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 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 fiscal year end is not the last day of a month, for example 5 April, you must select the Full Month averaging method for depreciation to be calculated correctly. Depreciation won't be calculated correctly if you use the Actual Days averaging method. Alternatively, you can change your year end date, 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 January 1 to December 31, you first started using Xero in October 2012, and it's now November 2015, you can select any of the following dates:

  • January 1, 2012
  • January 1, 2013
  • January 1, 2014
  • January 1, 2015
  • January 1, 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.

You might also be interested in