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Xero dates vs periods

How are people handling late invoices

Hi, we are currently using Sage 50 which is one of two ledgers that our project/document management system links to - the other being Xero. Sage feels very old and we should probably be moving on to Xero. However both ledgers have the issue of being date based so when we receive an old invoice we have a choice of 1) using the real date and having our previous management accounts change or 2) amending the invoice date to the current period. Ideally I would rather have an accounting period approach so that we dont have to amend invoice dates and retain integrity on accounting.

My question is how are other Xero users dealing with this? Xero seems to have many other advantages over Sage that I would like to make use of but I dont see the point changing if we still have the same fundamental issue. Are there addons (such as DataDear) that others are using to spot late transactions and journal them into the current period for example?

Thanks in advance



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By mg200
20th Apr 2018 17:17

Personally, I export my final TB into my excel based management accounts. I prefer the flexibility of my own layout and the fact that I have effectively closed that period.

For smaller clients I report YTD management accounts on Xero.

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to mg200
23rd Apr 2018 16:14

thanks mg200. I was thinking I would use some of the nice reporting tools/addons instead of excel. Also I like to show month on month reports so need each month to be the same.

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