VAT Reconciliation report - Ability to drill down in the unfiled VAT section
Not sure this is really part of Xero HQ - but it would be really useful to be able to drill down into the unfiled VAT section on the VAT reconciliation report.
Lowenna Underwood
shared this idea
Thanks for sharing this idea and for explaining the need for greater visibility into the transactions that make up the unfiled VAT amounts. We understand how valuable for your business it would be for the VAT Reconciliation report to provide a clearer view of the VAT ledger and make it easier to investigate these balances.
We can move this idea to Accepted for the time being. We have plans to develop the Reconciliation report over time, but this work isn’t on our roadmap just yet. We’ll keep you updated here when things start to pick up.
Thanks again for taking the time to share your feedback.
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Samantha Davies
commented
Currently, when we run the reconciliation report for this year, it displays an opening balance for both sales and purchases but not for the VAT account transactions. This means the report doesn't reflect the real-time status of the VAT account.
For instance, previously filed VAT returns are incorrectly showing as unfiled, and any payments or collections from prior periods are not included. Consequently, we see a significant outstanding balance that doesn't accurately represent our current position, as these transactions were processed in the previous accounting period.
Ideally, the reconciliation report should display the actual unfiled VAT on both sales and purchases, alongside the current balance of the nominal ledger, rather than just postings from the current period.
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jenna lovett
commented
I would like a report that shows the transactions that make up the Unfiled amounts on the VAT Reconciliation report.
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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A revised VAT reconciliation report, the old version is out of date and with the introduction of MTD for VAT it no longer works.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
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Ben Case
commented
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.