Transition period for non UK organisations - managed financial year end
Can the transition period for change in financial year date be added to companies that are non UK organisations as well. we have a group of companies that all extended their financial year but i have only been able to use the transition period in UK organisations. Why is this not an option in non UK organisations?
Claire Cooper
shared this idea
Hi Claire, thanks for raising this. We appreciate you sharing the want of having the transition period feature across all the regions while it is only currently available for UK organisations. Your idea is now in Gaining support status, meaning our community team have reviewed it and it's open for community support through votes and comments. We encourage others who would benefit from this to add their votes and share their use cases to help us understand the broader need.
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Justine Rae
commented
We have some clients who are on the Global Xero rather than UK and this is a significant problem. The companies have changed their year end and we are unable to create a transition period without changing fixed asset start dates etc The companies have changed their year end date for current reporting periods NOT for previous periods so we need to maintain their xero records to align with their statutory accounts.
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Haley O'Brien
commented
Yes we have some clients who are on the Global Xero rather than UK and this is a problem. The company has changed their year end and we are unable to select a transition period as we can on our UK Xero clients without a warning sign that all the fixed assets will change etc. Why is the UK version quite easy but global isnt? The company has factually changed its year end why do i need to re add all my fixed assets and re-depreciate them?
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Wehan Dreyer
commented
We see companies more than ever considering year-end changes lately, and I suspect it is less about preference and more about fit. In many cases, the traditional Feb year-end no longer aligns with the business' operating cycle and reporting requirements. This limitation could become a real weakness for Xero if not addressed soon.
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Quanette Kruger
commented
When a existing company had a year end change, there should be a a option to add the new year end. Currently when you add the new year end, all of the reports change to the new year end.