VAT Reconciliation Report - Auto-populate and drill down into figures
An updated, functional VAT reconciliation report.
The existing VAT reconciliation report isn't particularly useful. It has to be populated manually and the figures that do populate automatically can't be drilled down into. Not helpful.
VAT reconciliation aren't really a problem for us as we can use the Detailed Account Transactions report to identify the transactions posted directly to the VAT account i.e. transactions that have a category of VAT, whether it be a VAT payment, VAT on imports or just simply a miscoding by the client. Essentially it highlights those transactions that will affect the VAT ledger balance but won't necessarily appear on a VAT return.
However, the Detailed Account Transactions report is being retired in July and I fear we'll have no way of identifying these transactions. I've contacted Xero support and they weren't aware of the report being used in this way and don't currently have plans to replace this report.
I feel there are 3 options here:
Don't retire a functional report,
Retire a functional report but replace it with a new version, or,
Create a functional VAT reconciliation report that highlights the differences between the VAT ledger balance and total VAT returns less total payments.
Ben Case
shared this idea
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Marcia Nkogatse
commented
How do we prepopulate the VAT transaction on the Xero VAT Reconciliation
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David Waterfield
commented
I'm not sure anyone at xero knows what to do to produce a meaningful reconciliation
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Mitchell Ewer
commented
It is ridiculous that this doesnt work!
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Kelly O'Leary
commented
A revised VAT reconciliation report, the old version is out of date and with the introduction of MTD for VAT it no longer works. Would love it to pre-populate payments made etc. It would also be great to be able to include this for review packs from HQ