Reporting - Ability to input 13 four week periods / 13 month accounting
Ability to allow a 13 month accounting period.
Purpose: Because there are some industries that are benefited by getting 13 month/13 four weeks accounting period (e.g. restaurants that depends on running on a weekly sales basis).
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Paul Cutler commented
Is there any response from Xero to this request for 13 periods & 4,4,5 week periods?
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Peter Willis commented
We work on 13 * 4 weekly periods, which means our year end date changes each year. To have a hard close would be much better as we have been caught out where one year's year end transactions get pushed into the next year later on because Xero thinks the year end date has moved. Please sort this out
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Ian Smith commented
We may be extending year end by one month then having an 11 month accounting period next year, setting period ends for each 'year' would be very useful to our group
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Bernard Huckestein commented
Is this being worked on? We operate 4 week, 4 week, 5 week periods and this cannot currently be accomplished in Xero, please tell me this is on the list and being addressed
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Bernard Huckestein commented
Rather than having to do monthly books, we operate on 12 financial periods. For each quarter of course has 13 weeks which consists of 4 week, 4 week, and 5 week periods. Being a restaurant this allows for more consistent numbers and comparison by period and year over year… every period ends on a Saturday so ending inventory is on the same day of the week + when comparing year over year each of the periods have the same days of the week…. Meaning the same number of Mondays, tuesdays etc in this years period as last year. You can report on a given period with custom dates but not year over year am I missing something
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Simon Taylor commented
we work to a 5/4/4 week pattern. Only having calendar months in Xero means we have to mess about with reversing journals etc. Should be able to set accounting periods custom to your business.
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Sushmita Venkatesh commented
Very essential
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Gage Papay commented
My account managers talk about this difficulty all the time, I would recommend implementing this!
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Diana Knaub commented
We have many clients that have 13 periods, this would be extremely helpful.
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Marika Muizniece commented
It would be amazing tool for those doing monthly accounts as 13th period often is used to record audit / late adjustments or for consolidated accounts - this allows to add subsidiary data and consolidation journals. Must have for accountants
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Todd Woods commented
Foreign subsidiaries or local companies often need to report 4,4,5 week periods per quarter, so it would be very handy to have this option.
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Richard Davies commented
Would like to be able to switch between monthly & 4-weekly accounts, as they are both required at different times
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Shana Dredge commented
Most companies in the hospitality industry need to work this way given weekends are the busiest time of the week, it doesn't make sense to report on a monthly basis if some months have more weekends than others as it's difficult to compare.
There are many other reasons, some of which are payroll (staff leaving before month end), end of period stock takes done on quieter days (eg Monday).
Is this something Xero can look into sooner rather than later?
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Cohen Van Der Linde commented
Definitely an important feature to ensure that EOFY adjusting entries (ie stock take adjustments) to not impact regular June 30 monthly results.
Important if we have to report to a board of directors on a monthly basis.
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Walter Ramadan commented
I would like to have the capability of posting G/L transactions into a 13th period (that consolidates into the 12th) for FYE purposes only, which are regarded as separate to the transactions for the final period of the FY.