HOW TO record receipt of the Instant Asset Write-off in Xero
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HOW TO record receipt of the Instant Asset Write-off in Xero. Brandon covers how to record in Xero when you purchase a new asset under the Instant Asset Write-Off incentives.
Here's what's covered:
✅ Support Documents
✅ Creating a bill
✅ Reconciling a deposit
✅ Reconciling Finance & paying the bill in full
✅ Recording the Fixed Asset
Whilst retention payments are very common in the building and construction industry we continually see them being incorrectly accounted for, or not accounted for, and therefore often overlooked, resulting in advance payment of taxes and/or lost income.
We are heading into a period of opening up the economy after COVID, with the need to repair the budget, an election looming by May 2022, the threat of inflation and a withdrawal of central bank stimulus.
