Settings and activity
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16 votes
Claire Stephens
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59 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 Claire Stephens
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4 votesClaire Stephens
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The ability to manage the financial year-end is a great addition, however, why is it that the transition period can only be more than 12 months? I have clients who have reduced their accounting period when changing year-end, as otherwise they would have a period longer than 18 months, which isn't allowed for limited companies. Currently, if I change the year-end without a transition period, I lose the previous year's data and the fixed assets entries undo themselves! If I add a transition period, it rolls two accounting periods into one of 19 months, so they won't agree with my statutory accounts. This is really not acceptable. We need this sorted asap - it's not just the basis period reforms which make this a priority as it applies to limited companies too.