Prepayments Showing on Statments
I know this has been discussed before BUT this is a MASSIVE bug for us. We HAVE to code money received from clients as Prepayments with GST as we are governed by the GST laws to pay this GST to IRD when received. The client is not expecting back so NOT an OVERPAYMENT - it is purely a client paying ahead of time for their fee's so is a PREPAYMENT. NOT having this show on Statements is incredibly confusing for clients. They like to keep track of where they are at and we can't show them.
Previously saw the advise was to code as Overpayment to show on statements but as stated above this isn't legally correct due to GST rules and timing of receipt of income and declaration of GST so surely Xero need to come up with some other solution?
Jo Bosson
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