Automated Xero workflows for Canada
| Capability | Xero Fixed Assets | AssetAccountant | Verdict |
|---|---|---|---|
| IFRS & Accounting Standards | |||
| Revaluations (IAS 16) | Not supported. Long-standing community request, undelivered. | Supported, including bulk revaluations. Revaluation reserve journaled automatically. (Cost model applies under ASPE; revaluation is an IFRS option.) | ✓ AA |
| Impairments (IAS 36) | Not supported. No impairment write-down functionality. | Supported, including bulk impairments. | ✓ AA |
| IFRS vs ASPE / GAAP book option | Single accounting book only. No cost / revaluation model switch. | Explicit standard option on accounting books, run independently of the tax book. | ✓ AA |
| Partial disposals | Not supported. Long-standing community request, undelivered. | Supported, partial disposal of assets and partial write-offs. | ✓ AA |
| Prior period adjustments | Depreciation rollback / rerun available. Limited adjustment capability. | Supported. | ~ Comparable |
| CRA Tax Depreciation (CCA) | |||
| CCA class pooling and UCC | No CCA class system. No pooled Undepreciated Capital Cost tracking. Class allocation and pooling handled by the user. | Sixteen CCA classes supported, the thirteen pooled classes plus Class 10.1, Class 13 and Class 29. Class UCC tracked automatically. | ✓ AA |
| Prescribed class rates | Not pre-loaded. User must enter a rate per asset. No CCA rate lookup. | CCA class rates built in and maintained (Class 1 4% through Class 50 55%). The class drives the rate. | ✓ AA |
| Half-year rule (Reg 1100(2)) | Not automated. Manual half-year adjustment required. | Applied automatically to net additions in the appropriate classes. | ✓ AA |
| Accelerated / Reaccelerated Investment Incentive (AII / RII) | Not supported. Enhanced first-year deduction and phase-out handled by hand. | Both AII and RII supported, suspends the half-year rule and applies the enhanced first-year deduction. Flagged by acquisition date, opt-in per asset. | ✓ AA |
| Class 10.1 passenger-vehicle cost ceiling | Not automated. User must apply the ceiling manually. | Depreciable cost capped automatically at the prescribed ceiling for the acquisition year ($39,000 before tax for 2026). | ✓ AA |
| Recapture and terminal loss | Not computed. Disposal balancing handled outside the module. | Computed at class-pool level, including the Class 10.1 special disposal treatment, surfaced as the disposal balancing-adjustment figures. | ✓ AA |
| Immediate expensing (first-year write-off) | Full depreciation on purchase method available, an immediate write-off, but it is a book method choice not tied to the statutory CCA immediate-expensing measures. | Immediate method on the tax book writes the cost off in full in year one. Same caveat, eligibility for the statutory measures remains the preparer's call. | ~ Comparable |
| Business-use (taxable-use) percentage | Not available in the fixed asset module. | Tracked per asset and applied to the deduction, with an audit trail of changes. | ✓ AA |
| Parallel tax and accounting books | No CCA tax-depreciation book. Book depreciation is what posts to the general ledger; any CCA figure is maintained outside Xero. | CA_Tax (CCA) and CA_Accounts books run independently, class, rates and balances tracked separately. | ✓ AA |
| Depreciation Methods | |||
| Standard methods (SL, DB) | Straight line, diminishing value, and full depreciation on purchase. Rate or effective life entered by the user. | Declining balance, straight line, immediate, units of production, intangible amortisation. | ~ Comparable |
| Units-of-use / activity-based | Not available. | Supported. | ✓ AA |
| Non-monthly periods | Monthly depreciation runs. Not explicitly flexible for other periods. | Supported. | ✓ AA |
| Multi-book depreciation | Not available, single book only. | Supported, different cost bases, rates and dates per book. | ✓ AA |
| Asset Record & Data Model | |||
| Asset register size | Soft cap of approximately 500 assets. Performance degrades above this. | Unlimited assets. Current clients include registers of up to 50,000 assets. | ✓ AA |
| Custom fields | Not available. No user-defined fields per asset. | Unlimited custom fields per asset (serial number, location, etc.). | ✓ AA |
| Components (sub-assets) | Not supported. | Assets can be marked as components of other assets. | ✓ AA |
| Attachments | Not supported in the fixed asset module. | Unlimited attachments per asset. | ✓ AA |
| Classifications / tracking categories | Tracking categories limited to two per organisation, a platform-wide constraint. | Syncs with Xero's tracking categories. Unlimited classifications within AssetAccountant, profit centres, locations, cost centres, custom categories. | ✓ AA |
| Auto-draft from transactions | Bills and bank transactions auto-create draft assets, a genuine strength of the Xero platform. | Transactions coded to Xero GL accounts of Fixed Asset type automatically generate draft assets in AssetAccountant, equivalent workflow. | ~ Comparable |
| Audit trail | Xero's platform audit log. Depreciation run history. | Full audit trail of all transactions. | ~ Comparable |
| IFRS 16 Lease Accounting | |||
| IFRS 16 compliance | No native module. Requires a third-party add-on. Not built into Xero. | IFRS 16 compliant lease accounting, built into the same platform as fixed assets, as a separately priced add-on. | ✓ AA |
| ROU asset and lease liability | Not available natively. Add-on required. | Automated ROU asset and lease liability with current / non-current split. | ✓ AA |
| Payment schedules | Not available natively. | Built-in interest calculator, automated principal / interest split. | ✓ AA |
| Refinancing and termination | Not available natively. | Supported. | ✓ AA |
| Asset finance loans (hire purchase) | Not available natively. | Supported natively, automated payment schedule. | ✓ AA |
| Fixed assets plus leases | Separate tools required. Fixed assets in Xero, leases in a third-party add-on. | Both in one platform, one subscription, shared GL mapping. | ✓ AA |
| Reporting & Forecasting | |||
| Depreciation schedule report | Available, shows depreciation by asset. | Asset summary, group summary, acquisitions, disposals, purpose-built fixed asset reports. | ~ Comparable |
| Tax audit report | Not available. | Dedicated tax audit report. | ✓ AA |
| Depreciation forecasting | Not available. | Forward depreciation and lease forecasting across books. | ✓ AA |
| User-defined reporting | Xero's reporting suite, integrated with the P&L and balance sheet. A genuine strength. | User-defined report writer in development. | ● Xero |
| Integration & Platform | |||
| Accounting system integration | Fully native, fixed assets are part of Xero with automatic GL posting. | Dedicated Xero integration, sync-based, with one-click journal posting. | ● Xero |
| Multi-entity / multi-org | Separate Xero organisations per entity. No consolidated register. | Multi-entity supported with consolidated reporting. | ✓ AA |
| Outcome | # Areas | % of Total | What this covers |
|---|---|---|---|
| ✓ AssetAccountant Leads | 29 | 78% | Maintained CCA tax content, half-year automation interplay with AII / RII, Class 10.1 cap, recapture and terminal loss, IFRS 16 leasing, multi-book, register scale, partial disposals, revaluations, impairments, custom fields, forecasting, multi-entity. |
| ~ Broadly Comparable | 6 | 17% | Standard depreciation methods, immediate write-off, auto-draft, audit trail, depreciation schedule, prior period adjustments. |
| ● Xero Leads | 2 | 5% | Native Xero GL integration, Xero's reporting suite. |
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CLIENT TESTIMONIALS
From Big 4 firms to solo accountants, public company CFOs to corporate finance teams;
— here’s what they say about our fixed asset depreciation and lease accounting software:
"Up until 2021 we had been using Excel spreadsheets to calculate and manage fixed asset tax depreciation for the group's registers, which was not sustainable. To address this and to implement automation of the process, we researched solutions offered in the market, including by the large accounting firms and specialist software providers. After thoroughly vetting AssetAccountant as a vendor, testing the software and its calculations, and reviewing the company's data security, we committed to implement the software for all tax fixed asset registers for the Whitehaven Coal group. Since implementation we have been very satisfied with the decision. The software is intuitive, robust, easy to use, and accurate. AssetAccountant's commitment to ongoing development of the product's features has also been impressive."
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"After being introduced to AssetAccountant in 2020 by PriceWaterhouseCoopers, I carefully reviewed the software's functionality to suit our complex fixed asset depreciation and lease accounting requirements. For example Buildsafe acquires, disposes and writes off thousands of assets including partial transactions. We also need flexible reporting and detailed journals. I have found the software to be enterprise standard, robust and precise. The software is a very elegant blend of beauty and smarts. The ongoing support, product development and assistance has been responsive and reliable. An amazing team and product. Thank you."
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"AssetAccountant (AA) has produced the ultimate Fixed Asset Management System. AA integrates seamlessly with Xero and produces reports that satisfies any auditor with easy to trace transactions that are verifiable. The real hidden gem is their Lease Accounting facility which takes all the heartache and time consuming issues out of AASB16. Fantastic product — has literally saved me hours of work."
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"We love using AssetAccountant. The time savings for every client's depreciation entries means not only is profit increased on every job, but our additional team capacity can be directed to more valuable work. There is literally no risk in the investment of AssetAccountant fixed asset depreciation software."
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"Big Boy Jocks On.... Ever wanted the big company fixed asset system without all the clunkiness and overthinking on the part of the software developers (I'm looking at you Thomson Reuters...)? Well then you need AssetAccountant. It provides just the right mix of complex depreciation calculations and beautiful user interface. It's a system designed by accountants and executed perfectly by developers. The integration is seamless with Xero (you can sign into AA with Xero credentials which is awesome if you are already running Xero on your browser) and journaling synchs are very flexible between the two applications. Then there is the price. I challenge you to find a more robust fixed asset system at these price points. Well done AssetAccountant. You get me. I now have my big boy jocks back on for fixed asset management....and they fit!"
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"From the initial contact with the team at AssetAccountant to the final implementation, we have received prompt and positive responses. The effective support service and continuous improvement makes AssetAccountant a product highly recommended to a wide variety of industries as well as to accounting firms."
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"It's amazing we calculated this year's depreciation in just a matter of minutes!"
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"Our organisation was looking for a standalone cloud-based fixed asset register that could calculate depreciation for multiple companies. AssetAccountant was a perfect solution that removed the need for tracking assets and calculating depreciation through spreadsheets. The team at AssetAccountant were very responsive throughout the implementation process. The system is straightforward to use and has various options for both asset tracking and depreciation to make it suitable for most organisations."
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"Now that AssetAccountant is in our app store, our customers and sales team have a cloud option for fixed asset depreciation which has a strong integration with QuickBooks Online."
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"After years of 'paying a premium' for our Asset Management, we decided to go in-house. More than impressed with the ease and capability of the software, and the staff were a pleasure to deal with from go to whoa. Fabulous to have monthly reporting, as opposed to annual as well."
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"I have seen a lot of niche products come and go but the one constant has been the lack of a decent fixed asset register. I was recently invited to see the latest incarnation and it did not disappoint. I am confident that both accounting firms and corporate clients will be lining up to use it — I have already been extolling the solutions' virtues."
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"We initially came across AssetAccountant when researching potential replacements for the Xero asset register. AssetAccountant sparked our interest due to its ability to easily and transparently forecast depreciation, transfer assets between sites, revalue assets and asset part disposals. The AA team have been extremely helpful which has provided us with confidence in the product, we look forward to exploring additional features to find more efficiencies in our processes."
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"We highly recommend the use of AssetAccountant. Our clients benefit immensely from accurate asset register records, making spreadsheet accounting (and typical errors) a thing of the past. We can easily maintain tax and accounting registers providing our clients with accurate and meaningful information. AssetAccountant is a breeze to use, and we love that it integrates with QBO and Xero."
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