Xero is changing how it’s expenses module works
We love Xero at Flamingo Accounting and make no secret of it. Now they are giving their Expense module an overhaul and introducing great new features.
Changes to improve the functionality and reportability regarding expenses in Xero are being introduced that include:
- Data capture – previously you could use your phone camera to upload the image of the receipts into Xero, but the new function will actually extract the data from the image and pre-populate the data into the claim so amounts, dates and VAT amounts will be pulled out.
- You can allocate expenses to particular categories, different to your P&L expense codes- for instance you might want to allocate all the costs of a foreign trip to a Foreign category so that you know what you spent on that trip, but in the P&L you they would still be split amongst hotels, flights, travel and subsistence, etc as before.
- Multi currency – the expenses will now be able to be entered in the source currency of the transaction and Xero will automatically convert to GBP£ using the rate on the day of the transaction.
- You can allocate expenses to customers – as you already can with purchase invoices, you can now allocate expenses to specific customers that you may want to recharge them onto.
- Mileage tracker – although not part of the initial change, in time a mileage tracker will be added to the expense function so that employees can accurately record their journeys via GPS.
The additional cost of using the expenses module is £2.50 per month, plus £2.50 per month for each additional user who submits a claim- so if no claim is submitted, there is no additional charge.
The changes will be rolled out in the next couple of months, but do not worry as the current way of using the expenses function is staying put at no extra cost, and there is no need to change if you do not want to do so.
If you have any questions about the new way of doing things, then get in touch on the details above.