XBert Type: Standard
Accounting Software: Xero, MYOB, QuickBooks
Country Restriction: GB only
Risk Type: Tax Risk
Business Function: Purchases
Overview
This XBert identifies bills over £250 (excluding VAT) that lack attachments and have a tax amount greater than £0 within the last 12 months. While attaching documents to bills isn't mandatory, doing so facilitates easier access for tax agents, bookkeepers, and accountants, ensuring compliance and efficient record-keeping.
What it does
XBert scans for bills exceeding £250 (excluding VAT) without any attachments and with a tax amount greater than £0, created within the past 12 months. It highlights these bills to prompt users to attach the necessary documents, aiding in accurate VAT claims and compliance with HMRC requirements.
How it works
XBert evaluates all bills over £250 (excluding VAT) with a tax amount greater than £0 from the last 12 months. If a bill lacks an attachment, XBert flags it for review. This process ensures that all significant transactions are adequately documented, supporting VAT recovery and audit readiness.
Example/Use Case
John from John's Appliances purchased a widget for £279 from ACME Suppliers 11 months ago. John is meticulous about maintaining accurate tax records in his accounting system. During a routine audit, his tax agent requests the tax invoice associated with the purchase from ACME Suppliers. Despite John's confidence in his record-keeping, he cannot locate the invoice in his monthly document folders. He must now contact ACME to obtain a new copy of the invoice. Had he uploaded the document at the time of creating the bill, it would have been readily accessible for review.
Accounting software
All UK-compatible accounting software (e.g., Xero, MYOB, QuickBooks).
Which countries it supports
United Kingdom only.
Processes
This alert falls under the 'Bookkeeping' category and specifically addresses accuracy in bookkeeping for purchases/accounts payable (AP). To resolve this issue:
Click on each of the Resolve options in the list to access and review the bill.
Once the document is uploaded/attached to the bill, the XBert will resolve the items in the next sync.
If adding documents to bills is not a required business process, you can simply file the notification alert.