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When will Xero have cash basis profit and loss reports?

Started by Electra Frost -   in Partner Program

Hi. We're a new Xero partner, accountants.

Many small businesses, especially micro businesses, report for their income tax (not just GST) on a cash basis under Australia’s Small Business Entity provisions (SBE) - previously known as the Simplified Tax System – which has tax concessions and simplified reporting for small businesses that report on a cash basis.

So we'd like Xero’s business version, which is targeted at small businesses, to recognise this significant tax accounting issue and make it possible to produce BOTH accruals and cash basis profit and loss statements and other reports. It's possible in MYOB and Saasu.

Xero's Cash Book is inadequate for business clients who need more functionality. We don't need a "work around solution", like Cash Summary reports or other methods of data manipulation, either. We need to produce the appropriate reports in one click when we analyse our SBE business clients' accounts and do their tax.

When will this be developed in Xero Business? Thanks.
I second the motion for reporting on a cash basis instead of accruals

Michael Merlin  

Thanks for your interest folks as this forum is for the API, it is best you add your request to our forum for Xero business: https://community.xero.com/business/discussion/51511/ - MM I see you already have, good work!

Ronan Quirke (Community Manager)  

Xero now has these cash basis reports!