2 results found
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Chart of accounts
The chart of accounts should be a “live” trial balance- always showing the the balance as of today.
It should also have a date filter so you can quickly change the date of the balances shown.
This is how it works in Business Central. Much cleaner and quicker than the ten clicks to go to reports, find the right report, adjust all the filters… etc.
1 voteYou can already see this in Xero Paul! When you go to the Chart of Accounts it shows up-to-date balances as of today because Xero calculates each balance from all recorded transactions up to the current date; revenue and expense accounts show current financial-year totals, while asset, liability and equity accounts show today’s balance.We have a bit if help around this in Xero Central😊
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Swing/Switching accounts
Balance Sheet accounts should have a tick box to provide the option to treat them as a swing/switching account so that it automatically reclassifies itself between an asset and a liability depending on whether its closing balance is positive or negative.
1 voteHi Belinda, the suggestion described here is supported through Switch Rules on the Balance Sheet. This is useful for accounts where the balance can move between a debit and credit position from one reporting period to another.
Once configured, the account can automatically appear in the appropriate asset or liability section based on its balance.
I’ve updated the status to Existing Functionality and closed the idea for voting.
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