Settings and activity
4 results found
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3 votes
Thanks for sharing your idea of a VAT summary report and including an example of how this could look. We appreciate you sharing how this could help with VAT reconciliation when handling different VAT treatments.
We've reviewed your idea and now it's up to the community to get behind and support it. Make sure you share your idea with any colleagues that this could benefit so they can add their vote too!
Along with votes, other members can now comment to share additional detail about how your idea could improve their experience with Xero.
Diane Lawlor
shared this idea
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114 votes
Hi everyone, we appreciate why you’d like a report that provides visibility of VAT late claims to streamline your reconciliation processes, especially around year-end and for monthly VAT returns.
Currently, it's possible to use the Account Transactions report to manually reconcile against filed VAT returns, although we get the desire for a more automated solution.
This isn’t on the team’s roadmap at present, however this is something we'll continue to consider how we accommodate these needs in future planning for tax reports in Xero. I'll be sure to let you know if there is any movement to share, here.
Diane Lawlor
supported this idea
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4 votes
Thanks for explaining what you’re trying to achieve. We’re moving this idea to Gaining Support so others with the same need can add their support and feedback.
To clarify, in Xero, cash and accrual are reporting options rather than separate sets of transactions or tax-account balances. Accrual reporting recognises income and expenses when they’re earned or incurred, while cash reporting recognises them when payment is received or made.
This means the same transactions can be viewed differently depending on the reporting basis selected. The tax account remains a single ledger account, and the tax basis can differ from the basis used for financial reports.
For the cash-basis visibility you’re looking for, the relevant reports can be run on a cash basis and filtered to the tax account where needed. The tax reconciliation report can also help reconcile the cash-basis amounts back to the single tax account.
Diane Lawlor
supported this idea
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10 votes
Hi team, returning to the idea here I'd also like to highlight the Income and Expense by contact report which can be run for a date range and with comparative columns. You'll also find you can drill into the figures of the report to view all transactions that make up the total for that contact.
Alternatively, there is the Receivable and Payable Invoice Summary reports that can be filtered for the transaction types you'd like to see and grouped by Contact.
Is there anything missing from these reports that you'd need to get the view you're after here?
An error occurred while saving the comment Diane Lawlor
supported this idea
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Having to troll through each customer/supplier to come up with totals is so inconvienient. PLEASE get this report actioned asap. Xero might be better at some things but reports for Accountants are sadly lacking and make me miss Sage!