Select a start date.
  4. Click Save.

Now you've set a fixed assets start date, if you want to calculate tax depreciation, turn on tax reporting for fixed assets.

You might also be interested in