XBert Type: Standard
Accounting Software: Xero, MYOB, QuickBooks
Country Restriction: NZ only
Risk Type: Tax Risk
Business Function: Purchases
Overview
XBert has identified bills exceeding $200 (including GST) that lack attachments. While New Zealand's Inland Revenue no longer mandates traditional tax invoices for GST claims, businesses must maintain adequate records, known as taxable supply information, to support their GST returns. Attaching documents to bills ensures that all necessary information is readily available for compliance and audit purposes.
What it does
XBert scans your accounting records to find bills over $200 (including GST) that:
Have no attachments.
Include a GST amount greater than zero.
Were issued within the last 12 months.
These bills are flagged to prompt you to attach the necessary documentation, ensuring your records meet Inland Revenue's requirements for taxable supply information.
How it works
XBert identifies bills that meet the criteria above and alerts you to the missing attachments. By uploading the appropriate documents—such as invoices, receipts, or contracts—you can ensure that each bill is supported by the required taxable supply information. This process helps maintain compliance with GST record-keeping obligations.
Example/Use Case
Consider a scenario where Alex, a business owner, receives a bill for $250 from a supplier. He records the bill in his accounting software but forgets to attach the supplier's invoice. During a routine check, XBert flags this bill as lacking an attachment. Alex then locates the invoice and uploads it to the bill record, ensuring that he has the necessary documentation to support his GST claim.
Accounting Software
This XBert feature is compatible with major accounting software platforms, including:
Xero
MYOB
QuickBooks
Which countries it supports
This alert is specifically designed for businesses operating in New Zealand, in accordance with Inland Revenue's GST record-keeping requirements.
Processes
This XBert alert falls under the 'Cleanup' process category, focusing on maintaining accurate and complete financial records.
To resolve this issue:
Review the flagged bills and identify those lacking attachments.
Locate the appropriate documentation for each bill, such as invoices or receipts.
Upload the documents to the corresponding bill records in your accounting software.
Ensure that the uploaded documents contain all necessary information to qualify as taxable supply information under Inland Revenue's guidelines.
By addressing these alerts promptly, you help ensure that your GST records are complete and compliant, reducing the risk of issues during audits or reviews.