Release notes: updates to Xero on April 28, 2014

Here's a summary of what we've released:

See also:

EC Sales improvements (UK)

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.

How does the VAT return work in Xero?

Bank Reconciliation report improvements

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.

Bank Reconciliation Summary

Planned payment dates improvement

You can now remove planned payment dates on bills if you need to.

Contacts' payment terms improvement

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.

Setup wizard improvement

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.

Removing old GST and VAT rates for new organizations (NZ and UK)

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).

Ability to check bank website when setting up Yodlee bank accounts

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.