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  1. VAT late claims report

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    22 comments  ·  Reports & tax » Reporting  ·  Admin →
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    Accepted  ·  AdminKelly Munro (Community Manager, Xero) responded

    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.

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    Joanne Yeates commented  · 

    Hi Kelly, there definitely needs to be improvements to XERO's VAT reporting and reconciliation processes. The actual VAT return itself is very unwieldy. Ours is around 50,000 lines long by the end of a quarter and there is no easy way of being able to filter to get to the next headings/sections - just a lot of time-consuming scrolling through. And that is before we even start the manual reconciling. The VAT Reconciliation report is not that useful either. I've worked with a XERO consultant to see if we could resolve some of our rec issues and it wasn't the solution we expected.

    We've just moved from an other accounting package that was built into a mainframe. The VAT reporting on XERO is a big step backwards which has surprised me as our old accounting package was underdeveloped. XERO's VAT reporting is perhaps OK for a sole trader/small business with few transactions but for more developed businesses who need to perform more contorls, the current VAT Reports and reconciliations are a big step backwards for us.

    We reconcile the VAT control account each month due to the volume of transactions we have and to avoid year end recs.

    A late claims report would be useful. Also, re-thinking the layout of the VAT returns so that they can be filtered/pivot table etc. e.g. a column which repeats the heading for each transaction.

    Joanne Yeates supported this idea  ·