Last updated on April 21, 2023
Our team reorganized in 2023 and introduced many exciting features to the new accounts that we know you’ve been waiting for — including adding foreign currency to the new accounts. Here are some of the highlights and keep an eye out for the future.
Biggest releases so far this year
Foreign currency in new accounts
We have recently added foreign currency to new accounts. If you have a Xero Premium plan and have added foreign currency to your settings page, then you can go ahead and run it.
- Balance Sheet, Profit and Loss (Income Statement) and Budget Variance Reports:
- We’ve added the ability to translate these reports into any currency your organization supports, for a quick view of your finances in the currency of your choice
- Summary and detailed accounts of invoices receivable and payable, and accounts from income contact and expense accounts from contact:
- We’ve added the ability to view transactions in the currency they were created in to help you better understand your sales and purchases in foreign markets
- See how Xero has translated the foreign currency into the base currency, with a side-by-side overview of both amounts, with new column names showing the base currency code (such as NZD)
- Use these reports to filter, group, and sort data by currency to focus on specific markets and understand customers and suppliers in those markets
- We have introduced a new Bank reconciliation account packageTo help you identify lost, deleted or duplicated transactions in Xero
- We added a new one General ledger summary, General Ledger Detail, magazine, Current financial year by month – actual and budgetand Realized Profit and Loss Accounts
- Global Settings (US only) has been released, allowing you to set preferences for specific organizations, such as default accounting basis, decimals, account codes, and more.
- We’ve made a number of improvements to age reports:
- The current column for age reports is now automatically hidden when it is empty
- Aging reports now default to the end of the current month instead of “as of today”.
- Invoices that match the invoice date are now entered in the first aged bracket instead of the current column
- There is now an additional option in the Aging Periods drop-down menu that allows you to revert the account to how it was before the change
- We’ve added several new reports to Xero HQ reporting templates, including:
- Cash Summary and Executive Summary Reports
- Tax disposal schedule and tax amortization schedule (Australia only)
More account features are on the way
We are working hard to deliver even more features before the retirement of old accounts on 31 July 2023 at 6am NZST. Here’s a look at our plans.
- The old CIS Payments and Deductions account will expire on 27 April 2023 — all features of this account are now in the new CIS Contractor account (UK only)
- Global settings will apply to all other regions
- You’ll be able to filter tracking categories and compare two tracking categories side-by-side without entering the layout editor
- We are introducing a new General Ledger Exceptions report
- We’re adding a new budget selection drop-down menu to the Budget Variance report so you can see the information you need without going into the layout editor
- We offer pool summary and pool detail reports for reporting templates in Xero HQ (Australia only)
- We’ll improve your bank reconciliation, allowing you to enter your bank statement balance and identify any discrepancies with the ‘reporting balance’ in Xero
- We offer the ability to view transactions in their original currency in the Inventory Item Details report
- We will begin rolling out a new version of the Bank Summary Report
Get ready for July 31, 2023
To help you prepare for the removal of old accounts, as a reminder, we’ve added a new tag that says “Old version expires July 31, 2023” on accounts that won’t be available after that date.
|Don’t forget to change your favorites in the report center to the new version of this report as You will only be able to favorite new reports in the coming months.|
We’re always here to help if you’re not sure how to get started. Check out our Account playlist on YouTubeVisit the tips and tricks panel in our most used accounts, or Contact the team at Xero Central If you need support.