New direct bank feeds coming early 2021
New direct bank feeds are coming to Xero, including Chase, Citibank and more. Keep an eye out in early 2021 for more information as these new bank feeds become available.
Enhancements to US tax tools
The IRS has announced for tax year 2020 and beyond, the 1099-MISC form will split into two forms: 1099-MISC and 1099-NEC. Xero’s 1099 reporting capabilities are planned to be updated in mid-late December 2020 to reflect these changes. Plus, some additional enhancements are coming to help improve your 1099 processing workflow.
1099 reporting is available for those with the Advisor role in Xero.
New 2020 Schedule C report template
Need to report income for sole proprietors? Good news, a new 2020 Schedule C report template is coming soon to Xero HQ. Be sure to download the custom Schedule C chart of accounts in Xero Central.
Xero’s Schedule C report template is available for Xero partners only.
Upgrades to the account transactions report
We’re working on improving the way you use the account transactions report in Xero. Now, you have the ability to see the opening balance for profit & loss accounts and show or include accounts with no transactions.
Customize US chart of accounts templates
Earlier this year, we announced new US chart of accounts templates available for accountants and bookkeepers in Xero HQ, helping simplify the process of setting up new clients in Xero. Soon, you’ll have the ability to copy these templates and customize to your liking.