Reports & tax

3 results found

1. US - W-9 request from contact page

   Make W-9 request available from the contact page. Perhaps where financial details are manually entered. Why have to go over to the 1099 report?

   6 votes

   vote vote vote

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   vote

   We’ll send you updates on this idea

   1 comment  ·  Tax filing  ·  delete…  ·  Admin →
   Completed  ·  AdminKelly Munro (Community Manager, Xero) responded

   Hi everyone, we've released a new 'Tax Details' section for US customers in Contacts that allows you to request W-9s from a contact you've set up in Xero. From this section you'll also be able to see a contacts W-9 status and manually update this if needed.

   We've also added additional fields for 'Name on the income tax return' (previously 'Legal name') and 'Business or disregarded entity name' in Contacts to match the 1099 W-9 Management space.

   Thanks for sharing and staying updated with us here through product ideas.😊

2. Sales Tax Adjustment at Filing

   Add a quick option to create a manual journal entry to adjust the sales tax amount paid when reporting and filing sales taxes.

   My state (and others, I assume) forces me to round up to the nearest dollar the amount of sales tax I owe when I file, which results in the filed number being different than what's in my "sales tax" account in Xero. I then have to add a manual journal entry to adjust that amount - usually debiting from one of my product categories.

   It would be nice to have the option to do this automatically when marking my sales tax report as filed (a couple of clicks to make an adjustment and choose the proper account), rather than having to go find the journal report and create a journal entry manually. This feature exists in Quickbooks.

   Add a quick option to create a manual journal entry to adjust the sales tax amount paid when reporting and filing sales taxes.

   My state (and others, I assume) forces me to round up to the nearest dollar the amount of sales tax I owe when I file, which results in the filed number being different than what's in my "sales tax" account in Xero. I then have to add a manual journal entry to adjust that amount - usually debiting from one of my product categories.

   It would be nice to have the option to do this automatically when… more

   2 votes

   vote vote vote

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   vote

   We’ll send you updates on this idea

   0 comments  ·  Tax filing  ·  delete…  ·  Admin →
   Completed  ·  AdminKelly Munro (Community Manager, Xero) responded

   Hi team, returning to confirm that we've now released an improvement so you can handle variances in the Sales tax amount payment and make sure this matches what is owed to the state. You'll find you can now record an adjustment when marking a State sales tax report complete. See more on this in Xero Central.

3. 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 then is rounding results underpayment to the tax authorities as it goes into the P&L while adding a new line in bills goes straight to GST account does not reflect in the GST Form 5 transactions report as GST rate was not selected.

   This is a very basic feature that Xero should have as we're answerable to the tax authorities for the GST reported and should tally with the invoices/bill figures, which should override Xero's auto calculation.

   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… more

   2 votes

   vote vote vote

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   vote

   We’ll send you updates on this idea

   0 comments  ·  Tax filing  ·  delete…  ·  Admin →
   Completed  ·  AdminKelly Munro (Community Manager, Xero) responded

   Hi 👋 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,

   1. Select the Tax Exclusive option in the Amounts are field.
   2. 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.