Which of the following is an essential step before calculating depreciation for fixed assets in Xero?

Selecting a start date is crucial before calculating depreciation for fixed assets in Xero because it determines the time frame over which the asset will be depreciated. The start date serves as the point from which the asset's useful life begins and is important for calculating the correct amount of depreciation expense for each accounting period. Without an accurate start date, the depreciation calculation may not align with the asset's effective usage period or accounting standards, potentially leading to incorrect financial reporting. This step helps ensure that financial documents reflect the true value and integrity of the asset over time.