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  1. Bank Rules - Option for prepayments

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    4 comments  ·  For small businesses » Accounting features  ·  Admin →
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    Idea review  ·  AdminKelly Munro (Community Manager, Xero) responded

    Hi 👋 your idea is being looked into by our Community team. We'll be in touch soon to update you once your idea has been reviewed.

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    Ken Yeadon supported this idea  · 
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    Ken Yeadon commented  · 

    I support this request. We routinely receive Payments via our webshop that relate to Prepayments in respect of Services to be delivered later, and in order to comply with the obligation to reflect these as a Current Liability to the Customer (rather than Revenue), need to record these as Prepayments (income in Advance), on which VAT is due. The data needed to automtically post these is all readily available from within the Bank Statement, so long as we enforce use of particular naming conventions for the Description fields and Reference field, but at present we cannot leverage this as the Bank Rules cannot post as a Prepayment. It would make sense is Prepayment, Overpayment, Direct Payment where all capable of being posted from a Bank Rule, not just an Expense/Invoice.