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AU Tax - Expand Financial Mapping to Include All Tax Return Schedules

Currently, when mapping the chart of accounts from your financial statements in Xero Blue to the tax return labels in XPM, you can only map to labels in the business schedule section of the return.

This means that accounts relating to other tax labels, such as rental property schedules, or other deductions, must be noted as "do not import", and then entered manually.

It would be great if there was the ability to map these accounts, in addition to those relating to the business schedule, as it would lead to further efficiency gains for accountants using Xero's suite of products.

Thanks!

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Sam Herbert shared this idea  ·   ·  Report…  ·  Admin →
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Gaining Support  ·  AdminAnis Anuar (Admin, Xero) responded  · 

Hi community, thanks for engaging with this idea! It’s already gaining strong traction, and we can see how important this is to many of you.

We understand the value of being able to map general ledger accounts directly to all tax return schedules in Xero Tax, not just the business schedule. This improvement would go a long way in streamlining tax workflows, increasing efficiency, and reducing the risk of manual entry errors.

The idea is now in the Gaining Support stage. Your continued votes and comments help highlight its importance and guide our product team's priorities.

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  • Melanie Costin commented  ·   ·  Report

    Thanks Sam, fantastic suggestion! I have a lot of trusts with investments - rental properties, shares, ETF/managed funds, term deposits/high interest earning accounts - being able to map these accounts would save me so much time.

  • Abelardo Garcia Aguilar commented  ·   ·  Report

    I think it would be good to get the option to reconcile the ledger accounts like Prepayments and Accruals. We can mark the transactions and the corresponding reversals as cleared. So we can quickly create a schedule by filtering the uncleared transactions.
    Xero should think of providing this clearing feature which is available in QBO