Latest product news — May 2022

Our latest features are all about enhancing our product suite – from algorithms that save you more time on bank reconciliation, to greater flexibility in new reports. Take a look and let us know what you think – we’re always listening.

If you’re a Xero partner, don’t forget to register for our upcoming quarterly product update, where our education team will walk you through a demo of all the latest releases, so you can maintain your advisor certification.

New features

Enjoy more flexibility in new reports — Global

Our vision is to provide you with a custom suite of reports that will help you get answers fast, and streamline your financial analysis. As part of this work, we’ve released some new reporting features, including customised management report packs, refreshed Xero HQ report templates, more flexibility in executive summary reports and more.

Save more time on bank reconciliation — Global

Doing bank reconciliation in Xero just got easier, with an update to one of our favourite time saving features: memorisations. This update will surface more suggestions in your bank reconciliation fields, to take even more manual data entry off your plate.

Distinguish between different payment types in Xero — Global

We’re always looking at new and different ways for small businesses to get paid from a Xero online invoice. To distinguish bank payments from card payments, we’ll be updating the language used in Xero. ‘ACH payments’, ‘Direct debit’ and ‘Pre-authorized debit’ will be updated to ‘Bank payments’. This update won’t change the functionality of payment services in Xero.

Reimagine your Xero experience — Global

We’re continuing to roll out our fresh new look across Xero. It’s all part of our work to upgrade the technology that underpins the Xero platform, so it doesn’t slow us down over time. This upgrade will help us deliver the features you need in your business or practice, while also improving speed and accessibility. Here are the most recent design changes in Xero:

• A new design for Individual Tax Returns within Xero Tax in Australia
• A change to the way multi-currencies are displayed in bank reconciliation
• A change to the way error messages on the ‘Discuss’ tab in bank reconciliation are displayed

Opt-in to the new STP Phase 2 experience — AU

This year, we’re transitioning to STP Phase 2 in Xero Payroll. The first stage involves changing the way you add new employees into Xero Payroll. We’re giving you the opportunity to opt-in to a limited release of the new payroll experience, before we roll it out more broadly. Head to the employee section of our STP Phase 2 Information hub and follow the instructions to see if you’re eligible.

Prepare and lodge 2022 Income Tax Returns — NZ

To help you prepare and lodge 2022 Income Tax Returns in New Zealand, we’ve updated the relevant forms to incorporate all legislative changes. These include client return refactoring and format updates, tax rate changes, removal of losses carried back, changes to the residential income worksheets, and schedules and reports to incorporate changes to interest limitations.

Select new National Insurance categories in Xero Payroll — UK

To help you report accurate payroll information to HMRC, we’ve updated Xero Payroll with the new National Insurance (NI) categories for veterans and employees who work in a Freeport tax site. Xero will now automatically apply the new tax calculations and remind you if an employees’ NI eligibility period is about to expire.

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Source: Xero Blog