Recent changes to Xero

Release Date: 19 May 2014

Here’s a summary of what we’ve released:

• New and improved payables and receivables reports
• Bulk status change on repeating invoices
• Option for Adviser to set period lock date from the conversion balances screen
• Invoice import – ability to import non-base currency invoices
• Set Xero’s new default payment term for all your contacts
• Auto-create new line on manual journals

See also:

• What we’re working on
• Previous release announcements

New and improved payables and receivables reports

We’ve improved the look and feel of the aged reports. You can now include all sorts of fields in your reports and cater them to suit your organisation. For more information on how to run the reports and how to customise them, see our Help pages:

• Aged Payables Summary
• Aged Payables Detail report
• Aged Receivables Summary
• Aged Receivables Detail report
• Expense Claims Detail report

Bulk status change on repeating invoices

If you love repeating invoices then we’ve made it easier to deal with more than one of them at once. You can now bulk save as draft, approve and ‘approve for sending’.

Option for Adviser to set period lock date from the conversion balances screen

We’ve made a few improvements to make it clearer as to when conversion balances can or can’t be updated. Adviser users can now lock balances directly from the conversion balances screen. If conversion balances are locked you will see a lock icon on the General Settings screen and the balances themselves won’t be able to be updated.

Invoice import – ability to import non-base currency invoices

If you’re using our Premium edition you can now freely import invoices in a foreign currency.

Set Xero’s new default payment term for all your contacts

Recently we added a new default payment term based on the number of days following the end of the invoice or bill month. You now have the option to set this as a preference for all contacts.
How to set up default due dates for bills or sales invoices

Auto-create new line on manual journals

Whenever you select a field in the last line of a manual journal, a new line will automatically appear! If you don’t need to use it, that’s OK, we’ll remove it when posted.

The Australian Taxation Office (ATO) is conducting seminars for small business via webinar.

Webinars are online seminars that:

• allow you to participate over the internet using a computer, smart phone or tablet
• let you attend from the convenience of your home or office
• save you time and money
• have a chat facility so you can ask the presenter questions.

Phone and tablet users can download a free app to join our webinars (see bottom of invitation).

Please note all sessions are scheduled in Australian Eastern Daylight Savings Time (AEDST)

This is New South Wales, Victoria, Tasmania and Australian Capital Territory time.

Series one – Tax basics for small business

Who should attend? Small business operators, and those just starting or thinking about starting a new business, should consider participating in these free tax webinars.

Why should you attend? You will learn about tax issues relevant to owning and operating a small business and receive practical tips for your business.

What will be covered? Each of our webinars will explore a specific tax issue for small business, including:

• Tax basics introduction
• Income tax deductions
• Home-based business
• Motor vehicle deductions
• Concessions for small business
• Activity statement essentials
• Goods and services tax
• Budgeting and record keeping
• Small business assistance
• Employer obligations overview
• Super obligations for employers
• Issues for contractors

When are they on and how to I register? Click on this link, for the full schedule and registration details of our Tax basics webinars: ato.gov.au/General/Speakers-and-seminars/In-detail/Small-business/Introductory-sessions-for-small-business/

Tax basics videos

The ATO also offers a suite of Tax basics videos for small business. These videos cover an extensive range of topics: ato.gov.au/TaxBasicsVideos

Series two – Construction industry – Taxable payments reporting

Who should attend? People working in the building and construction industry.

What will be covered? Taxable payments reporting commenced on 1 July 2012 and requires businesses that operate in the building and construction industry and who pay contractors for building and construction services, to report those payments to the ATO annually.

The one-hour webinar session will answer the questions of who reports, what is reported and provide tips to assist you now.

When are they on and how to I register? Click on this link, for the full schedule and registration details of our Taxable payment reporting webinars: ato.gov.au/Business/Building-and-construction/In-detail/Taxable-payments-reporting/National-webinars/

The ATO’s other webinar programs

Rental property owners The ATO runs one-hour webinars for owners and prospective rental property owners on the following two topics:

• Tax issues when buying and owning a rental property
• Tax issues when selling a rental property

Trustees of SMSFs The ATO runs one-hour webinars for trustees of self-managed super funds on these three topics:

• Self-managed super funds for trustees – an overview
• Self-managed super funds – accepting contributions and managing investments
• Self-managed super funds – accessing your super

When are these topics on and how do I register? Click on this link, for the full schedule and registration details of these webinars: ato.gov.au/seminars

Webinar apps To download the free app for your iPhone or iPad, Android phone or tablet:

• Visit gotowebinar.com.au
• Click on “Mobile apps” – on the left hand side menu.

Not sure how?; Who to go to? ; Where to start ?

We offer a personalized data conversion service specifically to fit each individual business/client needs.   No matter whether it be MYOB, or any other On-Premise accounting system we will have you up and running in next to no time.

Our expertise in this area spans many years in accounting service, and are extremely proud to have migrated over 60 clients’ data to Xero.  As BAS Agents and Degree Qulaified Accountants, we understand accounting so you will be in safe hands to ensure “Best Practice” and compliance is correctly adhered to throughout the transition.

All the work is carried out in-house, under strict project management guide-lines.  We are serious about what we do and comply with the Privacy Act. Each project is meticulously scoped by our Xero Advisors to ensure your data transfer is 100% accurate.

Sit back, relax and take some well deserved time out until you receive your first invite to log in and access your shiny new Xero.  This is where all the fun begins and trust me, using Xero is addictive so don’t say I did not warn you!

This is what we provide in our conversion service.

• Map and Import Customers &  Suppliers
• Import Chart Of Accounts
• Import Items
• Enter Trial Balance
• Set up Tracking – (Job Coding)
• Import Open Invoices (Receivables & Payables)
• Set Up Payroll – we will even process your first pay-run
• Bank Feeds – linking your bank accounts, Paypal & 3rd Party Services

Want more? Talk to us about what we offer in our training packages.

We will train you to use Xero correctly, showcasing tips, tricks and all the cool features Plus.