207 results found
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Financial Settings - Shorten financial year
Ability to shorten a financial year end on Xero without messing up reporting.
E.g. when a company's financial year end is shortened from 30 June to 31 December so there is a 6 month transition period needed.45 votesSorry we've not updated on this idea sooner.
We've now added the ability for you to create a short transition period (between 1 - 12 months long) when changing the Financial Year End date within your organisations Financial Settings.
To confirm the work in this space - Aligning with the UK basis period reforms we've made a change to Financial settings in Xero, so you can add start and end dates to different periods.
This change impacts multiple areas of Xero;
- Fixed assets will draw on this information, to prevent any loss of historic information when your year end changes. Everything will automatically be calculated for you based on the period start and end dates you set in Financial Settings.
- The same story will apply in Reporting. All historic reports will be protected. And you’ll have accurate comparison periods even across varied financial years.
- In Xero Tax, you’ll…
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Reports - Aged Creditor & Debtor reporting format
Could we please create an Aged Creditor & Debtor reporting format for the Ageing Period Title to show "Current. 31-60 Days. 61-90 Days. 90+ Days. Total" . Clients doing Tenders are required to do use this format on reports.
1 voteHi Judy, this is already possible with Aged Receivables Detail and Summary reports. You'll find within the Ageing section that you can adjust to choose the number of periods then you'd want to enter 30 and Days.
If this is your preferred view, you can save as custom to make this easily accessible.
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Payables report
Create a payables report in Xero accounting software that shows all future committments due within a date range that includes supplier credit notes
1 voteHi Lea, this is already possible with the Payables Invoice Details or Summary reports. It's based on the date range set for the report. So if you set a date in the future you'll be able to see all activity that has been entered with a date in that period.
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1099s - Fully integrate the 1099 Contact page with main Contact page
Xero finally added Legal Name & Business Name fields so we can actually file 1099s properly for sole proprietors that have a different legal name than the contact name. This was a critical improvement But now we have to toggle between two different contact pages because there isn't full integration between the 1099 Contact page and the main Contact page. We want to set up vendors properly from the start, get a W9 on file before our client even pays a vendor ideally (and we're not always going to use your W9 link), and so when we get that W9,…
8 votesHi team, we appreciate your feedback and sharing with us here. We've made some changes in this space and recently released a new 'Tax Details' section for US customers in Contacts.
This allows you to request W-9s from a contact you've set up in Xero, and you'll also be able to see a contacts W-9 status and manually update this if needed.
Additional fields have been added for 'Name on the income tax return' (this was previously 'Legal name') and 'Business or disregarded entity name' in Contacts to match the 1099 W-9 Management space.
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1099 - W9 file attachments
We've lost the ability to see if there are attachments on contacts - it used to be a quick way to see if a PDF W9 was on file. We also used to keep a 1099 file in Xero Files and would link those to the contacts, so we could quickly see if clients had been updated. That was especially helpful when names didn't correspond well (dba's and such). Now the files are hidden in the Files section of the Contacts but their aren't visible from the 1099 management.
2 votesHi Gina, with our recent update for contacts this should now make the idea you have here possible. With our latest change you can now attach files from the file library to a contact again.
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1099s - Exclude PayPal transactions from 1099 reports.
PayPal transactions should be excluded from 1099 reports but they are currently included.
7 votesHi everyone, we have just released a change for the 1099 reports. Now, PayPal, Stripe and Venmo transactions are auto-excluded from 1099 reports based on the description of the item in an Invoice or Bill. Or, the reference in an Invoice or Bill 😊
We appreciate your interest and sharing with us for the idea here. Thanks
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E-mail template for W9 request
I would like an e-mail that could be sent directly from XERO requesting the the W9.
2 votesHi community, with a recent update we've made you can now link your email client within the W-9 modal in both Contacts and 1099 in Xero. There is also an email template provided which you can edit the contents of to suit your business. 🙂 See more on this in Xero Central.
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SG - Manually edit GST amount
There is a need to manually edit the amount of GST paid instead of using Xero's calculation. For example, for credit card merchant fees, merchants calculate GST based on individual transactions and sum up the total GST payable, add onto the merchant fees for the total amount payable. As Xero calculate GST based on the total amount, there is a difference in the GST payable. Other accounting systems allows you to adjust, and it will automatically adjust the total amount. Without this feature, we have to use either rounding (for below 0.10c) or add a new line item. The problem…
2 votesHi 👋 Xero calculates the GST on each line item in invoices, bills and other transactions. The GST is then rounded to the nearest cent. The total GST is the sum of these amounts.
We don't offer alternative rounding methods but if you have the global or Singapore versions of Xero you can enter a tax adjustment if you want to.
Simply,
- Select the Tax Exclusive option in the Amounts are field.
- Edit the amount shown in the Tax Amount box - if this box isn't showing, click the + symbol next to the Tax Rate heading
We have more information in our article here.
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Reporting - Report that shows bank entries with the same value
It would be great to have a report that would highlight any payments paid from the bank account with the same value.
2 votesHi team, you could use the Account Transactions Report here. When you run this report, select the bank account, then sort the results by the relevant amount column, this will group any items for the same amount together.
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Direct Bill Payment - Report showing the payment charges
Xero to create a function that allows you to see a total of Direct Bill Payment charges through a specified time period (similar to running a report on a specific account type). It is a direct cost and therefore it should be very simple to obtain the information. At the moment there is no real visualization, you can only obtain the information by multiplying the amount of payments made in a certain period by £0.24. When handling client money, this means a report needs to be created separately outside of Xero to show in a transparent manner what has been…
1 voteHey Theresa, thank you for raising this suggestion. Whilst there isn't a report dedicated to showing the Direct Bill payment fees, you can use the Account Transactions report to see the fees for a specified time period.
The payment fees are recorded as spend money transactions to the 'Payment Fee' account. Running the Account Transactions report on this account will show you the fees paid.
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Reporting - Add a GST Summary Tab to the Activity Statement
Include an extra tab that summarises the totals for the Tax Rates including the cents.
This will eliminate the need to scroll through all the detail to code the journal/payment.
2 votesHi team, I know it's been sometime since this idea was originally raised and we wanted to provide an update for you all here.
Xero's Activity Statement report today has two tabs - Summary and Transactions.
The Summary tab summarises the Tax Rates totals of all transactions. This shows a round number without cents in line with ATO. Transactions tab includes all transactions associated with the Activity Statement period.
You can find more detail about how Xero populates the Activity Statement on Xero Central.
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History & Notes - Filter to see only bank account changes to contacts
History & Notes Report - have a filter for changes made to bank accounts within the contacts menu
1 voteHi there! You can already achieve this by filtering the History and Notes report by Contact, and also using the search to refine the results by bank account edits. I've attached a video demonstrating how - hope this helps 😊
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Reporting - Profit and Loss format to show EBITDA
Can we please have a few new GL Account categories so that the P&L can be printed in the standard format to show EBITDA, EBIT, Profit before Tax and Profit after Tax.
Should be a fairly simple addition to the available categories, to add Interest, Depreciation and Tax as categories would enable this.
This could also help with the enhancement of the Cashflow Reports.29 votesHi team, we've now introduced Xero Analytics in which you can achieve what you're after here.
With the Business Health scorecard you can create EBITDA and EBIT metrics.
In addition, you can exclude these accounts in your widgets on the Xero Analytics dashboard as well as in the visualisations.
We appreciate and thank you for your interest of this with us here in Product Ideas.
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Reporting - Aged Payables with foreign currencies
Thank you for listening regarding the changes that you implemented in July 2023. Bringing back a simple icon that signifies a foreign currency is a big help in Aged payables and Receivables
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Report Templates - Set specific notes as hidden by default
Hi there,
Absolutely loving the new 'hide' note function in the financial statement templates. This is a much appreciated update! Could we look into adding an option for certain notes to be hidden by default in the adviser report templates? The reason being, that our firm uses a standardised template that includes a number of accounting policy notes that may not be applicable for all entity types. Our current process was to delete the notes that were not relevant and there are a number of notes that are irrelevant more often than not. If we had the ability to hide…5 votesHi team, this is now available to everyone! 🎉 You'll now find you can manually hide a note (text block or schedule) in the master practice report templates.
Thanks for contributing here in Product ideas and letting us know the changes that matter to you 😊
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Reporting - Trial balance as favourite
Trial balance should be included as Favourite in reports.
1 voteHey Syed, you can mark any report as a 'Favourite' by selecting the star icon next to the Report name in your Accounting > Reports screen.
I've attached a screenshot as an example 😊
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Balance sheet - dollar value variance on reports
Ability to show a variance column as a dollar value on a balance sheet report to show changes over the year and make it easier when inputting this data into another system for preparation of financial reports.
1 voteHi everyone, as noted in my previous update you can currently include a variance column on the Balance sheet in Xero using the Layout Editor to add a Variance column.
We'll shift the idea to delivered. 😊
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US Tax - Manually amend the W9 Status to Received
I want to start using the W9 Management tool going forward. I have a number of Suppliers that I received the paper pdf of the W9 and I have populated the 1099 info manually and attached the W9pdf to files. However, in order to use the new tool effectively, for those that I already have the details for, I would like to manually amend the W9-Status to received, so only new suppliers are highlighted as not received and I can send the link out for completion. Not being able to change the flag to received for historical clients actually makes…
2 votesHi community, our product team have been doing some work in this space and we're pleased to share that as of today you can now manually mark a W-9 as being received from the W-9 Management page 🎉
This helps you edit the status where you have received W-9 forms through another source, such as PDF.
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Activity Statements - Collapse or Expand Transactions by Tax Type
It would be really helpful when in the Transactions by Tax Rate or Transactions by BAS Field tabs in the Activity Statement if you could collapse by the Tax Types. It is currently very cumbersome navigating these screens for businesses with high volumes of transactions. If you want to view the GST Free Expenses, you will have to scroll through hundreds of transactions and hope that you find the GST Free Expense heading in amongst all of them. The current work around is to export to Excel and manage the data that way, which isn't always ideal.
3 votesHi Amy, I'm pleased to say that we've recently introduced this feature, making several improvements to the GST transactions report:
- The 'Transactions by Tax Rate' and 'Transactions by BAS Field' tabs have been combined into a single view, now accessible through a 'By Tax Rate vs By BAS Field' filter.
- Users can now filter transactions by specific BAS fields, tax rates, or both, a feature that is particularly beneficial for organisations with a large volume of transactions.
- A wider view has been introduced for better visibility
- We've also added a sticky top header for easier navigation.
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NZ GST return - Ability to customise the GST Audit Report layout
Can the GST Audit report print in order to match return , Ie sales at top, than expense and non GST last. rather than exporting and sorting . Usually less transactions and easier to check first. but have scroll through 100s to find.
3 votesHi all, just confirming as per my recent update. Within the Transactions tab of the new GST Return, you can now choose to view by box number or tax rate, giving more customisation of how you review associated transactions.
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