Check out the latest updates for small businesses and advisors, plus a peek at what’s coming soon!
- Attach a file to a spend money – Android & iOS
- Create CIS Invoices – UK
- Map account lines to Forms 1065, 1120, and 1120S – US
- Xero NAB Payments – AU
- Canadian GST/HST Prior period adjustments (late claims) – Canada
- Blank report
- Export queries and attachments from Xero HQ Ask
- Revised Employment Allowance (EA) Entitlement – UK
- New payment file option – UK
- Accurately set up pensions in Xero – UK
Attach a file to a spend money – Android & iOS
Small businesses using the Xero Accounting app have the ability to attach files when reconciling bank transactions on the go. When a new spend money transaction is created from the bank reconciliation screen, you’ll be presented with the option to attach one or more files. This enables better record keeping and traceability. We’ve also improved the way you can add a new contact from bank reconciliation spend money screen. This makes it less time consuming and faster to process your transactions.
Create CIS Invoices – UK
Small businesses and advisors with CIS clients, can calculate and display Construction Industry Scheme (CIS) deductions as part of creating an invoice for anyone set up with CIS. Move freely between classic and new invoicing with no effect on historical or in progress invoices with CIS components. In new invoicing you also have the option to preview an invoice with a CIS line item before sending.
Map account lines to Forms 1065, 1120, and 1120S – US
Accountants and Bookkeepers can already easily mapping their client’s chart of accounts to lines in US tax Form 1040, Schedules C and E (with one property), the most recent addition now included Forms 1065, 1120, and 1120S. Once mapped, you can review the balances for each tax line as a report. The tax line totals can then be exported as a CSV file and imported into another tax application. If you have multiple Xero organisations with the same or similar chart of accounts, you can export the mapping file. This can then be imported to the other organisations to apply the same mapping format – learn more. If you have 25 or more clients with the same Chart of Accounts, reach out to your Partner Consultant, who will organise bulk mapping these to Xero.
Xero NAB Payments – AU
Xero customers who use NAB Internet banking can now submit bill payment instructions directly from Xero to their NAB transaction account, and approve them on the go in the NAB mobile app. You no longer have to download ABA files and upload them separately to the bank, which is a time consuming and disjointed process. Other benefits include being alerted of potential errors before a payment instruction is submitted to NAB which reduces the risk of failed payments, and you’ll be notified of the status of your payments in Xero as they update in NAB. Xero NAB Payments enables small businesses to pay multiple bills quickly, seamlessly and securely.
Canadian GST/HST Prior period adjustments (late claims) – Canada
Previously identifying tax changes for GST/HST return was manual, tedious and time consuming. Using the prior period adjustments (late claims) feature, any changes impacting prior returns will be reflected on the current return automatically. The prior period adjustments will appear at the top of each group in the ‘Transactions by line number’ page of the GST/HST return and will be dated prior to the return period currently displayed, allowing Accountants, bookkeepers and small businesses, to be confident that all tax has been accounted for with the CRA, at no additional effort.
A new blank report has been added to the Report Centre, which allows all reporting users, even greater flexibility with their reporting. Now everyone will be able to create text-based reports, add additional notes and schedules right inside Xero without having to use a third party software such as Word or Excel.
Export queries and attachments from Xero HQ Ask
Previously, advisors could only download attachments within Ask queries one by one, which was tedious. With this enhancement, Ask queries can be exported in bulk to a CSV file, and can be imported into excel to easily view all questions and answers from clients. This file can also be saved for future record and reference.
Revised Employment Allowance (EA) Entitlement – UK
From April 2020, a number of administrative changes are being introduced, which all employers must consider. EA will be classed as a ‘state aid’, employers will only be eligible for the EA if their total secondary Class 1 liability in the previous tax year was under £100,000, and EA will have to be claimed every year in order to receive it. In Xero, under payroll settings > HMRC, you will now be able to select the tax year which you’d like to claim EA, as well as enter your industry. This information will then be sent to HMRC via monthly reports.
New payment file option – UK
In addition to BACS, small businesses and advisors now have a faster way to pay employees – using a new payment file in Xero. In Xero Payroll > pay runs screen > Options, a dialogue box will allow you to choose between BACS or Faster Payment File. This enhancement provides users with another way to pay employees. Faster Payments process in 2 days, faster than 3 days for BACS, and can be processed on weekends or holidays, keeping your employees happy and giving you greater flexibility.
Accurately set up pensions in Xero – UK
The improved workplace pension onboarding experience provides you with a simple three-step wizard helping you set up client accounts accurately in Xero, and is available to all payroll organisations. In addition, our direct connections with NEST and The People’s Pension make it easier to manage multiple payroll clients, automatically retrieving the client’s scheme settings for you and reducing the chance of data entry errors. To learn about Xero’s latest payroll product updates and feature releases, join the webinar on the 13 May 2020
Written by: Dee Johns – Xero