Often, line items on a supplier bill will relate to an annual period or a month/period other than the calendar month in which the invoice is dated. Manual journals must be calculated and entered to achieve an accurate month-end close for management accounts purposes at present. It would be highly effective and helpful to be able to implement a workflow in Xero whereby the period that charges relate to could be defined at a line item level on a bill, and then automatically create period adjustments (accruals or prepayments calculated based on prorated daily values) to recognise the charges on an accruals basis spread across/within the relevant monthly period(s), with a corresponding report to support the balance of accruals and prepayments at any given balance sheet date.
Jonathan Stokes
supported this idea
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Often, line items on a supplier bill will relate to an annual period or a month/period other than the calendar month in which the invoice is dated. Manual journals must be calculated and entered to achieve an accurate month-end close for management accounts purposes at present. It would be highly effective and helpful to be able to implement a workflow in Xero whereby the period that charges relate to could be defined at a line item level on a bill, and then automatically create period adjustments (accruals or prepayments calculated based on prorated daily values) to recognise the charges on an accruals basis spread across/within the relevant monthly period(s), with a corresponding report to support the balance of accruals and prepayments at any given balance sheet date.