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AU Tax - Map financials to tax return label

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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  • 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