Xero | Record Purchase of Motor Vehicle Fixed Asset

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In this video we show you how to set up a new fixed asset in in Xero for when you purchase a new car or vehicle for your business.
There are three sections:
1 - Set up the new fixed asset and accumulated depreciation accounts on the General Ledger.
2 - Process the purchase bill of the new vehicle with the correct GST amount.
3 - Add the new car to the Fixed Asset Register.
Adding the new car or vehicle to the Fixed Asset Register in Xero is optional.
The main purpose of this is for if you want to run depreciation inside the Xero platform. The other option is to track your depreciation schedule of assets outside of Xero, like in Excel. And then load a journal into Xero.
Thanks for watching.
#xero

[@ruanvdmerwe]

This was one of the best explanations I have watched. Thank you so much for a fantastic video that makes total sense for a non-accountant.

[@qtraining]

You're very welcome!

[@geekgirl42]

Really nice explanation - very easy to understand and not all over the place like some can be - Thank you

[@KarlMacaulay]

This was very helpful and straightforward. thank you.

[@qtraining]

You're welcome!

[@junekenshin8420]

Thank you very much for your explanation, this is very clear and easy to understand.
Besides the vehicle, I find that Xero automatically listed the "Non-GST portion" as unregistered Fixed Assets (in the Draft tab). Should I register this as an asset without depreciation, or should I do something differently? Thanks!

[@Jarod-z3f]

Is this process the same for Brand new and 2nd hand vehicles?

[@MarianneNivet]

Excellent tutorial!! Thank you

[@wendyyuen9922]

Can you please tell us how to book fixed asset register with car limit ( if the car is over car limit) and the GST implication.

[@adthomp]

do you have to mark your bills as paid?? otherwise the balance reconciling reports don't balance out with the asset register

[@vishrutdarji4211]

Could you please make a video on how to enter a motor vehicle if it has a Luxury car tax on its invoice?

[@archipokharel9225]

Hi, so while recording the purchase, sometimes people pay some deposit first and rest put it on the loan account. Can you explain how to record that as well??

[@qtraining]

Hi Archi, I've just posted a video to address this. Hope it helps.
ruclips.net/video/9xlTS8f0n3I/видео.html

[@archipokharel9225]

@@qtraining Thank you, really appreciate it 🙏🏼

[@lankaninfo4795]

Explain how to enter if car value is more than car limit

[@leonineedham8985]

NZ version, under add asset type, has asset account, accumulated depreciation account, depreciation expense account and also a new field "personal use account" when I click on the dropdown it has all the options in my chart of accounts, but obviously the "personal use" account for the vehicle (use %) has not been set up. How and as what would I set up a "personal use" account in my chart of accounts to account for 20% private use of the vehicle being added come depreciation time. Can you please help

[@qtraining]

Hi Leon, this is something I can show you in an online training session: qtraining.net.au/book-training/

[@SMEGROUPAU]

Thanks!