Sole Traders often have a mix of private and business usage, particularly for
vehicles. When setting up asset details in Xero you have the ability to add private use details – and this can be updated each financial year if circumstances change.
Leaine’s Tips:
- Useful where a sole trader uses a vehicle logbook and there are changes to record
- Review before posting annual depreciation
- Add into the asset description notes that is a mixed-use asset
- Confirm settings with business accountant if needed.
Learn more on Xero Central