Release notes: updates to Xero on April 28, 2014
Here's a summary of what we've released:
- EC Sales improvements (UK)
- Bank Reconciliation report improvements
- Improvement to planned payment dates
- Improvement to contacts' payment terms
- Improvement to the setup wizard
- Removing old GST and VAT rates for new organizations (NZ and UK)
- Ability to check bank website when setting up Yodlee bank accounts
For customers registered for VAT on the cash scheme, Xero's VAT returns will now report EC sales on an accrual basis, as required by HMRC.
We've added a statement import date to the Bank Reconciliation Summary report so you can now see the date your transactions were imported into Xero. Also, the report now provides a link to the statement.
You can now remove planned payment dates on bills if you need to.
You can now set custom due dates for individual contacts based on the number of days following the end of the invoice or bill month. In a future release, you'll be able to set this new payment term option as a default across your organization.
In the past, we set an automatic period lock date when the setup wizard is completed. While locking things down early can be useful, many users found it too restrictive. We've removed this automatic lock so you can now update conversion balances more easily.
We have removed New Zealand's legacy GST rate (12.5%) and the United Kingdom's legacy VAT rates (15% and 17.5%) from the default tax rates available to new Xero organizations. Existing organizations will be unaffected (legacy tax rates will remain unless you archive them).
When you're setting up a Yodlee bank feed, you will now be provided with a link to the website of the bank name you've selected to confirm you have the right bank.