Xero allows you to track your Fixed Assets and depreciate them over their useful life. The Fixed Asset settings allow you to create asset groups based on their related nature and depreciation rate.
1. The fixed asset groups are listed here, displaying their cost and depreciation accounts that will be posted to if an asset group is selected or depreciation run. 2. Asset groups can be added here and allow you to select the accounts and the depreciation rate for that group. The rate and method chosen should be matched to your accounting policy and we advise checking with your accountant if you are unsure what this. 3. The accounts section is related to asset disposals and allows you to select which account the profit/loss on disposal would be posted to.
It is advisable to maintain and limit who has access to your data. If you have outsourced this to your accountant or business advisor then the user list should be regularly, at least annually, checked as they may add or remove users throughout the year. Most of the settings need to be set up when Xero is first being used and can then be ignored most of the time. The Invoice and Email settings may take a little time to get used to but are worth it to ensure your brand is being portrayed as you desire. There are over 700 apps and payment services that can be integrated with your Xero account via the app marketplace. If the right ones are selected these can greatly enhance your business operations. Please see the section on the App Ecosystem for further information.
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