Close periods for period reporting
Ability to close and lock a period for accounting and reporting purposes to ensure that, once figures are reported and published, those figures do not change. Any necessary changes (VAT rates, corrections etc) to source documents could be made but the impact should fall in the current, open period.
Katie Bell
shared this idea
Appreciate raising your idea on the site, Katie.
Currently within Xero there is the ability to Publish a report that'll keep a copy of the report and it's data as at the date the report was run, as well as the ability for an adviser to set lock dates that'll stop transactions being raised or edited for past periods.
Do these 2 features fulfill what you're in need of here?
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Tejal Shukla
commented
Big need for us as well-having the ability to post/rectifiy transaction for past locked periods in the currentperiod without effecting past published accounts, VAT filings etc.
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Angela Allard
commented
Can Xero allow for two dates when posting an invoice, one that was the true date of the invoice and one for the accounting period.
We are part of a multi national company and are required to lock our period once we have reported.
We have recently had an external review of our VAT transactions and one of the points raised was - invoices received after the quarter end are not being booked in the correct VAT period. We currently work around this on the system by adding the invoice date in brackets after the invoice number in the reference but this does not resolve the VAT issue.
It would be very helpful to have two dates when posting an invoice, one that was the true date of the invoice and one for the accounting period whilst also maintaining the locked periods.
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Sarah Bijoy
commented
This is a big need for me as well. To be able to post invoices/bills received with their correct date even when they are received after the books are closed and finalized with external parties. Having 'published reports' being different than what is in the system is too messy/have to compare the published vs. what is in xero and figure out the cause of the difference each time it is reviewed. It is important for me to use the actual date of the invoices (so they are easy to research and confirm with our vendors) versus having to put future dates on them so that they do not change the activity in the prior months/years.