Latest product news — March 2023

It’s time to switch to new reports

Here are the latest features we’ve introduced to new reports (don’t forget, we’re retiring the older versions of our reports on 31 July 2023):

• Foreign currency columns are now available on Receivable Invoice Detail, Receivable Invoice Summary, Payable Invoice Detail and Payable Invoice Summary reports
• Advisors can now add tax Disposal Schedule, Tax Depreciation Schedule, Pooling Summary and Pooling Detail reports to report templates in Xero HQ
• You can now see debt, debt to equity, fixed assets to net worth, and current liabilities to net worth ratios in business snapshot as well as the Executive Summary report
• In short-term cash flow, you can now sort by description and amount in the summary view of your projection breakdown, as well as reverse the sorting order
• A chart icon will display next to business snapshot and short-term cash flow in the report centre, indicating that these include charts

See how we’re Building on Beautiful

We’re making some changes in Xero as part of our commitment to Building on Beautiful — which is about continuously upgrading our technology to build new features faster, giving our platform a consistent look and feel, and making sure we keep accessibility top of mind.

• The language and design of the online invoice your customers receive (without online invoice payments added) is changing, to make it easier for them to manage and take action
• We’re updating some pages that help you request a bank feed using paper forms, to make it easier for you to set up bank feeds in Xero
• We’ve added keyboard shortcuts to new invoicing, including navigating using ‘Tab’, selecting items using ‘Enter’ and more.

Other new features in Xero

Aligning business structures across our practice tools

We’ve updated the list of business structures across Xero Practice Manager (XPM) and Xero HQ into a region-specific list across both tools, incorporating all of the relevant legal entities.

Add and edit notes to a contact

You can now add and edit notes to a contact. This can be done through the add/edit page in Contacts. The note will be displayed on the contacts overview page.

New customers default to new invoicing

New Xero customers will now be directed to new invoicing as their default experience. They can switch to the old ‘Classic invoicing’ experience at any time.

Chart of Accounts template available globally

The Xero HQ CoA template is now available for advisors globally. This template can be copied and edited to suit your practice needs, or you can import new ones.

Family Domestic Violence Leave added to Xero Payroll — Australia

Payroll admins can now process Family Domestic Violence Leave in line with new legislation for employers. This will be displayed as ordinary earnings on payslips but reported to the ATO as leave.

Migrating to Xero Payroll mid year — Australia

Transitioning payroll software partway through the tax year can be challenging. Our new migration filing feature reduces complexity by easily threading Single Touch Payroll data from your old provider to the new information reported through Xero Payroll.

Single Touch Payroll Phase 2 — Australia

With just over a month until Xero’s reporting deferral comes to an end on 31 March 2023, all customers utilising Xero Payroll can now complete the transition to Single Touch Payroll Phase 2 reporting.

New BAS overview page — Australia

We’ve created a new BAS overview page that will replace the current dropdown menu in unconnected BAS on 30 March 2023. This page will give you better visibility of activity statements for your business.

Introducing bank feeds to Xero Go — UK

Xero will introduce bank feeds to Xero Go in the UK in the weeks ahead, as an optional paid add-on of £4.99/month for sole traders.

Calculating state pension ages in Xero — UK

Xero will now automatically identify whether your client has reached the state pension age and make sure National Insurance contributions are exempt from their HMRC submission.

Extracting data from paper bank statements — US & Canada

You can now extract data from scanned PDF paper statements (instead of just digital versions downloaded from the bank) using Hubdoc’s bank statement extraction feature.

Removing the tax rate field in products and services — US

We’ve removed the purchase tax field in product and services to streamline the ‘Add item’ and ‘Edit item’ experience, and improve the accuracy of tax calculation and financial reporting.

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Source: Xero Blog