5 results found
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STP finalisation for Australian markets
For future reference, I would like to share the solution we received, as it was much simpler than the long winded process that had been suggested by Xero support
Following the change to our payroll Branch ID, it is correct that employees will see two income statements in their ATO/myGov account after STP finalisation. However, the important distinction is that the two income statements have different statuses—one is marked "Tax Ready" and the other is marked "Not Tax Ready."
Based on the advice from our tax agent, employees should use only the income statement marked "Tax Ready" for their tax…
2 votesHi Chandra
Thank you for providing this info on Xero Product Ideas!
You are completely correct: If an employers branch or ABN is changed mid-way through a tax year, it creates two separate income statements for employees. If only one of those statements is finalised, the remaining income statement will continue to show as "not tax ready."
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Xero Tax (UK) | Warning when reclassifying assets and liabilities that Xero automatically reverses the balances
I've had an issue when filing accounts on Xero tax that I reclassified an asset as a liability, and it would be helpful to have a warning pop up to let us know that Xero automatically reverses them. It caused significant issues not realising this.
1 voteHey Stewart, this is now possible by using the new Company Accounts option instead of classic Xero Tax. Company Accounts doesn’t automatically move negative asset or liability balances to the opposite side of the Statement of Financial Position. The balance remains in the group determined by its report-code mapping, which allows balances such as provisions to remain with debtors where appropriate.
If a balance does need to move when it becomes negative, you can configure a Switch Rule, similar to the switch option available in Xero reports:
- Open the filing in Company Accounts.
- Open the Statement of Financial Position.
- Select the relevant statement group and open the Switch Rules panel.
- Choose the source group and the destination group.
- Select the specific report code in the destination group.
- Set the rule to move negative items or the entire group, then save it.
Switch Rules apply separately to each accounting period, and…
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VAT - Create an Out of Scope VAT code
Create an out of scope vat code as strictly speaking this is not actually any of the other codes that already exist despite being advised to use them.
11 votesThis is already available within Xero Sarah. While not specifically called 'out of scope' the No VAT tax rate is the out of scope VAT tax rate to use. When you assign the No VAT tax rate it is not included in the VAT return and is separate from the Exempt or Zero rated VAT tax rates.
We have a bit if help around this in Xero Central but if you need an extra hand you can raise a case with our Xero Support specialists. 😊
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VAT Return — View invoice numbers
Could the VAT transactions report in the VAT return include the invoice number as well as or instead of the reference?
This would make the review to see if there are any missing invoice numbers much simpler. Our invoices are created in another software package by a number of people who sometimes include text as well as the invoice number and it makes sorting by numerical order time consuming. Having the invoice number as a field would make it very easy to sort in numerical order and identify missing numbers.
10 votesThis is already possible within Xero. When a Sales Invoice is included in the VAT return, under the Transactions by VAT box the Invoice number will appear under the Reference column. If the transaction is a Receive Money transaction there is no entry under the Reference column. If you need an extra hand you can raise a case with our Xero Support specialists. 😊
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UK VAT - Ability to enter VAT scale charge
Ability to enter VAT scale charge on VAT returns.
Purpose: To easily enter and calculate VAT scale on charge in Xero.
10 votesThis is already possible within the Xero VAT return. to adjust for the fuel scale charge when you are on the standard rate VAT scheme:
- Beside Box 1, click Adjust and enter the VAT element of the scale charge.
- Beside Box 6, click Adjust and enter the VAT-exclusive/net element.
- Add a reason, such as “Fuel scale charge – Q2 2026”.
- Leave Create accounting transaction unchecked if you only want to adjust the return. Then click Update.
For example, a VAT-inclusive charge of £120 would normally be entered as £20 in Box 1 and £100 in Box 6. Check the exact treatment with the business’s accountant, particularly if they also want a journal posted to the accounts.
If you need an extra hand you can raise a case with our Xero Support specialists. 😊
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