Settings and activity
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14 votes
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Jaine Wills
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55 votes
An error occurred while saving the comment Jaine Wills
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I have an overpayment from FY2022 that I now need to allocate to an invoice in FY2023. I can't do this as the period is locked. I can't unlock the period, as it will then cause an imbalance between Xero and the filed accounts. Equally, I can't just leave it there.
This is needed; please add it to your roadmap.
Jaine Wills
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38 votes
Hi everyone, as mentioned earlier our team have been making change across Xero to align with the UK basis period reforms. We recently made a change to Financial settings so you can add start and end dates to different periods. This change impacts multiple areas of Xero. As a reminder from our last post -
Fixed assets will draw on this information, to prevent any loss of historic information when your year end changes. Everything will automatically be calculated for you based on the period start and end dates you set in Financial Settings.
The same story will apply in Reporting. All historic reports will be protected. And you’ll have accurate comparison periods even across varied financial years.
In Xero Tax, you’ll be able to enter transitional profit, and track this across five years.
In the meantime, once your practice is comfortable with the implications of basis period reform, it’s…
An error occurred while saving the comment Jaine Wills
commented
One of my clients recently changed their accounting period, and it would have been really useful to see the last filed accounts as the "previous" period rather than a period based on the new accounting period.
Jaine Wills
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318 votesJaine Wills
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An error occurred while saving the comment Jaine Wills
commented
Absolutely necessary - please add
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96 votes
An error occurred while saving the comment Jaine Wills
commented
Whilst not strictly speaking a prepayment, I need to record USD payments in advance (deposits to Chinese suppliers) that, ideally I can attach to the invoice which is only raised once the goods are received (many months later).
We have projects that could last a number of years as we decide if they are viable and get them ready for sale. We need to know, at the outset, what spend we are likely to have on specific nominal codes. The spend comes in haphazardly but we still need to manage budget and spend. The option to add a budget figure in and refer back to that one, rather than month by month, is vital to our planning and success.