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  1. Reporting - Calculate COGS for Untracked Inventory items: Opening Stock + Purchases - Closing Stock

    14 votes

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    3 comments  ·  For small businesses » Accounting features  ·  Admin →
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    Not in pipeline  ·  AdminKelly Munro (Community Manager, Xero) responded

    Hi community, in the way untracked inventory in Xero works it isn't possible to automatically calculate cost of goods sold for a period in your reports. 

    There is a way to go about this yourself through entering Manual Journals to account for the Cost of Goods sold, and adjusting the value of inventory on your Balance Sheet. 

    You'll want to enter your Conversion Balances into an account that has a Current Asset type rather than an inventory type (Inventory type is reserved for use with tracked inventory in Xero and can't be coded to on manual journals).
    To avoid potential taxation and reporting issues - We highly recommend contacting your accountant to check whether this is suitable for your business, or if you need additional clarification on what journals to enter. 

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    Miguel Ángel Sánchez commented  · 

    A pretty good answer is given here pending Xero's introduction:
    https://central.xero.com/s/question/0D51N00004BXrgLSAT/yearend-manual-journal-entry-to-nontracked-inventory-asset-accounts

    Miguel Ángel Sánchez supported this idea  · 

  2. Multicurrency- Batch payments of Foreign Currency Bills.

    494 votes

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    175 comments  ·  For small businesses » Accounting features  ·  Admin →
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    In development  ·  AdminKelly Munro (Community Manager, Xero) responded

    Hi team, appreciate wanting an update - I'm pleased to share the beta went well and we've now launched international bill payments for our UK customers, making it easier to pay overseas suppliers.

    Using open banking, UK businesses can now securely send money to 180+ countries including Europe (EUR), America (USD) and Australia (AUD). So you don't have to juggle multiple platforms or hidden fees. Whether you're paying a single bill or multiple bills at once, you can authorise payments prepared by your team and easily track which suppliers have been paid.

    We’re committed to new ways to expand our bill payments feature for small businesses and their advisors in other regions by leveraging new technologies, where available. I'll keep you updated of any further developments for this, here.

    Miguel Ángel Sánchez supported this idea  ·