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.

  1. On the Accounts menu, select Fixed Assets.
  2. On the Pools tab, click New Pool.
  3. 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.
  4. If your pool's Start Date is before your tax reporting start date in Xero, enter your pool's Opening Balance.
  5. Click Save.