Should I have WIP When I prepare account in Xero?

Should I have WIP When I prepare account in Xero?

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Hi,

Should I have WIP in excel When I prepare the account and the tax through Xero? Is there any legal requirement to have it?

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Scalloway Castle
By scalloway
21st Oct 2023 13:25

Unless you are a sole trader or in a partnership using the Cash Basis then you must in lude the value of any WIP in your accounts.

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By CJaneH
21st Oct 2023 15:24

Have you got any work in progress? or Stock? Are the values material?
Unless you are on cash basis, and therefore no creditors or debtors either you need to ask the question and value them.

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By darren.austin
22nd Oct 2023 12:56

Are you referring to working papers rather than WIP?

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Replying to darren.austin:
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By mfuture20
15th Nov 2023 18:37

Yes I am talking about working paper to prepare during reviewing the account?

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paddle steamer
By DJKL
22nd Oct 2023 14:08

The legal requirements follows the requirement to prepare accounts within the parameters of accounting standards.

1. Step one is to determine which set of accounting standards are being followed
2.Step two is follow these standards re recognition and valuation of stock and work in progress.

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