UHY’s Xero tips and tricks

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Welcome to our second edition of UHY’s Xero Tips and Tricks.
Xero is continually improving and evolving in order to meet the needs of its users and we want to keep you up to date with these changes to ensure you are getting the best use out of the software. Every quarter we will be keeping you up to date with what is new in the world of Xero.

IOS & Android Mobile updates: 
• Find & Match updated UI: See which transactions have a reconciled amount. When you select a transaction, Xero displays the amount reconciled, as well as what’s remaining.

• Xero Expenses – Faster receipt analysis meaning reduced errors and less reduces errors and speeds up the time it takes to scan and submit most receipts, from minutes to seconds.

VAT: 
• New non MTD VAT Return

  • The new return includes lots of extra benefits such as the ability to add adjustments, be run using a custom date range and even see an audit report that shows the transactions that make up each VAT box.

• Postponed VAT Accounting (PVA):

  • From 1 January 2021, eligible UK businesses can apply PVA adjustments to their VAT returns.
  • PVA adjustments let you postpone VAT payments on imports instead of having to pay them up front and recover them later.
  • If you’re on a standard VAT scheme and use the MTD or new non-MTD VAT return in Xero, you can apply PVA adjustments directly to your return, without the need to enter a transaction. 
  • If you use the older version of the non-MTD VAT return, or prefer to account for PVA with a transaction, you can create a bill instead.
  • If you want to learnt more about PVA, get in touch with us for help.
  • Found directly on the new non MTD & MTD VAT Returns, PVA adjustments in Xero removes the need for complex accounting transactions by allowing you to make adjustments directly to your return.
  • For more information please see the following blog written by Max Whiteley, a member of the UHY Manchester cloud accounting team: https://www.uhy-cloudaccounting.co.uk/cloud-benefits/does-your-company-import-goods-from-the-uk-apply-a-postponed-vat-accounting-pva-adjustment-within-xero/

Classic VAT Return

  • With the release of the new Non MTD VAT Return and the pending change in legislation for XML filing, Xero will be retiring the Classic VAT Return in the coming months.

Xero:

• Bank reconciliations

  • Less suggested matches and more ready to reconcile transactions than ever before.

• PayPal Commerce Platform:

  • PayPal’s new payments API – PayPal Commerce Platform. The new integration with PayPal requires users to have or upgrade to a free business account and to verify their account before they can start accepting payments.
  • Speak to a member of the UHY cloud accounting team about adding PayPal as a payment service in Xero or about PayPal’s new commerce platform.

• Cash Validation Customer report:

  • Run the Cash Validation Customer report to support a business loan application with a bank or finance company.
  • The report helps to provide confidence to lenders that accounting data can be validated by bank transactions and is therefore accurate.
  • Speak to a member of the UHY cloud accounting team if you need any help running a Cash Validation Customer
See our previous Xero tips and tricks blog here.

If you would like to discuss these new features or any other Xero related query please get in touch with Ali Netherwood on 0161 236 69 36 or via email on a.netherwood@uhy-uk.com    

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