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261 votes
Hi everyone, thanks for sharing your feedback on prepayment and accrual schedules. We appreciate you explaining how important this is for your month-end processes and workflow efficiency.
I’d like you to know your idea's been carefully reviewed by our product team. They appreciate and understand the need for tracking revenue and expenditure related to prepayments and accruals, however at this time with other initiatives in the roadmap such as improving the bill creation and payment processes there are currently no plans for this in the pipeline.
We’re keeping a close account of the support in this here, and will continue to review this opportunity within future planning. If there’s any progress made I’ll be sure to share with you all, here.
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Amy Larfield
commented
Absolutely critical feature needed in xero. everyone has to use spreadsheets to get around this. the only people using xero that don't need this are very small businesses that operate on full cash accounting. I imagine this is a very small percentage of the xero users. I have been using xero since 2009 and this has always been my number one issue.
Amy Larfield
supported this idea
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315 votes
Thanks so much for your continued interest and feedback about how valuable adding a contact to a manual journal would be for you, your business, and clients.
We wanted to share that we’re making good headway in this space. For customers in the US, we’ve now released our new manual journals experience, which lays important foundations for us to build on capabilities like adding contacts to manual journals.
While this specific functionality isn’t available just yet, it's still on the roadmap and is actively being worked through by our product team. We’ll continue to share updates as progress is made.
An error occurred while saving the comment Amy Larfield
commented
Good to see this has moved to discovery, and just agreeing with all of the posts below and hopefully this will get pushed a little higher to the top. We complete an insane amount of manual work in a spreadsheet for prepayments and unearned revenue to ensure the balance sheet accounts by customer / supplier are correct. prepayments and unearned revenue is essential part of all book keeping and accounting. its not a nice to have feature, its absolutely a critical part of the financial reports. And without that feature, every one has work arounds or hacks to make up for the xero limitation. Honestly, it amazes me what 'new features' get released that so pretty, but items that are critical to accurate financial reporting are not addressed. Also you could just have an accrual accounting feature, where when you enter a bill or invoice, you can choose how many months it's to be recognised over. how amazing would that be xero. THAT would mind blowing.
Amy Larfield
supported this idea
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Also just to be clear, its also the revenue side. Unearned revenue, or revenue received in advance. For example, customer pays an annual invoice, you want to recognise 1/12th over each month.
so Unearned revenue, prepayments, accruals. they are all different things but work exactly the same way with the connection between invoice / bill and the journals. Just didn't want to see this go live without the revenue / customer side