Prompt Almanac

Audit advanced Works with: Any AI

Xero Depreciation, Fixed Assets and Prepayments Schedule Check

Table output

Check asset and prepayment balances against schedules.

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Check fixed assets and prepayments in Xero. Fixed asset register with cost, date, depreciation method and rate, accumulated depreciation and book value: [ASSET_REGISTER]. Balance sheet balances for the same accounts: [BALANCE_SHEET_BALANCES]. Prepayment schedule: [PREPAYMENT_SCHEDULE].

Report differences only; do not change depreciation policy or give an accounting or tax opinion. Recompute depreciation for three assets with arithmetic and compare with the register: cost 3,000, straight line over 5 years is 600 a year, 50 a month. Example: a laptop costing 1,500 bought on 1 March, straight-line over 3 years, is 500 a year, or 41.67 a month; at 31 December the accumulated depreciation is 10 months, 416.70, and the book value 1,083.30. Prepayment example: an annual insurance premium of 1,200 paid in January spread at 100 a month leaves, after four months, 400 as expense and 800 as a prepayment. Reconcile totals to the balance sheet in a table (account, balance per register, balance per Xero, difference, reason). Check assets fully depreciated but still in use, disposals not recorded (remove cost and accumulated depreciation and record any gain or loss with the accountant's guidance), prepayments not released on schedule, and assets missing a purchase date, cost, life or method (count them, with percentage); check depreciation has been posted every month.

Questions for the accountant about methods, rates, and a threshold below which assets are expensed. Add a quarterly schedule review. Methods and rates depend on tax and accounting rules in my place [VERIFY].

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