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1. Manual Journal - Ability to set default for 'Show journal on cash basis reports'

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   submitted  ·  56 comments  ·  For small businesses » Accounting features  ·  delete…  ·  Admin →
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   Richard Millington supported this idea  ·  09 April, 2024

2. VAT Return report - Transactions not included

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   5 comments  ·  For small businesses » Accounting features  ·  delete…  ·  Admin →
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   under review  ·  AdminKelly Munro (Community Manager, Xero) responded

   HI team, our article here will likely help you identify transactions that have not been included in your VAT return. 

   You can run the Account Transactions report to compare with the Transactions by VAT box tab of your VAT return. 

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   Richard Millington commented  ·  06 September, 2023  ·  Edit…  ·  delete…

   Currently, to find any transactions not included in a VAT return it's a case of comparing two reports which depending on the amount of transactions can take a lot of time.

   Could a filter be added into reports so you can clearly see this information quickly and then action any corrections (if needed)?

   Software like sage and VT clearly show a reconciliation mark to show it's been included so seeing this information takes seconds..

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   Richard Millington supported this idea  ·  06 September, 2023

3. VAT - Automatically calculate VAT using the Marginal Scheme

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   19 comments  ·  For small businesses » Accounting features  ·  delete…  ·  Admin →
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   submitted  ·  AdminHannah G (Admin, Xero) responded

   Hi everyone, thanks for your interest in this idea.

   For now, I wanted to share that we're aware some users have the following process to record their transactions. The example uses a vehicle with a purchase price of £1500, and a sale price of £2000.

   1. Record the purchase of the vehicle on a purchase Bill for the full purchase price of £1500 with a tax rate of VAT Exempt. So the purchase is recorded in box 7 on the VAT return.
   2. Record the sale of the vehicle on an Invoice for the full £2000 - using the Tax Exclusive option, and then manually changing the VAT calculated to the required amount - £83.33 (i.e. 20% on the profit of £416.87 or 1/6 of £500) by clicking the small plus box above the Tax Rate.

   This will mean that you only charge £83.33 VAT for the overall profit figure, and ensuring the correct amounts are reflected in boxes 1, 3, 5 and 6.

   You could also create a custom invoice template to use with the invoices that hides the VAT detail. You'd need to insert the TaxInclusiveLineAmount field and remove the other Tax reference fields.

   Hi everyone, thanks for your interest in this idea.

   For now, I wanted to share that we're aware some users have the following process to record their transactions. The example uses a vehicle with a purchase price of £1500, and a sale price of £2000.

   1. Record the purchase of the vehicle on a purchase Bill for the full purchase price of £1500 with a tax rate of VAT Exempt. So the purchase is recorded in box 7 on the VAT return.
   2. Record the sale of the vehicle on an Invoice for the full £2000 - using the Tax Exclusive option, and then manually changing the VAT calculated to the required amount - £83.33 (i.e. 20% on the profit of £416.87 or 1/6 of £500) by clicking the small plus box above the Tax Rate.

   This will mean that you only charge £83.33 VAT for the overall profit figure, and ensuring the correct amounts are reflected in boxes 1, 3, 5 and 6.

   You could… more

   Richard Millington supported this idea  ·  28 September, 2022