Top Tip - Xero's best feature - a best kept secret


It is a mystery to me why this feature is not used more often. I have yet to see a new client transfer across to Epiphany Accounting Solutions either as a bookkeeping client or an annual accounting client with this feature previously used.


GST Reconciliation - In your Xero you will find the tab GST Reconciliation. Here you can enter the amounts you have filed GST for sales and purchases with IRD. It shows you what has been paid, journals that have impacted GST, what GST is held in debtors and creditors and finally how much is owing in GST. You can then use this to reconcile with your GST balance sheet account.


The only reason I can think of as to why this feature is not used is that it has a flaw. Once you have entered your GST return information and saved, happy with your return. Then next return time you want to complete your reconcilation, you click on GST Reconciliation the information has disappeared. I can only imagine the number of people who give up on this feature at this point. But there is a trick!


Save your GST Reconciliation as published. When you are ready to do your next return go to Reports - Published. Click open your last return and at the bottom left hand side select copy and edit. Extend the date range to include your next return date and update.


Once you have completed your latest GST reconciliation, remember to SAVE as published. So easy. I hope this tip helps you manage your Xero Small Business more easily.


Of course if you need any assistance please reach out to me at info@epiphanyaccountingsolutions.co.nz and I am very happy to help you.

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Disclaimer
Epiphany Accounting Solutions Ltd and its employees do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.