"I'm having the same problem as Denis reaccounting correctly for Irish VAT within Xero. I had planned to move some ofour clients to Xero from other packages such as SAGE, Big Red Book etc but onceI tried explaining to clients (and their…"
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Denis Breen's Discussions
Handling Direct Debit Receipts - ie Batch Receipts
Started this discussion. Last reply by Catherine (Xero) Aug 30, 2011. 4 Replies 0 Likes
Xero can handle batch payments but can it handle batch receipts ? We have Direct Debit mandates from numerous customers and want to be able to batch receipt them against open invoices in Xero,…Continue
Can Xero calculate commissions
Started Jun 20, 2011 0 Replies 0 Likes
Have a client who needs to be able to needs charge a commission on client rental properties monies received prior to paying it back out to the client. They want to do the following Monies received…Continue
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Catherine (Xero) replied to Denis Breen's discussion Handling Direct Debit Receipts - ie Batch Receipts"No problem - just want to link them all together if I can to save confusion :)"
Denis Breen replied to Denis Breen's discussion Handling Direct Debit Receipts - ie Batch Receipts"Sorry Catherine, I'm guilty, not everyone on linkedin is on users so I sometimes post the same question in both places.
Tony's response above was very helpful.
Thanks
Denis"
Catherine (Xero) replied to Denis Breen's discussion Handling Direct Debit Receipts - ie Batch Receipts"Bit of cross posting - also asked & discussed on LinkedIn as well."
Tony replied to Denis Breen's discussion Handling Direct Debit Receipts - ie Batch Receipts"
Hi Denis
In short - there is no batch receipting functionality.
Please see
http://www.xerousers.com/forum/topics/batch-payments-from-customers?commentId=3866606%3AComment%3A14632
where this was discussed…"
Denis Breen posted a discussionHandling Direct Debit Receipts - ie Batch Receipts
Xero can handle batch payments but can it handle batch receipts ? We have Direct Debit mandates from numerous customers and want to be able to batch receipt them against open invoices in Xero, produce a csv file that we will have converted to an EMTS banking file, uploaded to our online banking which will process the receipts in one lumpsum. Exactly like a batch payments process except for receipts. If it can't be done, is there a work around. ThanksDenisSee More
Denis Breen posted a discussionCan Xero calculate commissions
Have a client who needs to be able to needs charge a commission on client rental properties monies received prior to paying it back out to the client. They want to do the following Monies received €100 Dr. Bank Monies received Dr 100Cr. Client Charge Account Cr 100 Dr. Client charge account Dr 100Cr. Accounts Payable Invoice Cr 100 Recognise Commission ( possible way )Dr. Issue Credit note Dr AP 100Cr Commission Income 100Bit of a work around It gets quite difficult when you do it monthly…See More
Denis Breen commented on Denis Breen's blog post Does XERO cater for different VAT methods"Just to give you an update on the vat issues re Xero. We have used Catherine's method to solve the problem ( thanks Catherine ). We're creating two tax reports, one accruals, one cash based, we then take the tax on sales from the cash…"
Denis Breen commented on Denis Breen's blog post Does XERO cater for different VAT methods"Hi Adrian
in addition to the pc based accounting package, the web accounting packages, Twinfield and Accounts IQ have also got this feature."
Catherine (Xero) commented on Denis Breen's blog post Does XERO cater for different VAT methods"Hi Denis,
Agree it's totally messy but just trying to explore options out loud. Plus we do have a lot to learn around specifics in each country and this gives us a good idea of how things in Ireland work and what you expect so that the bright…"
Denis Breen commented on Denis Breen's blog post Does XERO cater for different VAT methods"Hi Catherine
Not sure how that would work.
Your suggesting you pick a vat method, lets say accrual basis. run your reports, take the purchases vat from this report. Go back into settings, change the scheme to cash basis, run the report again, take…"
Catherine (Xero) commented on Denis Breen's blog post Does XERO cater for different VAT methods"Hi Denis & Adrian,
If Denis is using the Global version of Xero would it be suitable to create tax rates specifically for cash scheme reporting and for accrual scheme reporting then generate the Sales Tax Summary report twice - once for each…"
Denis Breen commented on Denis Breen's blog post Does XERO cater for different VAT methods"Adrian, thanks for the reply, thats really disappointing as I have greatly enjoyed the flexibility of the software and I was hoping to roll it out to various clients.
Nearly all the accounting packages in Ireland require you to set the tax basis…"
Adrian Pearson commented on Denis Breen's blog post Does XERO cater for different VAT methods"Hi Denis, and thanks for joining us here. Unfortunately, I cannot welcome you with a gift - Xero cannot handle the "hybrid" VAT system you outline. It's either cash basis for everything or invoice basis for everything. Given that the…"
Denis Breen posted a blog postDoes XERO cater for different VAT methods
In Ireland you have two methods for returning sales taxThe Cash and Accruals methodsFrom the XERO settings it seems to be only able to choose one system or the other for everything.however unlike nearly every other country we deal with, In IrelandCash basis mean – Cash for Sales and Invoices for PurchasesAccruals means – Invoices for Sales and Invoices for Purchases.As you can imagine the cash basis of recording VAT in Ireland allows significant cashflow improvements to business’s on the Cash…See More
Denis Breen's Blog
Does XERO cater for different VAT methods
Posted on February 1, 2010 at 12:35 8 Comments 0 Likes
In Ireland you have two methods for returning sales tax
The Cash and Accruals methods
From the XERO settings it seems to be only able to choose one system or the other for everything.
however unlike nearly every other country we deal with, In Ireland
Cash basis mean – Cash for Sales and Invoices for Purchases
Accruals means – Invoices for Sales and Invoices for Purchases.
As you can imagine the cash basis of recording VAT… Continue
The Cash and Accruals methods
From the XERO settings it seems to be only able to choose one system or the other for everything.
however unlike nearly every other country we deal with, In Ireland
Cash basis mean – Cash for Sales and Invoices for Purchases
Accruals means – Invoices for Sales and Invoices for Purchases.
As you can imagine the cash basis of recording VAT… Continue
Comment Wall (1 comment)
- At 17:00 on June 21, 2011,
Abel said… Hi Denis,
Just checking if you are an accountant,if not can you reccomend a good Ireland based accountant using xero,as one of a cleint has a company there and he might need an account ASAP
Thanks
Abel
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