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1. VAT - Automatically calculate VAT using the Marginal Scheme

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   19 comments  ·  For small businesses » Accounting features  ·  delete…  ·  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 also create a custom invoice template to use with the invoices that hides the VAT detail. You'd need to insert the TaxInclusiveLineAmount field and remove the other Tax reference fields.

   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… more

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   Paul Cavanagh commented  ·  11 June, 2024  ·  Edit…  ·  delete…

   you can currently do this on xero using the old customer invoicing tab but this getting retired on the 1st September 2024

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2. Invoicing - Unique Reference Number for Transactions

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   5 comments  ·  For small businesses » Accounting features  ·  delete…  ·  Admin →
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   submitted  ·  AdminKelly Munro (Community Manager, Xero) responded

   Hi everyone, coming back across this idea we do want to confirm at present for Sales you have Invoice numbers that do need to be unique in Xero. You could ask you customer to reference this as a look up. If you'd like to change this, you can set the Prefix and starting number from within your invoice settings and you'll find you also have options to set this for Quotes and Purchase Orders - More on this here 

   
   

   The 'Reference' field of a transaction is slightly different and does not need to be unique, many businesses use this in slightly different ways and I want to be open that we don't have plans for changing this behaviour anytime soon. 

   
   

   Appreciate there are some that would like to see a numbering sequence for bills and I'd recommend adding support to this idea where this is represented. 

   
   

   Alternatively, in terms of recording any transaction there is a journal number that will be associated to every line recorded in your org - while this isn't widely seen it can be used as another way to look up items within the Journal report. We released a new version of this report not long ago where you can search by Journal ID and many other details of your transaction. 

   Hi everyone, coming back across this idea we do want to confirm at present for Sales you have Invoice numbers that do need to be unique in Xero. You could ask you customer to reference this as a look up. If you'd like to change this, you can set the Prefix and starting number from within your invoice settings and you'll find you also have options to set this for Quotes and Purchase Orders - More on this here 

   
   

   The 'Reference' field of a transaction is slightly different and does not need to be unique, many businesses use this in slightly different ways and I want to be open that we don't have plans for changing this behaviour anytime soon. 

   
   

   Appreciate there are some that would like to see a numbering sequence for bills and I'd recommend adding support to this idea where this is represented. 

   
   

   Alternatively, in terms… more

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   Paul Cavanagh commented  ·  13 March, 2024  ·  Edit…  ·  delete…

   I am trying to work out order profitability and currently there is no way to create a lookup table with unique references from sales to cost of sales
   I agree with Richard below, the references surely exist in the background, could you just not show them?

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   Paul Cavanagh supported this idea  ·  13 March, 2024