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Community > Accounting >

Year end that does not fall at the end of a month

Started by David Kime -   in Accounting

I have come across a problem with clients that have a year end that is not at the end of a month, the most typical example being 5 April.

There is no problem running a P & L for the period but the balance sheet only runs to the month end and also the reconciliation reports do.

At the moment have set to 31 March year end and then adjusting the dates. Has anyone come across a better way?
I have several companies with the same issue and am currently using the same solution!

John Milton  

Similar problem with conversion balances only being at a month end David as well ..

Laurence Moore  

Yes we do need to address this as more mid-month reporting/conversion dates come to light. In the meantime the Balance Sheet month end date doesn't strictly apply if you run it on a date in that month - so your best bet is to run the report as late as possible on 5 April to achieve the report as at 5 April. You'd need to export to a spreadsheet (to change the report heading and labels for sending the report anywhere) as well as publish in Xero to keep the figures set at that date. Apologies this is not ideal for mid-month year end.

Catherine Walker (Community Manager)  

Thanks for the update Catherine but when you consider that the UK tax year ends 5 April, this impacts on a very large number of unincorporated businesses who, for ease, have their years ends on that date. It would also be a major selling point as there are very few, if any, other accounting packages that can deal with it.

David Kime  

@David - appreciate this and there is much discussion around Xero now about what we might do about this. Thanks for the head's up about other packages too!

Catherine Walker (Community Manager)  

I agree, this is something that is quite important from an accountant's perspective for numerous reasons. For example if a business has an ownership change or if management reports are required fortnightly we will need to be able to print a balance sheet on a specific date.

Matt Fogarty  

Hi Catherine, Can we please have an update on whether any progress has been made on this issue. A bit of a major for UK Accountants as you will see from the posts above.

Maree Maxfield  

@Maree - no further progress at this stage although still something we want to address.

I notice this hasn't been raised as a feature request on this Community - if someone wanted to do that so we could start gathering votes to get some collective oomph to help push this up the priority list, that would be really helpful. Thanks.

Catherine Walker (Community Manager)  

Done - https://community.xero.com/Business/discussion/603109/


Laurence Moore  

Thanks Cartherine. I will jump in and post my vote.

Maree Maxfield  

Another scenario where odd month end dates are required is for retailers who run 4 or 5 week months to a Saturday say - meaning months may end on for e.g. Sat 02 Aug for July 2014 and then say Sat 30 Aug for August.

Fredi French  

Fredi a discussion on 13 month accounting periods can be found here. You can also keep updated with the progress of the new Balance Sheet (with the ability to run for specific days!) here. Thanks.

Brittany H (Community Manager)  

Hi - I've noticed that the link doesn't work any more. Does this mean it has been addressed? If not, I'd like to vote ;)

Nicola Barton  

Hi Nicola, if you use the Balance Sheet under 'New Reports' you can generate one at any date now

Laurence Moore  

Thanks Laurence! Yes you can now create a Balance Sheet at any date :)

Brittany H (Community Manager)  

Hi, has there been any movement on whether you can set a conversion balance date to 5 April yet?

Ellie Meikle