Quarterly Xero Product Updates – February 2021

Xero Product Updates February 2021

Quarterly Xero Product Updates – February 2021

 

Xero Product Updates – February 2021

 

Welcome to our blog: Xero Product Updates February 2021!

 

February has been Xero Education Month – a series of webinars, factsheets & videos, all designed to help both advisers & businesses to optimise their use of Xero.

 

This month has also seen the latest Quarterly Xero Product Updates, so let’s dive straight in!

 

Here are our  TOP TIPS from the Xero Product Updates for February 2021, as well as takeaways from Education Month…

 

 

Bank reconciliation screen

 

When reconciling, there is now improved suggestions on the bank reconciliation screen when you press “match”.

 

 

Online payment services

 

There has been an updated payment service integration with PayPal, which should make the process easier to manage.

 

 

Statement of cash flow report

 

If you deal with foreign currency, there is now a line for the effect of exchange rates on cash. Unfortunately, this report is only based on your sales invoices & due dates, as well as your bills & planned payment dates.

 

We hope that this report will soon take into account non-invoice payments (such as VAT & staff wages), however this feature isn’t currently on Xero’s roadmap.

 

To make the very most out of this report, we recommend that you enter bills & planned dates for your sales invocies & bills into Xero.

 

 

Xero Invoicing – overpayments

 

You can now apply overpayments & credits against a new sales invoice, if your customer has any.

 

 

Reverse Charge VAT for Construction Businesses

 

The VAT domestic reverse charge procedure is a new way of accounting for VAT in the construction industry & is due to come into effect in the UK on 1 March 2021.

 

If you’d like to find out more, please read more at Xero here.

 

 

Hubdoc updates

 

There is now a duplicate document alert if Hubdoc believes that the same invoice appears twice.

 

If you’d like to find out more, please read more at Xero here.

 

You can also navigate directly to Xero from the invoice in Hubdoc, which should save some time!

 

 

Mobile updates

 

As always, please ensure that you keep your Xero Mobile Apps up to date to enjoy these updates!

 

IOS – you can now edit & remove part payments.

 

Android – you can now reconcile part payments, as well as delete draft or awaiting approval invoices.

 

On both Android & IOS – the find & match UI has been improved. On expenses, when you snap a picture & upload images of receipts, Xero will automatically populate some of the fields for you, by reading the data on the receipt. You can also now enable dark mode.

 

On the roadmap..

 

When a credit limit is entered for a customer, Xero will soon block repeating invoices from being generated.

 

Xero Verify & more on Two Step Authentication will be available from March/April 2021. If you don’t have 2SA set up on your Xero, please read more at Xero here.

 

 


 

Learn more about Xero

 

We hope that you have found our Xero Product Updates – February 2021 blog useful!

 

If you want to receive tips on how to use Xero more effectively, please subscribe to our mailing list here.. (you will also get access to our guide: TOP TIPS to get paid quicker!)

 

And if you’d like to contact us for our Xero Training, please check us out here..

 

Happy Xero-ing folks!

Hayley Bradshaw
hayley@progressionaccountancy.co.uk

Co-Founder & Director of Progression Accountancy, Xero Advocate - Supporting established businesses with Xero to get super clear on their finances, so they can save time each day & have Xero working properly, through bespoke Xero Training & ongoing Xero Accounting

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