All the best Xero Product Updates - May 2024

Xero Product Updates

10 Jun

Written By Hayley Bradshaw

all the best updates to xero

Please find below our round-up of Xero Product Updates from the last few months.

Quite a bit to go through - so strap yourself in & let’s get going! 🙂

🚀 CORE XERO:

Xero have added a label to the Users page that shows when a user is a member of an accounting practice, and who is able to access their Xero account.

You can now add new items to your inventory (and update existing ones) straight from the ‘Item’ field when creating an invoice.

More enhancements to the Bills page, including additional columns.

The ‘Activity’ tab on each contact record now gives you a snapshot of money owed and owing, as well as their recent transactions with you, like invoices or bills.

If your business uses multi-currency, you can now see foreign currency disclosures and exchange rate notes on selected reports. This will show up as 2 small inter-connecting blue circles.

You can now see up to 50 statement lines on the bank reconciliation screen, search for statement lines, and filter them based on the date range and amount - this is a phased roll-out, so if you can't see this yet, you soon will do!

You can now filter the list of bills by document type, and void bills in bulk directly from the Bills page.

'Classic' invoicing will be retiring in September, so make sure that you're using the 'New' invoicing screen to create your sales invoices.

You can now attach files to your invoices, by clicking the "attach files" button at the bottom left of the screen (and you can also tick the box to "include with online invoice").

You can also attach files to your contacts, so you can keep all documents relating to that relationship (eg, contracts) in the same place.

You can now see even more information relating to any edits to an invoice, within History & Notes.

Within any sales invoice that you've created, there is a "copy to draft quote" option in the over-flow menu (the 3 dots top right), which allows you to copy previously used information to a new quote.

We also believe that you can now create repeating sales invoice from an accepted quote - this isn't included on the Xero Updates information itself, but we've been able to achieve this, so give it a whirl!

Within the Xero Bill Payments feature - when you update a supplier’s bank account number during bill payment, you can now apply these changes to their contact record too. You can also schedule payments for future dates, and track the status of any payments and see payment activity.

🚀 NEW DIRECT BANK FEEDS (UK):

Triodos
Wamo
Allica
Mimo
InCard

When searching for a bank to connect to Xero, you can now click the information icon next to the bank name to see the bank's URL. This makes it easier to connect the correct bank.

🚀 REPORTING / Xero Analytics plus:

There's a new search bar, so you can find and check the transactions that feed into your forecast.

Within the short-term cash flow projection, you can now include unfiled VAT amounts in the projection, in addition to amounts due for filed VAT returns

You can now add repeating manual transactions to your predictions (rather than needing to add multiple one-offs).

🚀 XERO MOBILE APPs:

You can now view more details relating to outstanding sales invoices, such as amount due and overdue, who owes the most money, and the breakdown of invoices by a customer, sorted by longest overdue.

You can now click on figures in the Profit and Loss report section to see all the account transactions that make up that amount.

Within bank rec, predictions are based on details of the statement line, as well as past transactions that you've previously reconciled.

You can also set up mobile alerts for eligible bank accounts, so you can be alerted to new statement lines that need to be reconciled - we're not sure which bank accounts are eligible for this, as we can't see this on our own Starling account on our own Xero mobile app, but it's worth checking to see if you're able to do this on yours.

Xero Expenses administrators can now manage expenses, update users & their permissions, as well as individual settings, all from within the Xero Me App.

If you aren't using any of the Xero Mobile Apps, or haven't used any of them for a while, it's definitely worth checking them out - we use them for our own bookkeeping & reconciling!

🚀 XERO PAYROLL:

Pay calendars are now known as pay frequencies.

🚀 XERO EXPENSES / XERO ME:

Nothing new here, but keep an eye out for future updates 🙂

If you're not yet using Xero Expenses & would like to find out more, please visit our blog - https://www.progressionaccountancy.co.uk/blog/why-you-should-start-using-xero-expenses

🚀 XERO PROJECTS:

Nothing new here, but keep an eye out for future updates 🙂

🚀 PAYMENT SERVICES:

If a customer pays your invoice online using Stripe, you can now view the payment details directly from the invoice in Xero, including the payment date, method, and the amount received less any processing fees.

We've also noticed that Stripe payouts seem, to be quicker than they used to be!

If you haven't yet set up any payment options for your customers, check out here what's available - https://apps.xero.com/uk/function/payments