Hi
A client is converting from Freeagent to Xero, there is conversion software available now to do this
I have done this previously from Sage to Xero, but wanted to check the best time to do this. Their year end is October, however the last VAT return was upto September
Replies (6)
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Its 50/50 here i think each to their own - presuming main ytd tb balances are fine and in control at 30/9 i would not be against swapping 30th September - infact i would probably prefer that option if vat may get messy when split . The vat flip should be easier done at start of vat period and if your Freeagent year end headaches are anything like mine i would probably much rather run the year end in Xero. Personally having the last month of one year and the first month of next year following on in the same package (ideallynew rather than old) is a nice comfort blanket when it comes to working out ye timing issues accruals etc.
Run a 1 month VAT a return in FA and save that. When you do the Dec return in Xero, post adjustments for the Oct FA figures.
I would change the year end to September and enter the conversion balances in Xero on that date. Xero won’t like it if you enter them for a different date and why would you start new software without a full VAT return of entries which doesn’t sound very digital anyway.
Or change the VAT quarters.
(Why are they moving incidentally?)