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1. Financial Accounts - Switch rules effect notes

   Would like to see switch rules work in the notes to the financial accounts the same way they work on the balance sheet - allowing for reclassification of accounts with negative balances, for example negative current asset to current liability or negative non-current liability to move to non-current asset.

   These issues are particularly acute when an account goes from positive to negative and vice-versa between current year and prior year.

   On the basis the switch rule does not operate correctly in the notes to the financial accounts, means that in many cases the switch rule is rendered an unusable feature - as switch rule will work in balance sheet but not in notes to financial accounts.

   Would like to see switch rules work in the notes to the financial accounts the same way they work on the balance sheet - allowing for reclassification of accounts with negative balances, for example negative current asset to current liability or negative non-current liability to move to non-current asset.

   These issues are particularly acute when an account goes from positive to negative and vice-versa between current year and prior year.

   On the basis the switch rule does not operate correctly in the notes to the financial accounts, means that in many cases the switch rule is rendered an unusable feature… more

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   5 comments  ·  Accounting features  ·  delete…  ·  Admin →
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   In discovery  ·  AdminKelly Munro (Community Manager, Xero) responded

   We appreciate everyone's input through the survey we shared through our last update here.

   Our product team are currently looking at a piece of work that could solve for the needs you've shared here. I'll shift your idea to in discovery and we'll keep you informed of any progress.

2. Xero Advisor Financials - Automatically fill notes or alert if figures don't match

   Currently notes need to be updated manually on the financial statements (as far as I am aware). New accounts need to be added to the respective notes otherwise the figure in the notes will not match the figures in the financial statements.
   I feel that this is inviting error as inevitably there will be times where this process is overlooked.

   it would significantly simplify the process if Xero recognises where a note is connected to a financial statement line item, and then automatically fills in the notes with the same accounts grouped in the financials.
   at the very least, there should be an error alert if the total in the financials do not equal the total in the connected note.

   Currently notes need to be updated manually on the financial statements (as far as I am aware). New accounts need to be added to the respective notes otherwise the figure in the notes will not match the figures in the financial statements.
   I feel that this is inviting error as inevitably there will be times where this process is overlooked.

   it would significantly simplify the process if Xero recognises where a note is connected to a financial statement line item, and then automatically fills in the notes with the same accounts grouped in the financials.
   at the very least, there… more

   4 votes

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   0 comments  ·  Accounting features  ·  delete…  ·  Admin →
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   In discovery  ·  AdminKelly Munro (Community Manager, Xero) responded

   Thanks for your interest and supporting the idea here. Our product team are currently doing some discovery for a piece of work that would also accomplish what you're after here. I'll keep you updated of any progress around this, here.