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  1. Reports - Ability to add custom KPIs to Executive Summary report

    11 votes

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    submitted  ·  3 comments  ·  For small businesses » Accounting features  ·  Admin →
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    Mark Sharples commented  · 

    Many of my clients would love this feature!

    Mark Sharples supported this idea  · 

  2. Expenses: Set default due date

    61 votes

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    submitted  ·  19 comments  ·  For small businesses » Accounting features  ·  Admin →
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    Mark Sharples commented  · 

    This would help a lot of our clients!

    Mark Sharples supported this idea  · 

  3. Aged Payable/Receivable Report - Option to include CIS Deduction Value

    53 votes

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    submitted  ·  17 comments  ·  For small businesses » Accounting features  ·  Admin →
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    Mark Sharples supported this idea  · 

  4. VAT - Automatically calculate VAT using the Marginal Scheme

    54 votes

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    19 comments  ·  For small businesses » Accounting features  ·  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…

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    Mark Sharples commented  · 

    We have clients using the second hand margin scheme and would really appreciate a solution.

    The best we have at the moment is to use Products and Services to track stock, set stock items with the same purchase/sale price, then add in the margin at 20% VAT when raising the sale.

    The only thing this solution doesn't cover is the simultaneous release of the box 7 figures when the stock is sold rather than when it is purchased - if this could be implemented (e.g. maybe a switch to release stock items on sale rather than purchase) then the system would work.

    Mark Sharples supported this idea  ·