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1. (UK) Year End date change to bases period reforms

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   15 comments  ·  For small businesses » Settings & user roles  ·  delete…  ·  Admin →
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   working on it  ·  AdminKelly Munro (Community Manager, Xero) responded

   Hi everyone, as mentioned earlier our team have been making change across Xero to align with the UK basis period reforms. We recently made a change to Financial settings so you can add start and end dates to different periods. This change impacts multiple areas of Xero. As a reminder from our last post -

   Fixed assets will draw on this information, to prevent any loss of historic information when your year end changes. Everything will automatically be calculated for you based on the period start and end dates you set in Financial Settings.

   The same story will apply in Reporting. All historic reports will be protected. And you’ll have accurate comparison periods even across varied financial years.

   In Xero Tax, you’ll be able to enter transitional profit, and track this across five years.

   In the meantime, once your practice is comfortable with the implications of basis period reform, it’s good to start checking which clients will be affected. In Xero HQ, you can filter your client list by year end date to easily check this.

   As recently noted - currently it's only possible to do a longer transitional period (12+ months) however we're currently working on shorter periods (<12 months) which we'll be providing in the near future.  I'll update you all here once this become available.

   Hi everyone, as mentioned earlier our team have been making change across Xero to align with the UK basis period reforms. We recently made a change to Financial settings so you can add start and end dates to different periods. This change impacts multiple areas of Xero. As a reminder from our last post -

   Fixed assets will draw on this information, to prevent any loss of historic information when your year end changes. Everything will automatically be calculated for you based on the period start and end dates you set in Financial Settings.

   The same story will apply in Reporting. All historic reports will be protected. And you’ll have accurate comparison periods even across varied financial years.

   In Xero Tax, you’ll be able to enter transitional profit, and track this across five years.

   In the meantime, once your practice is comfortable with the implications of basis period reform, it’s… more

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   Matthew Phillips commented  ·  30 April, 2024  ·  Edit…  ·  delete…

   Hi,

   Is there any news on being able to change year-ends to periods shorter than 12 months? We need to be an option now as we have clients wanting us to prepare accounts for periods to 31.03.2024 relating to the basis period reforms.

   Thanks

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   Matthew Phillips commented  ·  14 March, 2024  ·  Edit…  ·  delete…

   Hi,
   I note on some clients there is now an option to manage the year end which is great. Today I was going to test this on a farm client where we have prepared their accounts to 30.09.2023 as usual as they had recorded their livestock etc at this date. We then hope to change the year end to 31.03.2024 and have asked them to record stock at this date.

   When I went into the module to change the new start date from 01.10.2023 and the end date of 31.03.2024 I was presented with an error message that the new period had to be at least 12 months.

   We have many larger partnerships with April year ends and they needed an account to 30.04.2023 for the bank etc. Their new period in Xero would be expected to be 11 months to 31.03.2024.

   Are we now finding out that this cannot be done in Xero and we should have told the clients we cannot prepare the 30.04.2023 account and you will have to wait so we can prepare a 23 month account.

   Given it has taken Xero to mid March 2024 to release this we are very unhappy at the prospect of having to find a way around what we thought would be a straight forward update.

   We are hoping this can be addressed before 31.03.2024.

   Thanks
   Matthew

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   Matthew Phillips supported this idea  ·  27 July, 2023
   Matthew Phillips shared this idea  ·  31 May, 2023