Xero tax (UK) | Balance sheet tagging
I was tagging my balance sheet and my VAT balance in the current year is a creditor but the balance last year was a debtor balance. Is there a way to tag them seperately so my debtors and creditors balances in the current and prior year are correct?
Crosby Enninful
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Hi Crosby 👋, our new company accounts production solution will be rolled out to all Xero Partners soon. This product delivers a more efficient workflow directly within Xero. It leverages report codes in Xero to produce the statutory accounts as opposed to iXBRL tagging and doesn't automatically reverse any negative balances, so you can now offset balances as you need to.
We're also working on implementing a similar concept to the 'switch rules' you have within Reporting for when you do need to present negative balances elsewhere. However this'll be completely within your control rather than the automated process. 🙂 I'll be back to confirm once it's all live!
