Hello,
Is there a way of getting the P & L CT charge to show under 'Taxation' rather than an overhead in the Xero standard reports other than manually editing each layout?
The standard reports have a section for taxation but I don't see a way setting this in the chart of accounts.
Thanks in advance.
Replies (15)
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We've not ever found it - dividends in a sensible location that roll into the reserves would be helpful too!
I wonder if any of the offerings looked at how a set of accounts look when an accountant prepares them
But then why should they? The offerings seem to think the software is the accountant
I wonder if any of the offerings looked at how a set of accounts look when an accountant prepares them
Was an accountant part of the design team even? I doubt it.
Makes you wonder do xero have any qualified accountants working there .
Its frustrating having to spend time messing around with these Noddy in toyland cloud systems .
Yes, you need to edit the layout of the chart of accounts. When you do this, you can assign the CT line under the Taxation heading.
Here's a quick video of how to do it. - https://app.usebubbles.com/gZuDb8R2cMJEe4TcXzdzwe/untitled-bubble
Works on the balance sheet as well.
I usually use the old style reports in Xero which, while a bit odd, are much better than the new ones (IMHO). You have a chance at least of seeing all the info on one page. You can easily create new layouts in this version and just move the CT charge to Non-operating expenses so it's separated out. Not perfect but quick and easy to do and gets what I'm loking for. I do this as a matter of course for every new client.
Yes, you can move it below the line. Under reports go to your Profit and Loss. At the bottom is an option "Layout Options". You can set up a layout which have non-operating income and expenses below the Operating Profit line. You can save this as your default and even import it to Xero Central and use it across your entire client base.
For guidance on the finer points, I would suggest googling it.
I hope that helps.
Yes, you can move it below the line. Under reports go to your Profit and Loss. At the bottom is an option "Layout Options". You can set up a layout which have non-operating income and expenses below the Operating Profit line. You can save this as your default and even import it to Xero Central and use it across your entire client base.
For guidance on the finer points, I would suggest googling it.
I hope that helps.
Editing is all well and good, but takes time, and time is money. Especially if you have to do this for every new client using this half-baked software.
There are reporting standards clearly defined for the layout of corporate accounts, and I do not feel it is wrong to expect supposedly compliant accounting software to work to that basic standard "out of the box".
I have one Ltd startup using Xero and half my time on their accounts has been rectfying the basic shortcomings in the Xero formats.
"Once bitten . . ." as they say. I won't be taking any more clients using this ill-designed and cumbersome software.
I wouldn't go that far. It literally takes seconds to amend the report and once it's done, it's done. Apart from the gripes I have with the VAT Return reports and process and the New Style Reports I couldn't do without it. I wouldn't use Xero to file accounts or tax returns though. There's better software for that.
Whilst I agree the correction can be done quickly, my concern is that it has to be done at all. The accounts disclosure requirements are clearly defined, both in law and in the public domain. any software supposedly written to satisfy compliance with those requirements, that does not actually meet those requirements, without user intervention, leaves me suspicious of the overall competence of the software to be "fit for purpose"
Perhaps it's an "age" thing? after 50 years in this game, I expect things to work from the start. I'm too old to be correcting other people's programming errors!
If you're using Xero to file accounts at Companies House then I would agree you shouldn't have to make changes if that's what you're having to do. As I say, I wouldn't use Xero to file accounts and tax returns so can't comment on whether that works properly or not. For other (internal) reporting purposes, the change to the layout in the old style report works fine. There are plenty of things I really hate about Xero but fundamentally it's still an essential part of my tool box.
I do not use Xero or Quickbooks much and the issues of reports is one reason.
My other bugbear is the lack of a feature to carry over balances to a specific account. eg I want to have "Motor Vehicles Additions" and then have the balance move to Motor Vehicles b/f once into the next year. That exists is good old VT but not the newer offerings. I have to look at each fixed asset account to find additions and disposals instead of stand alone accounts for those purposes.
Dividends should be automatically carried from a dividend in year account to P&L reserves.