86 results found
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VAT - Ability to produce a 126 Schedule
VAT 126 - small local authorities can reclaim all VAT. To do so they need to submit a 126 schedule, which is not currently available within Xero. The problem is that the supplier's VAT number cannot be included in transaction reports.
The ability to produce the VAT 126 schedule would make Xero a very good option for the many parish and small town councils.13 votes🌟 Thanks for sharing this idea, and for explaining the need for a VAT 126 schedule for local authorities and similar organisations.
We’re moving this idea to Gaining Support so we can better gauge interest from the wider community and understand how many customers this would help. If this is something others need as well, we’d encourage them to add their vote and share more detail about how they’d use it.
Your feedback helps our product teams understand where there are gaps and what changes could have the biggest impact, so we really appreciate you taking the time to raise this.
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UK VAT - VAT calculations to 3 decimal points.
Xero calculates VAT on a line by line basis and rounds up at every instance. This leads to the VAT amount sometimes being more than a few pennies over the top of what it should be.
I propose that Xero calculates VAT to 3 decimal places, which will mostly eliminate this over payment to the VAT man and overcharging our customers. Or it only calculates VAT at the end of the invoice.
6 votesThanks for sharing this idea and the context behind it. We can see the value in increasing VAT calculations to 3 decimal places to help reduce rounding differences on invoices and bills.
We’re moving this idea to Gaining Support so we can better understand how many customers would benefit from this and gauge the level of community interest. If this is important to your workflow, please continue to vote and share examples in the comments so we can better understand the impact.
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VAT201 - Import 100% tax VAT adjustment
Import VAT on goods and services received. We require a 100% VAT adjustment, tax rate. Where 100% of the subtotal goes into tax; and 0% goes into the cost. At the moment when allocating 100% VAT it adds the subtotal + 100% VAT = doubling the amount. The alternative is to use multiple lines to off set the subtotal and take 100% of the VAT. Other accounting software has the ability to do a 100% VAT adjustment on one cost line, eliminating the need for the multiple lines and offset.
2 votesWe recognise that the current process involves additional steps to record the transaction correctly, and how this an be time consuming. We can see the benefit of having a 100% VAT option as requested, making it easier to record these transactions accurately on a single line. ⭐
Other can now vote for and support this idea, and we encourage others to comment on how this functionality would help their business too.
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VAT Reconciliation - Ability to view tracking category
Adding tracking categories to VAT return/reports:
I would like to run a VAT return/report per quarter to be shown by tracking category rather than as a whole. There is not an option on the current VAT report to add the tracking categories, therefore I think this would add benefits to any client that uses tracking categories for departments.
49 votesThanks so much everyone for the votes, comments, and continued interest in this idea over such a long time. It’s clear this has been on people’s minds for a while, and we really appreciate everyone who has taken the time over the past three years to share context, use cases, and support. 😊
Given the ongoing interest and the value in the discussion so far, we’re moving this into Gaining Support so it can keep building momentum and visibility. Please keep the feedback coming — the more detail we have on customer impact, use cases, and urgency, the easier it is to show why this matters.
Thanks again for sticking with it and helping keep the conversation alive.
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VAT Return - Add Source Column for Transactions
When reviewing a VAT return on the transactions by tax rate tab - there is no way to view the detail if the payment was through an invoice or bill even though you are able to see the detail if it is entered as a spend money or receive money transaction.
Being able to create bills and add attachments is extremely convenient, however, it is not when you are unable to see the detail you have provided when reviewing the VAT return.
Please look into this! Thank you.
13 votesThanks for sharing this idea. After reviewing this we’re moving it to Gaining Support.
At the moment, the behaviour in the VAT return’s Transactions by tax rate tab can vary depending on the transaction type and whether a reference has been entered. However, each transaction type can usually be identified in the current view by what appears in the Reference column:
- Sales invoices: the invoice number may be shown in the Reference column.
- Bills: the bill reference may be shown in the Reference column.
- Manual journals: the journal number is shown in the Reference column.
- Spend money and receive money transactions: there isn’t a clear label showing these transaction types, however they can often be identified by the lack of detail in the Reference column when compared with invoices, bills and journals.
We understand this can still make it harder to quickly distinguish spend money and receive money transactions when…
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Business Activity Statement - Calculate Wine Equalisation Tax (WET) in AU
Ability to calculate Wine Equalisation Tax in Australia.
Purpose: To easily comply with transactiona tax requirements in Australia
89 votesHi community, I know it's been some time since our last update here. Though we're continuing to follow and track the interest in automatic calculation of wine equalisation tax within Xero, for the time being this isn't something we've planned.
As some may have received detail from our support team on there is a way we suggest you can record your WET liabilities and credits within Xero - See our post on this discussion for the detail. Alternatively, there are app partners you could explore on the Xero app store.
If there are any changes around this we will be back to share with you all on this idea.
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