Asset Type configuration when linked to Xero
- Navigate to the Admin page by clicking the cogwheel icon
- Expand the Set up your asset types section
- Click Add a New Asset Type
- Enter the name of the asset type in the Description field
- Set a default depreciation schedule for the asset type (recommended). If you don't wish to set do so, simply leave the settings as they are with the selections set to None.
- Keep in mind the default method and term/rate can always be changed on an asset-by-asset basis.
- Entering default depreciation schedules saves time if consistently using the same method and term/rate for an Asset Type.
- Map the Fixed Asset, Depreciation and Accumulated Depreciation account fields to your corresponding GL accounts.
- When the Filter Accounts checkbox is selected, only accounts recognised as fixed asset accounts will appear. To choose from a list of all gl accounts, untick this box.
- Click the Refresh Accounts button if accounts in your GL have recently been added or updated and Asset. Guru will provide those as available account selections.
- Click Confirm
- Repeat for all Asset Types
To edit and map the Asset Type to your accounts, simply click on the Edit button.
The following window will appear with allowing to enter/change the Description along with allowing to change the mapped the Fixed Asset, Depreciation and Accumulated Depreciation accounts.