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In NZ we are required by law to keep 7 years of records for the IRD (tax department). I make a point of destroying old financial records that are older than 7 years. Xero doesn't have a mechanism to purge old data. I see in my Xero I full record including invoices, supplier invoices and financial data back to Jan 2014.

I would like to see a system whereby old data was completely wiped, and summary starting figures created for the purged data period, say as at the start of each tax year, for me 1 April 2018 so that the Xero calculations etc still worked.

This would be summary data like opening balances, exactly the same as if you started Xero transferring from a different financial management system.

Surely this is good for Xero too, because as the years tick by, your storage today contains everyone's old data, even though by law I am not required to hold financial records older than 7 years.

That also ticks the green box by reducing storage which equals less electricity and resources consumed, holding on to attachments and data that clients like me don't want to keep and legally are not required to do so.