Checks

Xavier has compiled a number of it's insights and cleanup tools, along with specialist calcuations, into one view designed to fit into your practice processes. These checks have their own date filters that apply to the insights and tools within, so you can run through them when the time calls. We call these Checks...

VAT Return Checks

Xavier provides a set of checks that have been designed to quickly spot tax issues with respect to transaction data over a given filing period. Simply enter in the date range and the minimum amounts (more on those below) and hit Run Report to generate the checks. Expanding the card allows you to see these transactions, with a link directly to Xero to sort them out.

VAT Return Checks

Reconciliation Review

This uses the same logic as the Unreconciled Transactions insight to find unreconciled transactions for the date range you have supplied.

Revenue Account Review

This check finds transactions that don't have an Account Class of REVENUE, but have been assigned as revenue Tax Type of OUTPUT2, RROUTPUT or ZERORATEDOUTPUT.

Expense Account Review

This check finds expense transactions that have been assigned a Tax Type of INPUT2 (20% VAT on Expenses), with accounts that have Reporting Codes of EXP.ADM.ENT (Entertainment), EXP.ADM.PRI (Printing & Postage) or EXP.ADM.TRA (Travel International).

Balance Sheet Review

This check finds ASSET, LIABILITY or EQUITY type transactions with a non-zero tax value, excluding Fixed Assets (account type FIXED) and Reporting Codes of LIA.CUR.ACC (income in advance) or ASS.CUR.REC.PRE (prepayments).

Zero-Rated Review

This check finds transactions with a tax type of ZERORATEDINPUT with a net value above the minimum amount set by you in the report header (Zero Rated Min). The idea here is to ensure the client is claiming back VAT on as many high value items as possible.

No-VAT Review

This check finds transactions with a tax type of NONE with a net value above the minimum amount set by you in the report header (No VAT Min).

Multi-coded Contacts

The same as the Multi-Coded Contacts insight, but looking at contacts that have transactions in the reporting period specified.

Health Check

The health check is designed for practices to run through on a regular basis with their clients, ensuring that the books are kept clean and providing value to the client. The process hits a number of touch points to make sure clients are financially prepared as well as highlighting any issues before they become a real problem.

Simply enter in the date range and hit Recalculate to generate the checks.

The traffic light system tells you which checks require attention. Key stats are displayed at a glance, and you can click to expand the card and see more detail or head through to the actual insight.

Clicking the speech bubble beside each card will toggle to display some narrative around the purpose of the check, and how to approach it with your client. You can click the speech bubble again to close it.

Health Check

Unreconciled Transaction

This uses the same logic as the Unreconciled Transactions insight to find unreconciled transactions for the date range you have supplied, and the age of the oldest unreconciled transaction. The indicator will be amber if there are unreconciled transactions over 15 days old, and red for if there are any over 30 days old.

Multi-coded Contacts

The same as the Multi-Coded Contacts insight, but looking at contacts that have transactions in the reporting period specified.

Regular Suppliers

The same as the Regular Suppliers insight, but looking at suppliers active during that period with potential anomalies.

PAYE Status

This check balances manual journals against detected payments with PAYE account codes to ensure a correct PAYE status at a point in time. By default, the check calculates the PAYE control account balance based on account codes found under the reporting code LIA.CUR.TAX.OTH. You can change the account codes used by clicking the small cog next to the card title. Expanding the card shows the detailed grid of PAYE transaction history for the last 6 months.

The PAYE check runs through the following logic:

  • All is well: if the Control Account balance is 0 and there is a Manual or Xero Payroll Journal present in the last complete month
  • All is well: the Control Account balance is equal to the amount posted in the Manual or Xero Payroll Journal(s) in the last complete month, and the snapshot date is well in advance of the HMRC Deadline
  • Warning: Contol Account and Journals balance, but HMRC payment due date is approaching
  • Error: No Manual or Xero Payroll Journal found in the last complete month
  • Error: No payment detected, and HMRC payment deadline is past due
  • Error: Control Account balance is non-zero and does not reconcile with balance of Manual or Xero Payroll journals

VAT Status

A summary of the VAT Tracking insight reporting on the VAT accrued since the start of the period, and if the annual taxable turnover is within the threshold of your detected scheme.

Estimated Corporation Tax

A summary of the Corporation Tax insight, sharing the next estimated payment for the previous period, and the estimated corporation tax accrued for the current period.

Dividends Status

This check shows a running tally of the dividends posted in the system since the start of the client's current financial year. The point of this check is to ensure that dividends are declared where necessary from an audit trail perspecitve, and that these intended funds are not being distributed via other channels.

By default, the check retrieves the balance of each control account based on account codes found under the reporting code EQU.RET.DIV. You can change the account codes used by clicking the small cog next to the card title. Expanding the card shows a balance for each of the dividend accounts found. Clicking on a dividend account will display a detailed grid of its transaction history since the start of the financial year.

In terms of status, the Dividends check will show a warning if it is greater than 3 months into the client's financial year and no evidence of dividends declaration has been found.

Last Updated: 2/12/2019, 10:44:17 PM