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5 votes
Toni Hunter
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42 votesToni Hunter
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71 votes
Hi everyone, thanks for your interest in this idea. Although we haven't enabled the option to exclude a balance sheet from sole trader accounts within Xero HQ we wanted to share this very exciting update with you. We recently released a direct import of the P&L from Xero onto the self-employment worksheet within Personal Tax, without the need to map the account codes and generate a set of sole trader accounts.
Previously we only supported an import from Sole Trader Accounts to Personal Tax which for some of our partners involved an extra step, particularly for smaller clients who typically only receive Income & Expenditure accounts. We hope by adding this functionality that you will be able to maximise the more flexible reporting capabilities within Xero to produce accounts for sole traders. This new feature is not simply an import either, it also supports cash-basis, allows you to manage the…
Toni Hunter
supported this idea
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Agreed.
I have a couple of FRS102(1A) companies that are a subsidiary of an audited parent.
Even if we could remove the accountants certificate / audit exemption notes and paste in our own audit reports as a free-form page, it wold be start.
As a result, I have invested in TaxCalc, which not only adds more cost, but creates another database to manage.
Xero has a lot to do to catch up if it really wants accountants to run their practices using their offering.