Managing Fixed Assets import from Xero

XeroFixed AssetsCategoriesImport AssumptionsHistorical Data Mapping
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4 years ago
#1
Kevin Ballinger A+ 8
Managing Fixed Assets import from Xero

Hi,

I am importing my first set of Xero accounts from a client into my model and finding that Xero is a little untidy in the presentation of Fixed Assets: Computer Equipment, Computer Equipment Additions, Computer Equipment Laptops for example. Has anyone hit this problem before? i.e. potentially 4 or 5 import lines, to feed 1 Category. I don't want to ask client to re-arrange their Xero setup, but then again I don't want to end up with 20 Categories in my Fixed Assets block....

Am I missing something?

thanks

Kevin

4 years ago
Michael Hutchens A+ 189

Hi Kevin,

There's 2 main benefits of the Import Assumptions tool (which is included in the New Financial Model Wizard, or can be accessed via the Modano tab, Import Assumptions button - as discussed in the Historical & Forecast learning exercise):

  1. You can easily map and reconcile data, including many-to-one mapping; and
  2. You mapping is stored in assumptions mapping files so that you don't need to re-map accounts when importing updated data (e.g. after rolling forward a budgeting and planning model for a new month).

With regards to your question, many-to-one mapping is very easy when importing assumptions:

  1. Select the 1st account you'd like to map (e.g. in your case Computer Equipment) from the 'Source accounts' left panel in the mapping window (as per the image below).
  2. Drag and drop this onto its relevant category within the destination balance sheet in the right side of the mapping window.
  3. Select the other accounts you'd like to also map to the same model account as this account (e.g. Computer Equipment Additions, Computer Equipment Laptops, etc.).
  4. Drag and drop these account on top of the 1st mapped account.
  5. Double click on the mapped account name and rename it, as shown below:
You'll see that a gray line is added below the last mapped category indicating that more than one source account has been mapped - in my example above I've mapped the 5 Machine accounts to the same Fixed Asset Category 1, then renamed this category 'Machines'.
After doing this, your one-to-many mapped data will look as per below:
We use this approach all the time to condense a large number of accounting package accounts into summary, driver-based accounts, especially for expenses and assets.
I'd also recommend making sure that you've specified the creation of a new mapping file, as this will ensure that your mapping is stored in your model and will be done automatically next time you import data into the underlying income statement or balance sheet.
Let me know if this doesn't solve your issue. M.
4 years ago
Kevin Ballinger A+ 8

Michael,

Simple solution - I wondered if I was just not seeing it. Perfect, this works, thank you.