Xero does not support multiple Payables, Receivables or Sales Tax clearing accounts, so keeping these areas separated between companies is quite hard.
We have a situation where two us us share an email address (info@etc) but we cannot set up two xero accounts using the email address as for some reason the username is the email address, which means we can’t have separate xero accounts. So we completely lose the audit trail as to who has done what.
Can xero produce statutory accounts?
Xero is an online accounting platform that supports small businesses. It is entirely cloud-based and performs fundamental accounting functions. This software as a service (Saa. S) accounting solution will help you prepare and file statutory accounts for your company’s year-end.
You can separate one Xero organisation into multiple divisions using Tracking, and all your reports are combined. However, if the organisations have separate legal and reporting requirements, you’ll need a separate xero organisation for each. I currently have one company in my Xero account and that company will be folded and a new company started.
I was planning on using Xero to prepare the limited company accounts so called them up only to be told that their software does not enable me to prepare statutory accounts for limited companies. But I know Xeor is a popular package and many limited companies are using it.
For company accounts and corporate tax, there must be a Xero subscription in place in order to use the product. Any Xero subscription works with Xero Tax, and your clients don’t have to be using the subscription.
How do I move transactions from one Xero account to another?
Send an email to billing@xero. Com, and they can assist you in making sure you do this correctly. Regarding links between the organisations, if you use the Xero Network Key, you will be able to easily move AP and AR transactions between the organisations.
Also, is there a Xero feed for bank transactions?
My bank does not have a feed with Xero so I have been manually uploading bank transactions under the bank name only (not with categories such as savings, taxes, etc). We are categorizing all transactions with the chart of accounts so I would prefer to not separate out the accounts in Xero if I don’t need to.
What is Xero tax and how does it work?
Integrated with Xero, Xero Tax is our seamless end-to-end tax and accounts production software – built to save time, reduce errors and cut costs with a single platform workflow . How much does Xero Tax cost? Xero Tax is available to all UK accountants and bookkeepers in the Xero partner programme at no extra cost .
How do I get the new Xero tax badge?
Get in touch to see how we can help. Convert client data to Xero from select Sage, Kashflow and Quickbooks desktop and online products – it’s easy and free. Complete the self paced course or join the live webinar to earn yourself the new Xero Tax badge. You’ll see the entire Xero Tax workflow in detail.