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Low Cost Fixed Assets

Overview

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:

  • Customer Invoice Line Items
  • Supplier Bill Line Items
  • Money In
  • Money Out

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.

Screenshot of the Low Cost Fixed Assets Xero bookkeeping data check feature in Xenon Connect

Details provided for each transaction include:

  • Type (e.g. invoice, bill, money in or money out)
  • Contact name
  • Date of transaction
  • Details/description
  • Net Amount of transaction
  • Account used
  • “Change to” value (drop down menu allowing the user to select a more appropriate account code)

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:

  1. The drop-down menu allows you to pick any account, for example – a profit and loss expense code – if appropriate. Then, click the “Save Changes” button.
  2. If the transaction is reconciled (bank item) or has a payment or credit note allocated to it (invoice or bill) within Xero, then the account value cannot currently be updated directly from Xenon Connect (although we hope to allow this if Xero API constraints are updated in the future). Therefore, currently, such transactions must be updated using the “Edit in Xero” button.

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.

Dismiss Item

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:

  • Multiple transactions can be dismissed in bulk