Improved Fixed Assets & Depreciation alerts

What’s new? 

You asked and we delivered.

• There is now a dedicated section in the period close checklists for managing fixed assets and depreciations. 
• More handy alerts have also been added to help you:
  
  • Stay on top of depreciation.
  • And if you are using Xero Fixed Asset Register, ensure the Register matches the general ledger.

What benefits does it have for advisors?

Stay on top of this common and complex area of accounting easily.

• Save time & complete tasks easily:
  See at a glance all the relevant alerts that need fixing. Complete the task more efficiently.
• Ensure accuracy & compliance:
  Automated general ledger vs Fixed Asset Register alerts helps you keep both sets of financial records up to date and accurate.

How does it work? 

1. The new Fixed Asset section (just above the Profit & Loss section) helps you stay focused on completing the related checks.
   Managers can also see at a glance which clients have outstanding fixed asset and depreciation alerts on the Period Close Dashboard.
2. Catch mis-coding errors with the Expense vs. Fixed Asset alerts (relocated from the Profit & Loss and Balance Sheet sections).
   Prevent the common mistake of expensing a purchase that should be capitalized or vice versa.
3. Ensure depreciation is up to date with the new alert tracking the last depreciation date.
4. If your client is using Xero’s Fixed Asset Register, ensure the Register is in sync with the general ledger:
   
   1. Be alerted to account balance mismatches.
   2. Check that all relevant new fixed asset transactions have been properly registered.
   3. Handy links to fix any issues identified.
5. As usual, you can add more alerts to the section as you see fit.

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Book a training session with our friendly team. 

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