Rolling out the changes
This mornings release has a bunch of small updates along with a couple of great new features – including a completely revamped Help Centre (more about this in Catherine’s blog post to follow), and the ability to import invoices (watch video) from a CSV file.
While most of the team have been working solidly on forthcoming multi-currency we’ve also been spending a fair amount of time with accountants, and todays updates reflect some of the most commonly requested improvements:
- New GST/VAT Reconciliation Report (more on this below)
- New Abbreviated Accounts for UK organisations
- New compilation report on the annual report
- The balance sheet can now be compared across multiple periods ranging from one month to 12 years
- The cash summary can now be compared across multiple periods and working capital items can be included with operating income and expenses or non-operating movements
- The transactions by contact report now shows the reference of each transaction
- Reports exported to PDF no longer show cents and 0 amounts are shown with a dash
- The annual report now includes a simple company directory
- The bank reconciliation report now includes the statement balance from bank feeds and OFX bank imports
- You can now export all GL transactions to MYOB Accountants Office General Ledger, IRIS and a generic format
- You can now copy spend and receive money transactions
- The conversion balances screen is now much faster when entering balances for a large number of accounts
- You can now journal to the GST/VAT/Sales tax account
- A new Exempt GST code for Australian organisations is available for non reportable expenses
- Sales tax is now displayed on invoice PDFs based on the component name for global organisations
One of our longer term goals is to provide complete annual reporting from Xero. This will include the most common reporting standards in all countries that we support, with some generic IFRS based reporting for our global customers.
Currently, our Annual Report is based on the New Zealand differential reporting standard, but doesn’t fully comply with all differential requirements so should be appropriate for most exempt companies and special purpose reporting organisations. Accountants are able to change any of the text and accounting policies and customise the Balance Sheet and Profit and Loss layouts to achieve quite a lot of flexibility, but our goal is to allow you to create and manage reporting templates for different purposes which can be run across any of the organisations you manage.
A lot of the small improvements we are making are taking us closer to offering the flexibility required, but we know there is still more for us to do. In the shorter term, some accountants may still chose to use other accounts production software, so we have now provided three new transaction export formats (AO GL, IRIS and Xero GL) with more to come.
One of the key benefits of using Xero is that accountants and businesses can share business and accounting data without the need to send files back and forth, or manually transfer adjustments, to try and keep disconnected desktop software in sync. It’s important that accountants can work within Xero when making these adjustments, and the fixed asset register (released last month) is an integral part of achieving this.
To make it even easier to perform critical year-end processing in Xero, this release includes a set of reconciliation reports which you can use to confirm your balance sheet. One of the reports included in this set is the new GST/VAT reconciliation report which breaks out the GST/VAT account balance into amounts filed, amounts unfiled, amount owed to your tax authority and any amounts recorded in AR, AP and expense claims but awaiting payment so not yet due on a cash basis.
By providing detailed reporting like this in Xero, accountants are telling us that they are able to save a lot of time while performing end of year processing and balancing – then producing annual accounts from Xero or another system becomes so much easier.
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