The Low Cost Fixed Assets bookkeeping data check feature identifies transactions in Xero that have been coded to an account of type “Fixed Asset” even though the transaction’s value is low.
Transactions checked include:
The value threshold under which transactions show up as an issue on this bookkeeping check feature can be adjusted on the settings page of Xenon Connect depending on the organisation’s policy regarding the capitalisation of assets.
Of course, some bill line items may be of a value less than the threshold, but cumulatively along with other line items on the same bill may be over the threshold and therefore may result in the overall purchase being capitalised as an asset. The purpose of the check is to allow the user to verify that any low value items have been accurately coded.
Details provided for each transaction include:
Changing the transaction’s account
If you decide that the account currently given to the transaction in Xero is inappropriate, you can quickly and easily change it using one of the following methods:
View transaction in Xero
For each low cost fixed asset item found, you are able to click the View button after which you will be taken directly to the applicable transaction within your Xero account. This will allow you, for example, to investigate the item further.
If you decide that a particular transaction already has the correct account code used, then you can click the “Dismiss” button to hide the item and prevent that transaction from appearing in the list again.
Show Dismissed Items
You can quickly include all previously dismissed transactions, by enabling the “Show dismissed items” toggle.
This allows you to recheck and edit any accounts that have previously been dismissed in error.
Bulk Process Options
The following bulk actions can be taken by using the check boxes and Bulk Process Options drop down menu:
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