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Xero For Dummies, 2nd Edition
book

Xero For Dummies, 2nd Edition

by Rod Drury, Heather Smith
April 2015
Intermediate to advanced content levelIntermediate to advanced
408 pages
9h 51m
English
For Dummies
Content preview from Xero For Dummies, 2nd Edition

Chapter 14

Working with Fixed Assets

In This Chapter

arrow Assigning assets to the Fixed Assets Register and understanding depreciation

arrow Working with Xero’s Fixed Asset reports

O ne of the first work projects I undertook was a fixed asset audit. I was given a list of assets, told to find them and update their status. It was like a game of hide and seek. I made my way around the various buildings, searching for the assets and checking them off the list. I searched high and low for one particularly asset and, eventually, found it in an unopened wooden box under a table. It had never been used and no-one even knew what it was for — it just arrived one day and slotted itself under the table and into the Balance Sheet, absorbing valuable cash. Perhaps not the wisest of investments!

In this chapter, I cover Xero’s Fixed Asset Register and explain how you can use it to keep track of fixed assets and depreciation through the year.

Recognising Fixed Assets

A fixed asset is an asset that has an expected life of more than a year. It is a significant investment for any business because it utilises cash that could be used elsewhere in the business. This is why maintaining an accurate Fixed Asset Register is so important for your business. Typical small business fixed assets include cars, buildings, ...

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Publisher Resources

ISBN: 9780730319382Purchase book