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169 votes
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Simon Jones
commented
My request is a pre-requisite for making this work, you can't have the group reporting without meaningful intercompany accounting functionality. This means being able to run invoicing and bill processing to separate intercompany income, cost, receivable and payable accounts. This is also a must for meaningful entity financial statements disclosure where intercompany receivables, payables, income and cost are important if material and can impact tax too
An error occurred while saving the comment Simon Jones
commented
to do intercompany transactions properly and isolate them in the p&l and balance sheet to allow easy elimination on consolidation requires a parallel set of accounts to sales ledger and purchase ledger to allow intercompany invoicing and booking of intercompany bills. This would keep intercompany transactions properly separate but maintain the sales and purchases functionality. At the moment to make this work properly the work around means use of journals and pdf invoices produced outside xero - not pretty and definitely not ideal
Simon Jones
supported this idea
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37 votes
Appreciate your input here, everyone. Our team is aware of the challenges our partners are facing around the auto-reversal of negative balance. It’s on their roadmap to investigate and provide a better user experience.
For the time being, I’ll move this idea into ‘Under review’ status. And when there's movement, we'll make sure to come back here and let you all know.An error occurred while saving the comment Simon Jones
commented
Hi Catherine
Yes –if you name the account: “Less Provision for…… it stays with the asset as a reduction, the L and the P have to be capitalised – it does work, though how anyone is supposed to know this from the training material I don’t know!
Simon Jones
supported this idea
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109 votes
Hi everyone, though appreciative of the idea. This is a function available through the Xero Tax Product with a Xero advisor, and we don’t have plans for developing this capability from within a Xero organisation.
You can find an advisor to suit your full business needs through Advisor Connect.
An error occurred while saving the comment Simon Jones
commented
Interesting commercial challenge! I can see how this would work well for companies with capable finance departments, but a number of my clients would "want to have a go" and then stuff it up, as to complete the CT600 properly for anything but the most basic company a reasonable level of detailed tax knowledge is needed and doing year end accounts "correctly" requires a certain minimum level of knowledge too. As a Xero Partner I'd probably bill more helping clients sort out their filing issues than from just doing it for them!
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5 votesSimon Jones
shared this idea
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technically I'd have thought this was straight forward. A separate data dump consolidation module allowing each entity to dump p&L balance sheet and analysis codes (if required) into a data cube. It would require a "Consolidation entries " ledger to be treated as a separate entity in the data dump, and some basis accounting discipline in adhering to a standard group Chart of accounts. But apart from that - Simples! so Xero please can you just do it and stop ******* around with new expense apps that replace old ones that work fine!