Xero - beautiful accounting software

Xero Business Community

Xero Business Community

Hi everyone, Come on over to the new discussions in Xero Central. It’s a more intuitive way to connect and chat all things business with one another. Ask questions, dish out answers, and get involved.

You can still view topics in the Xero Business Community to see all the useful knowledge that’s been shared there; and you can restart conversations you feel have been of huge value to you on Xero Central.

If you have brilliant ideas for innovations, you can keep on adding feature requests in the Xero Business Community, and voting on existing requests. There’s more in store, as we come up with the best way to take on your thoughts and share developments
Community > Using Xero >

Can Xero Automatically Calculate Income Tax?

Started by Eddie Rosser -   in Using Xero

Hi,

I would like to know if it is possible in Xero to automatically calculate and include the tax expense in the P'n'L for a certain period and then flow this through to the Balance sheet for the end of the period.

I thought that maybe using secondary accounts in the new P'n'L report might be the way to go but wasn't sure.

Any pointers in the right direction would be great thanks.
Hi Eddy,

No Xero won't do this in the standard profit and loss reports, it would need to be journalled in.

Regards
Tracy
 

Tracy Mawson  

Thanks Tracy. I had suspected this might have been the case but wasn't sure.
 

Eddie Rosser