Xero Reports – The Ultimate Xero Reporting Guide for You

Zakhar Yung

Zakhar Yung

Jun 13, 2023

The system of Xero reporting is vast and covers 50+ versatile reports available to you with a few clicks. You can apply different formats, change data range, select compare periods and even create reusable custom report layouts. Read this tutorial to discover the reporting capabilities in Xero and beyond this tool.

Xero reports explained

Reports in Xero are the templates of aggregated data. You don’t have to create reports in Xero because they are already available for you. To find them, go to the Accounting menu and select Reports .

1.1 access xero reports

You will see a number of templates grouped by the following categories:

  • Financial 
  • Fixed assets

You can export, print, save as drafts and publish reports as read-only snapshots. 

1.2 publish xero reports

Different categories of Xero reports for different countries

The reports categories we introduced above work for organizations from the UK, France, Ukraine, and other countries. For the US-based organizations, Xero groups reports in the following categories:

  • Financial performance
  • Financial statements
  • Payables and receivables
  • Reconciliations
  • Taxes and balances
  • Transactions

And here is how it looks:  

5 old reports layour

With this view, you will only see the newer versions of the reports if applicable. However, you can still access the older versions by clicking the three-dots menu and then selecting “ View an older version of this report” :

6 view an older version report

This tutorial will rest on the UK-based version of the Reports categorization, e.g., Financial, Sales, etc. However, it’s not necessary to find the required reports manually – you can simply enter the report name in the search bar and get the result. Moreover, you’ll be offered both the newer and older versions to choose from.

6.1 search bar

Xero new reports

You can see that some reports have the label New . 

2 new xero reports

These are either the updated versions of some reports or the new reports available. Unlike the regular versions, the new ones provide more flexible settings and layouts. For example, here is how the new version of the Balance Sheet looks compared to the old version.

3 balance sheet old vs new

So far, the list of the new reports include:

  • Balance Sheet
  • Movements in Equity
  • Profit and Loss
  • Statement of Cash Flows – Direct Method
  • Aged Receivables Detail
  • Aged Receivables Summary
  • Receivable Invoice Detail
  • Receivable Invoice Summary
  • Aged Payables Detail
  • Aged Payables Summary
  • Payable Invoice Detail
  • Payable Invoice Summary
  • Expense Claim Detail
  • Billable Expenses – Outstanding
  • Account Transactions
  • Cash Validation Customer Report
  • Contact Transactions – Summary
  • Duplicate Statement Lines
  • Trial Balance
  • Inventory Item Details
  • Inventory Item List
  • Inventory Item Summary
  • Project Financials
  • Depreciation Schedule
  • Disposal Schedule
  • Fixed Asset Reconciliation

Xero reports not working

The most common Xero users’ requests regarding the Xero reports failure are “ reports not showing, ” “ reports not loading, ” “ reports function not working, ” and so on. Clearing cache is considered the most popular solution to fix this. But it does not help every time. 

We can’t say it’s a frequent occurrence, but it’s a risk, which you can mitigate. How? 

Xero reports export and backup

In the blog post about Xero Backup , we explained how you could export Xero data to Excel , Google Sheets, BigQuery, or Looker Studio on a schedule. This will let you have a backup copy of your Xero reports. To implement the backup on a schedule, you need to sign up to Coupler.io , click Add new importer , select Xero Reports as a source app and choose the desired destination app.

xero reports source

After that, set up the following parameters:

  • Source – Connect to your Xero account and configure the report to export.
  • Destination – Select the destination file or table to load data to. In addition to Google Sheets, you can export Xero to Excel or even integrate Xero in Google BigQuery . 
  • Schedule – Enable the Automatic data refresh and schedule reports every 15 minutes, every Tuesday, or at another custom frequency. 

Here is what an importer may look like:

7 xero reports importer

And here is an example of a Balance Sheet exported from Xero to Google Sheets :

8 balance sheet in google sheets

With Coupler.io, you can export the following Xero reports:

  • Aged Payables by Contact
  • Aged Receivables by Contact
  • Bank Statement
  • Bank Summary

Budget Summary

  • Executive Summary

Read more on exporting reports from Xero to Google Sheets .

Now let’s go through the main groups of reports in Xero and check out some interesting details.

Xero Financial reports

9 xero financial reports

The following reports are meant to help you understand your organization’s financial position and examine performance:

Xero Sales reports

17 sales reports

The sales reports are meant to see the transactions you’ve had between your suppliers and your customers. Here is what Xero offers for this:

Xero Tax reports

18 sales tax report

Xero offers the Sales Tax Report for you to review your sales tax details. You can use only one sales tax account for your Xero Sales Tax Report. 

This report itself consists of two tabs: 

  • Sales Tax Summary – Displays a summary of taxes. You can filter the information by Tax Rate, Tax Component, and Account type.
  • Sales Tax Audit – Displays the grouped sales tax transactions for the return period.

19 sales tax report audit

Once you’ve reviewed the Sales Tax Summary and the Sales Tax Audit report or submitted your tax return, you can publish the report.

Purchases and other Xero expense reports

20 purchases reports 1

The purchases reports in Xero contain information about the payments, purchase orders, bills, and expense claims between your suppliers and customers. 

Xero reports for accountant

21 accounting reports

The accounting section of reports in Xero is the longest. It counts 16 reports that display transaction details, actual bank balances, monthly account summaries, and information to help with reconciling. 

Xero Inventory reports

22 inventory reports

Xero offers a few reports that allow you to see the information about your inventory items, including the sales and purchase details for both tracked and untracked items. 

Xero Payroll reports 

Important: The options for Payroll reports may differ depending on the country of your organization.  

23 payrun reports

Payroll reports in Xero allow you to see information about payroll activity, transactions, leave balances, time sheets, remuneration, and pension. You will find them in the Payrun section:

Note: Make sure that you have payroll admin access to use pay run reports in Xero.

Xero Fixed Assets reports

24 fixed assets reports xero

Fixed assets reports in Xero allow you to see the information about your fixed assets, their movements and compare fixed balances between fixed assets register and balance sheet.

We’re done with the preset reports you can use in Xero. Meanwhile, you can customize some of these for your needs and create reusable layouts. Let’s see how it works in Xero.

Xero custom reports

You can create a custom report from scratch using the Blank Report (Accounting section). 

Another option is to change the layout of an existing report. Xero provides a layout editor tool for this. However, it is available only for newer versions of financial reports . For now, these are:

  • Balance Sheet 

For customization, you can: 

  • Add/remove/sort/reorder fields
  • Add/edit formulas
  • Create/move groups of accounts

The reports you’ve edited and saved will be available in the Custom tab of the Reports menu. Let’s check it out in practice in the example of a Xero Profit and Loss report.

Xero create reports with a custom layout

Open the P&L report, find the Edit layout button in the bottom left corner, and click on it.

25.1 edit layout

Now you can start editing your layout.

25.2 edit layout

For this example, we made a few changes to the layout:

  • Renamed the report from Profit and Loss to P&L
  • Edited the date range from Nov 2021 to 1 Nov – 30 Nov 2021  
  • Renamed Cost of Sales to Sales Cost
  • Relocated the Trading Income row to the bottom 

25.3 edit layout

When you’re done making changes, click Done .

25.4 edit layout

But that’s not all. Now you need to save your layout as custom. For this, click Save as and select Custom .

26 save as custom

Name your custom report, and you can optionally make it the default. From now on, it’s available in the Custom tab.

27 custom report

Xero custom reports not working

If you can’t see your custom reports, try to clear the cache as we suggested above. On the other hand, it’s better to make sure you have a self-updating backup copy of your custom Xero report outside of Xero. In the section Xero reports export and backup , we explained how you can automate exports of preset Xero reports with Coupler.io. Unfortunately, Coupler.io does not export reports with custom layouts, but it’s not an issue!

You can build your custom report in Google Sheets or Microsoft Excel using the raw data exported from Xero. For this, you need to:

  • Sign up to Coupler.io , click Add new importer , select Xero (not Xero Reports) as a source app and choose the desired destination app.

xero source app

  • The rest of the flow you already know:
  • Connect to your Xero account and select the data entity to export.
  • Select the destination file or table to load data to. 
  • Configure the schedule for data exports if you need automatic data refresh.

Making a custom Xero report in a spreadsheet will let you avoid any troubles in case of any issues on Xero’s side.

Advanced reports with Xero

In the Accounting menu, you can see the Advanced tab.

28 advanced

It does not in any way relate to advanced reporting, and the reports you can see there are the same as in the Report tab. However, if you are interested in advanced reporting tools, you can check out Xero App Store . Here you will find a bunch of apps to satisfy your reporting needs and purposes.

29 xero app store

Xero reports grouped by your requests

Above we introduced the categories of reports according to Xero. Xero users, however, may have their own vision or way of grouping reports. For example, you may want a separate category for Project reports. Let’s fix this and cover some of the most in-demand requests.

Budget reports in Xero

You have three Xero budget reports: Budget Manager, Budget Summary, and Budget Variance.

Budget Manager

10 budget manager

You can only have one overall budget per organization. With the Budget Manager report, you can set up additional budgets in Xero. For this, you need to go to the Select Budget drop-down and click Add new budget .

11.1 add new budget

Then you need to enter a name for your budget and select the region. Click Save .

11.2 add new budget

Now you can fill out the budgeted amounts in your new budget. Alternatively, you can import a budget as a CSV, Excel, or ODS file by clicking on the Import button and following the instructions. 

12 import budget

The Budget Summary report allows you to see a summarised view of any of your budgets. You can select:

  • An additional budget that you’ve set up in the Budget Manager.
  • The month to start from.
  • The period – how many months at a time (1, 2, 3, 6, or 12) that you want to display in each column.
  • The number of periods to show – 1 to 12.

Click Update to enable your configuration.

Note: You can automate the export of the Budget Summary report to Google Sheets, Excel, or BigQuery using Coupler.io with a few clicks. We explained this in the Xero reports export and backup section.

Budget Variance

14 budget variance

The Budget Variance report allows you to see the comparison between the actual figures against budgeted amounts for the current month and year to date (YTD). The variances are shown as values and percentages.

You can configure the report as follows:

  • Choose formats (current financial year, compare regions, YTD progress, etc.)
  • Choose periods to compare 
  • Choose the date range

Xero project reports

Xero offers two reports to get and insights into the time spent on projects and a summary of the project financials:

  • Project Detailed Time report
  • Project Summary report

To access each of these reports, you’ll need to go to the Projects menu. 

30 projects menu

Project Detailed Time

To open a Project Detailed Time report, click Staff time overview and then Go to report .

31.1 project detailed time report

Here is your Detailed Time report:

31.2 project detailed time report

Project Summary 

To open a Project Summary report, click All projects and then Project Summary Report .

32.1 project summary report

Here is what it looks like:

32.2 project summary report

Xero income statement report

The income statement report in Xero is represented by the Profit and Loss report (new and old versions). It allows you to see income, expenses, and profit for a reporting period of your organization.

Here is a view of the older P&L version, which you can export with Coupler.io:

15.1 profit and loss old

This is the Profit and Loss report with a new design:

15.2 profit and loss new

Whichever version you work with, you can use the following settings for your P&L report:

  • Current and previous 3 months
  • Current financial year by month
  • Month to date comparison
  • Year to date comparison
  • Compare кegion
  • Date range – you can specify the date range for your P&L report.
  • Comparison period – you can choose the number of comparison periods.
  • Filter by tracking – you can filter your report results by tracking category if applicable, for example, by Region.
  • Accrual – revenue earned and expenses incurred during the report date range.
  • Cash – revenue received and expenses paid during the report date range.
  • Accounting basis
  • Account codes
  • Percentage of trading income
  • Year to date

Xero tracking reports

16.1 tracking summary

Xero offers a Tracking Summary report that generates a list of your tracking options. Each of the options displays activity in a particular group of accounts for a specific time period.

To launch a Tracking Summary report, you must select an account group. These are the account types from your chart of accounts, for example, Expenses. You can also configure the date range and choose a tracking category. Click Update and voila.

16.2 tracking summary example

The report will display the transactions assigned to the selected account group. The transactions assigned to the selected account group that were not tracked are displayed as Unassigned.

For each category option, you’ll see the opening and closing balances according to the specified date range. The net activity displays the outcome of all approved transactions except for purchase orders and quotes.

Xero user activity reports

If you need to see history notes or a user activity log, you need the History and Notes report. It displays information about all changes made to your transactions and which user made them. 

33.1 history and notes

Go to Accounting => Advanced and find History and notes .

33 history and notes

Yeah, it’s that simple.

Xero income reports

Some time ago, Xero offered two separate reports: Income by Contact and Expenses by Contact. Now, you have one report that consolidates both of these – Income and Expenses by Contact. It displays incurred expenses and received income by a particular contact.

34 Income and Expenses by Contact

Xero management reports

Xero does not provide any dedicated management reports, but the following ones are usually considered the management report pack:

  • Executive Summary : overview of key cash, profitability, balance sheet, income, performance, and position items.
  • Cash Summary : movement of cash in and out of your organization for a selected period.
  • Profit and Loss : income, expenses, and profit for a selected period
  • Balance Sheet : financial position of your organization and what you own and owe at a particular time.
  • Aged Receivables : amounts your customers owe and how long they’re overdue.
  • Aged Payables : amounts you owe to your suppliers or for expense claims, and if they’re overdue.
All of these, except for the Cash Summary report, you can automatically export from Xero to Excel, Google Sheets, or BigQuery on a custom schedule with Coupler.io.

Graph reports in Xero

Many Xero users thought that it would be great to have graphs in their reports. Xero listened to this request and released two real-time dashboards: Business Snapshot and Short Term Cash Flow. You will find both features in the Business menu:

35 graph xero

Business Snapshot – a dashboard with valuable information about your organization’s financial health, such as profitability, income and expenses. 

36 business snapshot

Short Term Cash Flow – a dashboard showing a projection of the amount of cash in the next periods. 

37 Short Term Cash Flow

The advanced versions of both dashboards are available in Xero Analytics Plus:

Quarterly reports Xero

All new reports in Xero allow you to apply a quarterly-based date range:

  • This quarter
  • Last quarter
  • Quarter to date

 For example, here is how it looks in the Duplicate Statement Lines report.

38 quarter based report

Check out the Xero new reports section to learn the list of new reports.

Consolidated Xero reports

Xero does not provide consolidated statements natively, so you’ll need to opt for a third-party solution. In the Xero App Store, there are many tools for making consolidated reports including Fathom , joiin , Spotlight Reporting , etc.

39 xero apps consolidation

Choose the best one for your needs.

Xero reporting – summary

It seems that Xero, with its abundance of reporting options, can satisfy the needs of all users. However, the lack of consolidation and customization features often causes users to opt for third-party solutions to power up their reporting. If you feel the same and want to go beyond the Xero reporting capabilities, check out Coupler.io or another tool that meets your needs. Good luck with your data!

A content manager at Coupler.io whose key responsibility is to ensure that the readers love our content on the blog. With 5 years of experience as a wordsmith in SaaS, I know how to make texts resonate with readers' queries✍🏼

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Get efficient reporting with Xero Report Templates

  • By Xero Education
  • Published: May 13, 2024
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For accountants and bookkeepers in Australia. Save time preparing annual reports with Xero Report Templates. Understand the basics of Report Templates and best practice set up. Use report codes and report fields to auto populate data, and customise reports more easily. Scale reports across your client base.

Choose an Upcoming Event

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Track and manage expenses with Xero

Manage spending and submit or reimburse expense claims with Xero’s expense management tools.

  • Claim expenses for free
  • View pricing plans

A large stack of receipts for expense claims in a neat pile.

Snap expenses and claim on the go

Make your expenses fast and paperless.

Reimburse expenses quickly

Approve expenses without delay.

Monitor your business expenses

View reports and analytics to track expenses.

Manage expenses wherever you are

Claim mileage and expenses from your phone.

See how effortless expense management works

This explains everything. And in just 120 seconds.

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Make your expenses fast and paperless from your phone.

  • Included Details are scanned from your photo receipt to auto fill the claim
  • Included Track and record your mileage
  • Included Submit an expense claim in one click with the receipt attached

Automate your expense management process to make your life easier.

  • Included Get notified as soon as a claim is submitted
  • Included Quickly review and approve expense claims
  • Included Pay claims the same way you pay other bills

See your expenses and when reimbursements are due, to manage cash flow.

  • Included Keep an eye on expense claims with real time reporting
  • Included Spot trends and insights so you can plan ahead
  • Included Forecast and budget with real time figures

Speed up submitting and approving expense claims on the go with the Xero Me app.

  • Included Track and submit mileage using the map in the mobile app
  • Included Forget paper receipts - snap a digital copy instead
  • Included Get notified and approve expense claims from your phone

More about expenses

Monitor expenses using the apps or desktop version when you subscribe to the Established plan. Scan receipts, track mileage, reimburse claims promptly and manage spending with real-time analytics.

If you or your employee use your own vehicle for work, you can submit a mileage claim to be reimbursed in the the Xero Me app. Get your mileage expenses under control with the mileage tracker and get the insights you need so you can spend smarter.

Snap a photo using the receipt scanner in the Xero Me app and the key details are scanned from the photo receipt and auto filled into an expense claim within the app. Submit the claim with the receipt attached in just one click!

Keep expenses in check. Label what an expense relates to, so you can charge it to the right customer or project. Group and organize your expenses and assign them to a customer or project.

Assign an expense to a specific customer as you enter it, so you can track and on-charge it with the app. The claim is automatically added to the customer’s next invoice, so you can track your reimbursement.

View the dashboard to see charts that display real-time figures for expenses. See the current state of your claims and view reports filtered by employee, status and expense account.

Get the iOS app

Xero Me is free to download and is available for iPhones and iPads.

Get the Android app

Xero Me for Android is free to download so you can start capturing expenses on the move.

Start claiming expenses for free

Access Xero features for 30 days, then decide which plan best suits your business.

  • Included Safe and secure
  • Included Cancel any time
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Or compare plans from $15 per month

We chose Xero because it was set up for small businesses like ours

Olive and Poppy think Xero is perfect for non-accounting experts

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What to explore next

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An illustration of a woman working under a Xero logo, representing Unito's guide to Xero.

  • Unito home /
  • What is Xero and How Does it Work?

Every business, regardless of who you are or what you do, needs to keep track of their finances. Depending on the size of your company, you may have an entire finance team, or a single person who takes care of everything from payroll to invoices and more.

If you’re looking for a simple, straightforward subscription service to help reconcile debits and credits, keep transactions organized, and help automate other finance tasks, check out Xero .

In this article we’ll go over exactly what Xero is, the pros and cons of using this software, price structures, and features, so you can determine if it’s the right accounting software for you and your business needs.

If you’re already using Xero, you can now try syncing your bills and invoices with Unito !

What is Xero software?

Xero is an accounting subscription-as-a-service (SaaS) cloud-based software based out of New Zealand and is used by companies of all sizes around the world. Their product is geared specifically towards small and medium sized businesses, but depending on a company’s model, can be utilized regardless of size.

With Xero, you’re able to manage all financial aspects of a company. Whether you’re a small business owner or a finance manager at a company, it provides all the tools and integrations needed to keep finances in check.

Xero also provides integrations with more than 1,000 third-party apps and can be used across devices. This makes it extremely easy to use on the go (but we’ll talk more about all the reasons why Xero is amazing in a bit).

What is Xero software used for?

With millions of global subscribers, Xero consistently develops new features and updates existing ones to improve ease of use. Some features are only accessible with higher subscription tiers, but most users can access the following:

  • Track bills. You can easily see upcoming bills and dollar amounts owed, schedule future payments, and keep track of billing details in Xero easily .
  • Send invoices and accept payments directly from customers. Sending invoices has never been easier! Xero allows you to add a “Click to pay” button which prompts payment via credit card, debit card, or direct debit. Customers can pay how they’d like, and everything is tracked and recorded in one place.
  • Manage transaction reconciliations. Xero’s UI makes it easy to track transactions and ensure everything balances across accounts. It also makes “suggested matches” for reconciliation, which saves time going through each individual transaction.
  • Store important files and documents. You’re able to easily save copies of bills, share contracts, and record receipts all in one place. Everything is kept secure, organized, and easy to access when needed.
  • Create and customize reports. Administrative work is time-consuming, but Xero makes report creation and customization simple and straightforward. Plus, there are options to collaborate with other team members.
  • Calculate sales tax . Depending on where you’re located, Xero will calculate local sales tax for you. It’ll also record taxes on each transaction and generate reports for filing taxes.

There are even more features for invoicing, generating sales quotes, tracking inventory, and app integration. Xero’s accounting dashboard also gives you a quick glance at daily financial information, so it’s easy to track day-to-day balances and budgets.

A screenshot of a Xero accounting dashboard

Xero truly offers something for everyone with regards to its features, which is why it has become so popular with finance teams and small businesses.

Pros and cons of using Xero

It’s always important to do your research before purchasing a new subscription, so let’s look at the pros and cons of Xero to help determine if it’s right for your needs. 

  • You can sign up for a free 30-day trial
  • It’s cheaper than many of its competitors
  • You can add unlimited users to your account
  • There are thousands of third-party app integrations
  • There’s a mobile app for on-the-go use
  • It has a sleek dashboard and UI for ease of use
  • They offer a knowledge base to help troubleshoot issues
  • There is certification training available through their corporate website to help train users to understand product offerings better
  • It offers a safe and secure platform
  • They offer automated monthly billing, and easy cancellation within a one-month notice period
  • There’s no live online support (you have to fill out a form online and wait for them to contact you) and they don’t have a customer service number or email address
  • Some users have cited its inventory management is limited in functionality
  • Certain features, such as bulk reconciliations and working with multiple currencies, are limited to higher-tired plans
  • Additional features, such as claiming expenses, are only available as monthly add-ons and must be paid for on top of your regular subscription fee

How much does Xero cost?

There are currently three different subscription plans that Xero offers:

  • Starter: $7.50 a month.
  • Growing: $21 a month.
  • Established: $39 a month.

Before committing to a subscription plan, you can sign up for a 30-day free trial.

To sign up for a free trial, go to their website and click on the “Try Xero for Free” button on the top right-hand side of the screen.

A screenshot of Xero's home page.

You’ll be prompted to provide your full name, email address, phone number, and location. After agreeing to their terms and conditions, you can confirm your information and then get started.

You don’t need to provide any credit card or payment information to register for the free trial, so there’s no need to stress over forgetting about it and then being charged for your first month.

At the end of the trial, you will be prompted to select a subscription plan.While the starter plan is an excellent choice for basic financial support, each plan offers additional features and add-ons. Check their website to see what’s included in each tier before making a final selection.

Sync Xero to Google Sheets with Unito

Here’s a quick look at how to sync Xero bills or invoices to Google Sheets with Unito’s integration. It enables automated updates in your spreadsheet as soon as new bills or invoices are added, or any changes are made.

Managing finances has never been easier

Xero is a great option for small businesses and small to medium sized companies. It helps automate financial tasks, keeps transactions organized, and is an affordable option compared to many of its competitors.

And, if you’re already using Unito, you can easily sync bills and invoices ! Automation and integration has never been easier. 

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Task Automation 101: The What and How of Automating Work 

Not everything has to be done manually anymore. Task automation is essential to ensuring that your teams spend their valuable time on the most valuable work.

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Automated Reporting Methodology: How to Build Your Report the Right Way

Automated reporting is all about streamlining the way you report on projects, but without the right methodology you won’t get very far.

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Leo Elliot-Jones

Published by Leo Elliott-Jones

Senior Customer Experience Specialist – Payroll

Better off on Xero: Steps to process and finalise payroll

Leo Elliott-Jones

Popular this week:

With just over six weeks remaining in FY24, now is a great time to think about your EOFY preparation. A good place to start? Preparing your payroll to make finalisation as easy as possible come July.

Completing your EOFY is better off on Xero. To help you get you through from start to finish,  we’ve included some handy steps to guide you through the process.

1. Check your employees’ records 

As part of Single Touch Payroll (STP) , there are key compliance requirements that affect the way employees are set up in Xero. 

In Xero Payroll, all active and terminated employees (who will be included in the STP finalisation for the financial year) will need an employment type, income type, and tax scale defined in their records. 

Review your employees’ records to ensure they’re STP compliant. You can run the Employee Contact Details report to check for accuracy, keeping a close eye on things like date of birth, email address and postcode.

2. Review pay items and their settings

Under STP,  the ATO requires the correct reporting categories be used for your earnings, deduction and paid leave pay items. Allowances will also need to be assigned an appropriate reporting type.

Because these categories tell the ATO how to treat each type of payment you’re reporting through STP, it’s important to double-check that the earnings, deduction, paid leave and allowance pay items used in the current financial year are correctly assigned. 

For more details on reporting categories, check out our guide in Xero Central .

3. Post and file any pay runs for the 2023/2024 financial year

Any pay runs with a payment date in this financial year will need to be posted and filed before you complete your employees’ STP finalisation. If these pay runs are to be reported in FY24, don’t forget that you’ll need to make sure the payment date is on or before 30 June 2024.

Be sure to check that all of your pay runs have been filed to the ATO successfully using STP.

4. Process any outstanding superannuation payments

To claim a deduction on superannuation accruals submitted via auto super for the current financial year, super batches should be approved no later than 2:00pm AEST, 18 June 2024. We recommend marking this date in your calendar so you don’t forget.

If you’re not registered for auto super, it’s not too late – read our support article on how to register for automatic superannuation payments . Alternatively, the payments can be made manually outside of Xero.

5. Reconcile your payroll accounts

After processing all pay runs for the financial year, it’s important to forensically check the accuracy of your reporting. One way to do this easily is by generating the Payroll Activity Summary report and comparing it with the General Ledger report .  

You can specify a custom date range in both reports to help find any discrepancies. For guidance on reviewing payroll transactions at EOFY, take a look at this support article in Xero Central.

If you come across any discrepancies in your payroll accounts, you can use the remove and redo feature to edit the transaction and allocate it to the correct accounts.

Troubleshooting tips

  • If you have multiple payroll expense accounts for earnings or superannuation, be sure to add up the totals for each account when comparing them to the Payroll Activity Summary report .
  • Use the Account Transactions report to identify any transactions that may have been incorrectly reconciled against your Expense Accounts .
  • Check for any manual journals that may have impacted your totals by running the Journal report and clicking on Manual Journals .
  • If you’re unable to locate a discrepancy, try running your reports using a smaller date range to narrow down the issue.
  • If you started using Xero midway through the financial year, double-check that the employee opening balances match your organisation’s conversion balances to avoid any discrepancies.

6. Review the Payroll Activity Summary report against the Payment Summary Details report

Stay with us – you’re almost there. 

It can be easy to get the Payroll Activity Summary report and the Payment Summary Details report confused, so remember you’ll still need to compare this information if you’re completing an STP finalisation. You can run these two reports for a custom date range and make sure the information balances.

It’s important to note here that the Payroll Activity Summary report shows gross earnings, whereas the Payment Summary Details report shows taxable earnings.

If there are salary sacrifice or pre-tax deductions that have been processed during the financial year, they will need to be deducted from the gross wages that show in the Payroll Activity Summary report . The total should then match the Payment Summary Details report (note that this will only show truncated values – the cents will not show in this report).

7. Don’t forget to identify and amend any mistakes

Any errors made throughout the financial year can be corrected using an unscheduled pay run . Simply create the pay run for the required period and enter the adjustment amounts. You can even enter negative values, if needed.

You will need to check that the payment date of the unscheduled pay run falls within the correct financial year (for example, on or before 30 June 2024) to ensure it’s reported correctly.

8. Process STP finalisation

Last but not least, it’s time to process your STP finalisation. Our product team has been working to make this process simpler, and easier to understand. You might notice some tweaks this year, such as an improved layout for the STP YTD Summary and clearer totals columns. 

Take a look at these steps on how to finalise your payroll information with the ATO. There’s also an easy-to-follow checklist to make sure you don’t miss anything.

You’ll need to file at least one pay run before you’re able to complete the STP finalisation process. Your first submission will include all year-to-date (YTD) payroll information that has been entered into Xero.

Keep these tips in mind to help you along the way:

  • Information included in the STP finalisation will pre-populate based on the information processed in Payroll – you’ll be able to see gross totals, taxes and super. You can also view and easily edit RFBA and RFBA-E (reportable fringe benefit amounts).
  • If you need to report any leave paid out on termination as ‘Lump Sum A’ or ‘Lump Sum B,’ you can do this by processing an unscheduled pay run. For more information, read this article.
  • If you have terminated any employees on or before 30 June 2024 who need fringe benefit tax (FBT) amounts reported, you can use the toggle Show terminated employees for RFBA at the bottom of the STP finalisation page.
  • Any Employment Termination Payments (ETP) that have been processed can be shown by clicking View Report to see the STP YTD Summary.
  • If you started using Xero part way through the financial year and need to report employee opening balances through STP, take a look at our support article on transferring payroll balances to Xero Payroll .
  • Based on the ATO’s requirements, gross payments are reported as the pre-sacrificed amount. This means salary sacrificed amounts, such as pre-tax deductions and reportable employer super contributions (RESC), are included in gross payments.

That’s it – you’re all organised! Now you can rest easy knowing that your payroll year-end is complete.

Looking ahead to FY25

Planning for the future, pay runs with a payment date on or after 1 July 2024 will be processed in the next financial year, and any new tax rates will be applied automatically. The super guarantee (SG) rate is also increasing from 11 percent to 11.5 percent on 1 July 2024 for the 2024/2025 financial year. 

Pay runs with a payment date of 1 July 2024 or later will have the new rate automatically applied in employees’ payslips, as long as their superannuation line has been set up with a rate type of statutory rate. If their rate type has been set up as Percentage of Earnings , you will need to ensure you edit this percentage manually.

If your organisation is impacted by changes to the minimum wage, you will need to manually update your employees’ pay templates. You can learn how to create or edit a pay template for an employee by checking our Xero Central article . To find out if these changes could affect you, please refer to the Fair Work Ombudsman .

Looking for more information? Check out our EOFY Resource Hub for everything you need to know (and do) to round out FY24, and set up strong for the new year ahead.

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