This post is for anyone who uses Xero report templates (Australia only but can apply to other regions).
New report codes
Xero released new report codes on 14th May 2018.
In a nutshell, the new report codes are for:
- Livestock - yes, sheep, pigs, goats and other "biological assets"
- Hire purchase and chattel mortgage - these are common and require contra accounts as well
- Asset loans - for other loans that don't fall into the usual categories
- Expenses - administration, advertising, insurance, investment, repairs and utilities. This is good for management reports
- Owners - extended from 5 to 10, making reporting for large families or investment groups much easier
So what does this actually mean for you?
Some reports won't work until you fix them
If you had built your own templates PRIOR to 14th May 2018, then you need to pause and check your reports.
Because not all the report codes landed in all reports.
They could be missing. Meaning some reports won't work.
So assuming you "map" some accounts to the new report codes, then some reports just won't work.
Here is the detail...
The new report codes LANDED in these reports:
- Income statement
- Cash flow statement
- Balance sheet
- Movements in equity
That applies to these reports that were in a template PRIOR to 14th May AND after 14th May. So if you have built templates prior, these reports are fine; they contain the new report codes.
It is the other reports that are affected.
Some examples are:
- Notes to the financial statements
- Trust Income Distribution
- Appropriation Statement
- Beneficiary / Partner Accounts
The new report codes are missing...meaning if you map accounts to these new report codes, the accounts will NOT appear in the reports.
An excerpt from the blog: So for all other reports, it’s important to note that the new report codes will not automatically be added. You can add the new report codes to the other reports in your templates as required.
You will need to fix your templates
I have spent the last two weeks going through my client base and fixing their templates.
You may need to do the same.
Check your reports. Are the new report codes in there?
If yes, great.
If no, you need to add them.
We have a few videos below about how to insert report codes.
What to do from here?
Well, you really need to take a look at your Xero report templates.
Are the new report codes there?
If yes, great.
If no, oops, they need to be inserted.
Feel free to get in touch if you need some support.
Book me here - https://calendly.com/donnie-bu...