Thank you thank you so muuuch! I've been taking the self-paced modules in Xero, but since it shows screenshots only, I went to find tutorial videos to help me learn it quickly. I've finished all your Xero vids and I understood it fast. Thank you so much!
Very helpful especially if required for the monthly management accounts and the year end. Can I ask where I can obtain reports to show the depreciation as these will be required when working with the accountants at year end and the directors each month for the monthly managment accounts
Do you have a video how to re valuated building? We can do the journal entry but can not figure out how to change the asset figure to reflect the journal and the new market rate
Further, if an asset was added in the fixed assets many years of purchase how the depreciation will run for that as you said you can only run from the last date of depreciation but for that asset less say car was mistakenly wasn't entered iat the time of purchase will the depreciation function automatically register all the depreciation expense?
Hey there! I've been thinking about depreciation methods lately. I've noticed that in the UK and Australia, the reducing balance method is quite common, while I'm more familiar with the straight-line method. Since I prefer the straight-line method for its alignment with accounting standards, I was wondering if there's a simple way to convert my assets to the reducing balance method for tax purposes, specifically in XERO. Could you offer any advice or tips on this?
Thank you thank you so muuuch! I've been taking the self-paced modules in Xero, but since it shows screenshots only, I went to find tutorial videos to help me learn it quickly. I've finished all your Xero vids and I understood it fast. Thank you so much!
Great to hear! Thanks so much for watching
Very helpful especially if required for the monthly management accounts and the year end. Can I ask where I can obtain reports to show the depreciation as these will be required when working with the accountants at year end and the directors each month for the monthly managment accounts
The depreciation should be shown on both the profit and loss and balance sheet reports. There is also a fixed asset report. Thanks for watching.
Do you have a video how to re valuated building? We can do the journal entry but can not figure out how to change the asset figure to reflect the journal and the new market rate
I don't, sorry. I hope you find what you're looking for.
Further, if an asset was added in the fixed assets many years of purchase how the depreciation will run for that as you said you can only run from the last date of depreciation but for that asset less say car was mistakenly wasn't entered iat the time of purchase will the depreciation function automatically register all the depreciation expense?
Thanks for making amazing accounting and xero videos, can you please explain why we don't need to add "effective life (years)"???
When creating the asset will purchase price always be Excluding VAT for VAT registered entities?
Yes, it will. Unless the VAT is not recoverable.
Thank you so much
You're most welcome
Hey there! I've been thinking about depreciation methods lately. I've noticed that in the UK and Australia, the reducing balance method is quite common, while I'm more familiar with the straight-line method. Since I prefer the straight-line method for its alignment with accounting standards, I was wondering if there's a simple way to convert my assets to the reducing balance method for tax purposes, specifically in XERO. Could you offer any advice or tips on this?
Thanks for watching and for the comment. Sorry, I cannot assist with this.