Settings and activity
8 results found
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13 votes
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Alexa Rossi
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16 votesAlexa Rossi
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6 votesAlexa Rossi
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33 votes
An error occurred while saving the comment Alexa Rossi
commented
Would love to see comment from Xero on this one please - this is critical!
An error occurred while saving the comment Alexa Rossi
commented
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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97 votes
An error occurred while saving the comment Alexa Rossi
commented
I'm a new user to Xero and I'm quite shocked this isn't a feature. I know some comments mention the best way to go around this but it's still such a manual process and really takes a significant amount of time.
The main feature lacking regarding prepayments and accruals, in my opinion, is a schedule showing the open transactions. The only reports that can be run for these two nominals at the moment is a transactional ledger. If we have any longer term accruals we have to run a transaction ledger and manually remove any in-and-out transactions that have been cleared. We should have a separate schedule which shows one line per 'invoice' and has monthly amounts in each column showing additions and deductions to the prepayment or accrual. Once the 'invoice' has been fully expensed, we can mark the prepayment or accrual as "cleared" and it will no longer show on the schedule.
Would love to see a comment from Xero on this one as this is critical for accountants! I'm having to create my own manual schedules outside of Xero for these which is taking up a lot of time!
Alexa Rossi
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220 votes
Hi community, we appreciate this idea has collected a fair amount of interest which has all been shared with and reviewed by the product team.
While this isn't currently being worked on there are other ideas this team are working on right now, including a bulk void feature and highlighting rows when selected. Although these features are still under development process and we don't have confirmed release dates yet.
With regards to having a separate field for the posting date and invoice date, our team is interested in better understanding this idea as it may be something they look to develop down the track. They really appreciate and encourage you to continue to share your experiences, pain points and insights. This will help them understand how this feature can benefit you and other customers, as well as gauge demand for it.
As always, if there's any change we will…
An error occurred while saving the comment Alexa Rossi
commented
I'm a new user to Xero and I'm quite shocked this isn't a feature. This is basic accounting for the common situation that an invoice is received later than it's date or can't be processed until the following month. If we have closed the January period, we should have the ability to post a January dated invoice in February and be able to keep the "invoice date" as the correct invoice date, and have a subsequent additional "posting date" of within February. This invoice would be posted through Xero in February with the reports being able to note both the posting date and invoice date.
Please sort this as a huge priority!!Alexa Rossi
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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.
An error occurred while saving the comment Alexa Rossi
commented
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.
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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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Definitely!! I understand this could cause some issues with tracked inventory but we should be able to add untracked item codes to manual journals.
We need to be able to allocate service lines to manual journals so that these don't take up a "tracking" category when there's a specific area already built out for products & services!