We’re delighted to announce that we have been appointed as a Xero Gold Partner which means we can help you achieve more success in your business by adopting this innovative, cloud-based accounting software solution. Contact us today to find out more about how Xero could help make running your business so much easier. For those of you that are already on-board, we’ll be including news, tips and useful information in our e-news to help you get more from Xero.

What’s new in Xero?

The team at Xero have recently rolled out a new and improved Trial Balance report. It is now possible to include comparative periods via the report settings section and compare up to 36 periods, either on a monthly or annual basis. It’s worth noting that foreign currency functionality isn’t in the new report at present but Xero are planning to introduce this feature into the report soon.

Xero have also introduced a number of new features in the Expenses section of the software. It is now possible to add expense claims in foreign currency. Xero then converts the expense into Pounds Sterling using the exchange rates provided by xe.com. It is now also possible to break down a receipt into multiple lines. This is useful if a receipt has different VAT rates, relates to multiple nominal accounts or multiple tracking categories.

Uploading Bills in Xero

Entering Bills into Xero may seem like a simple process but there are multiple ways of completing this task which may improve your efficiency.

The easiest way to add a Bill to Xero is to use the ‘+’ tab at the top of the screen and select Bill from the dropdown menu. The details on the supplier invoice can then be entered on the following screen. However, this means locating the invoices each time you undertake the bookkeeping process and some invoices can often be missed. An electronic copy of the invoice can then be dragged and dropped into Xero for your record.

In order to reduce the risk of missing an invoice, Xero offers a cloud file storage area where electronic supplier invoices can be sent before they are entered into Xero. This is located under the file icon toward the top right of the screen. Each folder has a unique email address and any invoices received can be forwarded to this address. Alternatively, you could request that your suppliers send their invoices to this inbox. Once the file is in Xero, it can be added to a new bill and the details added from the supplier invoice to the bill.

Alternatively, supplier invoices can be sent to a unique email address which can be found under the Purchase account. This will create a blank draft bill and attach a PDF copy of the supplier invoice. It will then be possible to populate the bill screen by copy and pasting from the PDF file saved to Xero.

For both of the above options, the supplier invoice will need to be attached as a PDF to the email.