Settings and activity
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4 votes
Thanks for explaining what you’re trying to achieve. We’re moving this idea to Gaining Support so others with the same need can add their support and feedback.
To clarify, in Xero, cash and accrual are reporting options rather than separate sets of transactions or tax-account balances. Accrual reporting recognises income and expenses when they’re earned or incurred, while cash reporting recognises them when payment is received or made.
This means the same transactions can be viewed differently depending on the reporting basis selected. The tax account remains a single ledger account, and the tax basis can differ from the basis used for financial reports.
For the cash-basis visibility you’re looking for, the relevant reports can be run on a cash basis and filtered to the tax account where needed. The tax reconciliation report can also help reconcile the cash-basis amounts back to the single tax account.
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Robert Smith
shared this idea
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302 votes
Hi team, following on from my last update though our position remains that we don't have plans for making all reports available in report templates we wanted to share a recent change we have made.
We have unlocked the ability to add client-specific custom reports to Adviser packs, giving you additional flexibility and more comprehensive reporting, which we know has been a key request for some in the idea here.
As mentioned in our last post - we're very keen to continue to understand the interest in specific reports, so if not already please make sure to add your support or start an idea for a the report you'd like to see. Thanks
Robert Smith
supported this idea
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9 votesRobert Smith
supported this idea
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An error occurred while saving the comment Robert Smith
commented
Just to further add to this request, to remove the requirement to hold additional schedules tracking Write Down Value b/f for Personal Tax clients this could easily be implemented into the Personal Tax form, similar to other tax software. It would give the option to record the details of the asset e.g. make and model of vehicle, vehicle registration, write down allowance, write down value b/f, and work out the capital allowance based on the pool type, it would also allow the % of personal use to be charged back to ensure to claim is compliant, This would ensure the these details are available on the following periods form in Personal Tax. I have attached an example of a supplementary page that would be produced.
Many thanks for your response.
I appreciate there may not be any immediate plans but is invaluable to an accountant to be able to effectively reconcile the VAT account when the entity is operating the cash VAT scheme, to be able to split out realised and unrealised VAT.