Settings and activity
3 results found
-
1 vote
Norman Cates
shared this idea
·
-
28 votes
An error occurred while saving the comment Norman Cates
supported this idea
·
-
69 votes
Hi everyone, appreciate and why you'd like to rename files. Our teams are aware of the interest in this and will consider for future enhancements, however we want to upfront that there are no immediate plans just yet. If there is any progress around this we will be sure to share with you on the idea, here.
Norman Cates
supported this idea
·
I am a New Zealand sole trader and contractor for a company. I submit a timesheet, and they generate a IRD approved Buyer Created Invoice. They send me my payment with GST added, and witholding tax deducted.
There is no accurate way to extract the witholding tax from the final amount deposited to my account.
There is a hacky way, detailed here:
https://www.laurenson.co.nz/2017/09/accounting-for-the-tax-withheld/
But because Xero doesn't hold a high enough number of decimal places in the percentage field, the amounts are inaccurate by some cents each time. Which over the course of a year increases to a reasonable error.
I do not have to generate an invoice out of Xero for these payments.
What we need is a way of acknowledging that witholding payments have been deducted, and work back accurately to the original amount.
This way of receiving payment is pretty common here in New Zealand, and I daresay other countries like Australia.
I don't know if this may need some form of automatic invoice to be created, as a stand in for an actual invoice I send out. If it did, then some way of having that generate quickly and pretty automatically would be great.
As a note, as part of their process, I do get sent their Buyer Created Invoice in my email, so if that could be read in, as an invoice from my side, then that would probably be a good solution, since it provides all the amounts, in precise detail....
Thanks