I am trying to enter in a fixed asset from a previous year as this is my first year on Xero to get it on the balance sheet after reg like this video. I can't seem to balance the cost. trying to say its paid for from the business already accounted for in previous years. do you have a video on this? thanks
Sorry I don’t have a video for this. You need to manually register it with the actual date of purchase. Xero will then prompt you to add the depreciation if you have entered the fixed asset start as being a later date.
This is the best and clearest guide available! Thank you. Can I ask if there is a way for a journal entry to register in drafts automatically? Or in case of a journal (business purchase paid for personally by a director) the asset needs to be registered manually?
Unfortunately it will not be automatic from a journal entry. If this is a one-off I would do it manually, if it's a recurring problem then maybe look at entering purchase invoices rather than journals.
Hi There.. thank you for this video.. do you have a tutorial for registering assets that were purchased before XERO? we purchased in 2021 but only started with XERO in 2022
No but you need to record the purchase date as a date before starting with Xero Fixed Assets. Then you get the option to enter the depreciation amount.
@@XUSolutions Hi, same situation here, what is the process for recording it if an asset is purchased before XERO? Do I need to create a bill for it / or just direct record fixed asset, and the system helps to run the depreciation?
A fantastic work.... gracious.....I need complete free xero course in. Please drop. your opinions how can I access into such a course... Seeking your advice pleas......
My videos are all free to help as many people as possible. But, sadly I need to earn money like everybody else, and my online courses are all chargeable.
This is really helpful thank you. Can you tell me what the depreciation expense account and rate would be for an electric car as I can claim 100% for this against my first year capital allowance?
In the standard Xero Chart of Accounts there’s only one Expense code for Depreciation. And the rate of depreciation should be based on the expected useful life of the car. It makes no difference being electric or being able to claim 100%
hi so im starting up as a sole trader after being part of a ltd company that v now come away from. so in reality its new startup as a sole trader. I have some assets I already own on start up vans, tools, plant etc. do I need to add these assets to my new Xero account and if so how do I do this as im not buying them or loaning them to a company as a director now im a sole trader ? cheers rob
yes you want to add them to the business as owner funds introduced. You can enter a manual journal, debiting the fixed asset code and crediting owner funds. Are you using the Fixed Asset Register? If yes you need to register the asset there as well. If this doesn’t make sense to you then send me an email - marion@xuacademy.com and I will try to help you.
hi quick question. I have assets I already own personally and I want to add them to my sole trader business can I just add them into Xero without a payment for them going out of my business bank acc ? would it be owners introductions ? or just add them and depreciate them down from their fair market value at the time of adding? thanks for your reply in advance this ones got me puzzled.
I need to add my company's fixed assets register to the xero system. When I am trying I receive "there was a problem importing please try again" error message. But it didn't specify the error. Please help
Can you please tell me how I enter a fixed asset (laptop) purchased 4 months prior to the business start date. The laptop was specifically for the business in anticipation of leaving paid employment (and I have a separate personal laptop). Do I still enter the start date as the purchase date? Or do I make an adjustment somehow for the 4 month period until the business started?
I am new to Xero so I've just been playing around with the demo account. Your videos are very helpful so many thanks to you! I was just wondering, I registered a fixed asset directly into the the fixed asset register but it doesn't appear in my balance sheet. Do you have any idea what might be the issue? Thanks
I like your videos and you! You are straightforward and clear. Thank you!
Thank youuuu agaaiinn. Love your videoss
Thank you, it is a great video, it covers all steps of the asset register.
😊
Brilliant and so simple to follow, I love your videos, they always help and are quite straight forward, Thank you
So glad they are helpful Nicola
Simple and easy to follow, i love your videos. Very helpful, thank you so much:)
You're very welcome!
Great video - so I've added the assets and they are all registered however they don't show on the balance sheet
How were they entered when purchased? The original transaction is what adds them to the Balance Sheet, not registering as an asset.
I am trying to enter in a fixed asset from a previous year as this is my first year on Xero to get it on the balance sheet after reg like this video. I can't seem to balance the cost. trying to say its paid for from the business already accounted for in previous years. do you have a video on this? thanks
Sorry I don’t have a video for this. You need to manually register it with the actual date of purchase. Xero will then prompt you to add the depreciation if you have entered the fixed asset start as being a later date.
Hi there. Is the fixed asset within Xero or is it an external software added to Xero?
Big help, thank you
You're welcome!
This is the best and clearest guide available! Thank you. Can I ask if there is a way for a journal entry to register in drafts automatically? Or in case of a journal (business purchase paid for personally by a director) the asset needs to be registered manually?
Unfortunately it will not be automatic from a journal entry. If this is a one-off I would do it manually, if it's a recurring problem then maybe look at entering purchase invoices rather than journals.
Hi There.. thank you for this video.. do you have a tutorial for registering assets that were purchased before XERO? we purchased in 2021 but only started with XERO in 2022
No but you need to record the purchase date as a date before starting with Xero Fixed Assets. Then you get the option to enter the depreciation amount.
Is this recommended to input the original price or i can just input the purchase price as nbv after deducting accumulated depreciation?
@@XUSolutions Hi, same situation here, what is the process for recording it if an asset is purchased before XERO? Do I need to create a bill for it / or just direct record fixed asset, and the system helps to run the depreciation?
A fantastic work.... gracious.....I need complete free xero course in. Please drop. your opinions how can I access into such a course... Seeking your advice pleas......
My videos are all free to help as many people as possible. But, sadly I need to earn money like everybody else, and my online courses are all chargeable.
This is really helpful thank you. Can you tell me what the depreciation expense account and rate would be for an electric car as I can claim 100% for this against my first year capital allowance?
In the standard Xero Chart of Accounts there’s only one Expense code for Depreciation. And the rate of depreciation should be based on the expected useful life of the car. It makes no difference being electric or being able to claim 100%
@@XUSolutions thank you
hi so im starting up as a sole trader after being part of a ltd company that v now come away from. so in reality its new startup as a sole trader. I have some assets I already own on start up vans, tools, plant etc. do I need to add these assets to my new Xero account and if so how do I do this as im not buying them or loaning them to a company as a director now im a sole trader ? cheers rob
yes you want to add them to the business as owner funds introduced. You can enter a manual journal, debiting the fixed asset code and crediting owner funds. Are you using the Fixed Asset Register? If yes you need to register the asset there as well. If this doesn’t make sense to you then send me an email - marion@xuacademy.com and I will try to help you.
hi quick question. I have assets I already own personally and I want to add them to my sole trader business can I just add them into Xero without a payment for them going out of my business bank acc ? would it be owners introductions ? or just add them and depreciate them down from their fair market value at the time of adding? thanks for your reply in advance this ones got me puzzled.
Yes you can add these assets as funds introduced to the business.
I need to add my company's fixed assets register to the xero system. When I am trying I receive "there was a problem importing please try again" error message. But it didn't specify the error. Please help
Without having access to your Xero account it's difficult to know what the problem is - possibly the format of the file you are importing.
Can you please show us, the next part how it affects on P/L account?
Yes, will add to my list
Hi i check my xero and in draft the botton of register not appear only save one ,why its like that
Maybe you don’t have the correct user permissions. Can you been upgraded to Advisor?
Can you please tell me how I enter a fixed asset (laptop) purchased 4 months prior to the business start date. The laptop was specifically for the business in anticipation of leaving paid employment (and I have a separate personal laptop). Do I still enter the start date as the purchase date? Or do I make an adjustment somehow for the 4 month period until the business started?
I wouldn’t complicate things - just enter the start date as the business start date.
I am new to Xero so I've just been playing around with the demo account. Your videos are very helpful so many thanks to you! I was just wondering, I registered a fixed asset directly into the the fixed asset register but it doesn't appear in my balance sheet. Do you have any idea what might be the issue? Thanks
As well as registering a fixed asset, you need to enter the purchase transaction in Xero.
Thank you!
You're welcome!
Thanky you! 😃
You're welcome 😊
Very very nice 👌👍 video Madam .
You're welcome
How do you register multiple fixed assets from one purchase invoice?
I will try to do a video covering this
Lovely
thanks