Xero uses the term overpayments to include any money you receive (or pay) that is likely to be refunded. Prepayments refers to money you receive (or pay) for services or goods where an invoice has not yet been raised – for example, deposits.
Watch this video for a quick tour.
Pretty simple, right? Xero is taking care of all the hard stuff to make sure these transactions are accounted for correctly. For more detail be sure to check out Help.
And as if that wasn’t enough we’ve also added:
- Late claims for VAT returns for all our UK users
- The ability to change the email address you login to Xero with
- Automatic address lookups for Australian organisations
- A warning when entering duplicate AP invoices
- Search over repeating invoices
- and more!
Read the release notes for more details.