Settings and activity
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4 votes
Hi Tracey, not so familiar with how the reporting works in other accounting software, however there are a few reports you can run to view prepayments in Xero. If you find one of these quite useful, you could save the report as Custom so you can easily access it anytime.
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10 votes
Hi Matthew and Anthony, appreciate perhaps not as streamlined as you'd like here there is the ability to apply a prepayment to a bill.
In Xero, you would enter the bill to recognise the expense, payment itself would generally be recognised through the bank account when reconciling which is where you can create a prepayment and then apply the credit to the bill.
Alternatively, if you'd like to do this from the bills screen, you could use the create icon (+) in the top blue navigation and select Spend Money when redirected you'll want to switch the 'Spent as' to Prepayment from Direct Payment.
Alexa Rossi
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26 votes
An error occurred while saving the comment Alexa Rossi
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Completely agree! I'm a new user for a new firm and this is a huge concern of mine at the moment. Entering new bills should allow us to note both a posting date and an invoice date so that old invoices can be posted into current open periods. I don't understand how this isn't a factor already. We accrue for invoices we're expecting but haven't come in yet so they're often going to have older period dates on them! It's basic!
Alexa Rossi
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70 votesAlexa Rossi
supported this idea
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I think Xero is too hung up about prepayments on the bank side only and doesn't think about prepayments as a standalone item on the balance sheet. We need to think about prepayments that are simply an invoice received and paid which relates to X number of months that we want to release to the P&L over a period of time. It is crazy that this isn't an option for Xero yet.