Create a fixed asset pool
If you're using tax reporting for fixed assets, you can create a pool to group fixed assets and depreciate them as if they were a single asset. You need the Adviser user role to do this. You can select from default options for Small Business and Low Value pools, or create your own custom pool.
- On the Accounts menu, select Fixed Assets.
- On the Pools tab, click New Pool.
Select the Type of pool:
- Small Business Pool - This is based on the ATO's Simplified depreciation for small business. The depreciation rates are preset according to the ATO's requirements and can't be changed.
- Low Value Pool - This is based on the ATO's Low-value assets (pool) rules. The depreciation rates are preset according to the ATO's requirements and can't be changed.
- Custom Pool - Add your own depreciation rates.
- If your pool's Start Date is before your tax reporting start date in Xero, enter your pool's Opening Balance.
- Click Save.