Xero Tax (UK) | Ability to switch between FRS 102 to FRS 105
Needed: an option button in Xero Tax which switches the Accounts between FRS 102 and FRS 105.
The majority of our Clients only require FRS105 Accounts to be submitted to Companies House but they all ask for FRS 102 Accounts to provide to their Bank or for applying for mortgages etc.
We also want them to sign FRS102 Accounts since they have much more disclosure and if Clients simply see the FRS105 version of Accounts, they question the fee we charge them for such a small output (not realising the amount of work behind preparing them).
TaxCalc (which we came from) has this option to prepare in FRS102, then once approved, to submit in FRS105 format. With Xero, once the FRS102 Accounts have been approved, we have to literally delete those Account and start again to produce the FRS105 version for submission.
I think this is a critical function, so much so that we're considering reverting back to TaxCalc.
Andrew Barraclough
shared this idea
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Robert Scott
commented
An option to switch between FRS105 and FRS102 1A would be a great addition to Xero Tax.
Most of our clients only require FRS105 accounts to be submitted to Companies House but if they are applying for a loan or credit of some sort then they need FRS102 1A accounts. The only way to do this at the moment is to overwrite the original submitted accounts and re-do the FRS102 1A version from scratch.
If this option could be added to Xero Tax to make it easier to switch between the two versions that would be very helpful.
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Andrew Barraclough
commented
Needed: an option in Xero Tax which submits FRS102 Accounts in FRS 105 format.
The majority of our Clients only require FRS 105 Accounts to be submitted to Companies House but they all ask for FRS 102 Accounts (to provide to their Bank or for applying for mortgages etc).
To do this in Xero Tax once the FRS102 Accounts have been approved, we have to literally delete those Accounts and start again to produce the FRS105 version for submission.
TaxCalc (which we came from) has this option and it is so critical to us, that we're considering reverting back to TaxCalc.
We LOVE Xero Tax, so please add this function :-)