Using fixed assets after September 22, 2015
If you used fixed assets in Xero before September 22, 2015, you might need to make a few changes to your register before you can use fixed assets from now on. You'll need to have the Advisor user role to do this.
Remove duplicate asset types
Asset types need to have a unique title. During the fixed assets update, a new set of asset types is created based on what you entered into the old Asset Type field. This means you might end up with duplicate asset types, if the spelling or wording was different, even though the accounts used are the same.
Choose the asset type to keep.
For example, you might have Computer equipment (to keep) and Computer equip (duplicate).
Edit all relevant assets, so they are all using the asset type to keep.
Rename the duplicate asset type to something like Not in use, so no one will use it.
Merge asset types (optional)
If you have duplicate asset types that you want to merge, but they use different accounts, follow these steps.
- Choose the asset type to keep. For example, you might have Computer equipment (to keep) and Laptops (to remove).
Edit all relevant assets, so they are all using the asset type to keep. You might need to roll back depreciation first.
- Create manual journal entries to transfer balances for the asset account and accumulated depreciation in the general ledger.
- Edit the duplicate asset type to rename it to something like Not in use, so no one will use it.
Add depreciation method to each asset type
When assets are migrated over, all asset types are set to have no depreciation.
To add depreciation to each asset type:
- On the Settings menu, click Fixed Assets.
- Click the asset type to open it.
- Set the depreciation method to use for all new assets recorded.
- Click Save.