Set up Fixed Assets File in Xero

How to set up Fixed Assets file in Xero

Xero is a highly effective accounting software which is used all across the globe by accountants. This software aids users with all their accounting requirements. There are various features that this software provides, which helps them handle the complex process of accounting efficiently. By going through this blog, the users would get a clear idea of how to set up fixed asset file in Xero. When you look to set up the fixed asset file, you will come across the need of the Adviser user role, and you would also need to provide the fixed asset start date before you proceed to set up the asset file in your Xero accounting software. If you wish to learn more about this software, you can easily connect with Xero Support Number.

Before you begin the setup procedure, there are certain steps that you would have to undertake. The steps are as given below:

  • The user would have to select the date when you want the depreciation to begin in your Xero Account.
  • Then you have to create the fixed asset type which you wish to assign to your assets.
  • Now set the default accounts which you wish to use for asset sales and disposals.
  • Further, enter the opening balances for your fixed asset accounts.
  • Finally, add and register your assets.

 

Process of Setting up Fixed asset type

The steps which you have to follow in order to set up your fixed asset is as given below:

  • Before you create your asset type, ensure that your chart of accounts contains the fixed asset, accumulated depreciation, and depreciation expense accounts.
  • Now in the accounting menu, click on ‘Advanced’ tab.
  • Further, under the tab of advanced settings, choose the fixed assets settings.
  • On the asset type, choose new asset type and then enter a new for your asset. Ensure that the name you give is unique.
  • Then go to the accounts option and select default depreciation settings.
  • For the asset account and accumulated depreciation account, you only have the option to select account codes that have been set up with the fixed asset account type.
  • Finally, when all the changes have been made, click on save

 

If you find yourself caught up with any of the above-given steps, you can easily avail assistance by connecting with Xero Customer Service Number. This service is available throughout the day and can be accessed using a toll-free number. The professionals at this service would look into the issue that you are facing in detail and would then provide you with the best possible solution. These professionals would ensure that your issue has been completely eradicated from its roots.

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