February 2023

Keep up-to-date with us and what's happening in the education sector

• Cyclone Gabrielle: We’re Here to Help and Support Your School

• 2022 Annual Accounts & Audit

• Important Banking Reminders 

• Xero Tip of the Month: eInvoicing
• Resource: Ministry Bulletin For School Leaders

CYCLONE GABRIELLE: WE'RE HERE TO HELP AND SUPPORT YOUR SCHOOL

Along with the rest of the country, our hearts have been heavy this past week thinking of everyone affected by the cyclone & flooding. As the focus moves to recovery across the affected regions, it is important that we look out for each other during this exceptionally difficult time.

Accounting For Schools would like all of our schools that have been impacted to know that we're here for you, offering our help, support and guidance in any way we possibly can.

Whether your school requires additional assistance with the financials, insurance or just a supportive chat with our friendly team, we're here for you every step of the way, so please don't hesitate to reach out to us on 04-909-7729 or email us at: admin@afsl.nz

A reminder that the end-of-year School Annual Accrual Report (SAAR) and Annual Leave Liability Reports are available via Edpay, so if you haven't already done so, please can you upload the following to Google Drive.

We know that there have been some difficulties obtaining the bank audit certificates this year. We understand these are often ending up in Spam or Junk email folders so please check these folders.

Can you also remember to upload a copy of the Board Member list for 2022 (including all members that held office during the year).

If you have any questions, please contact the team on (04) 909-7729 or send us an email to admin@afsl.nz.

IMPORTANT BANKING REMINDERS

Accessing higher interest rates: If you have any extra funds sitting in your school current account which are not required in the short term, it is a good idea to transfer these funds to your Savings or Call account in order to benefit from the higher interest rates that are now available. 

And if you have funds that will not be required for more than three months you could also consider putting these on term deposit to earn even higher interest.

Batch Payments: We understand that some schools have had an issue with ASB batch payments being sent to the bank twice. This may occur when the batch created in Xero is edited prior to the payment being made, and the edited batch is sent to the bank as well. If you are editing a batch payment and re-sending it to the bank for payment please remember to delete the original batch at ASB.

XERO TIP OF THE MONTH: EINVOICING 

Are you ready for eInvoicing?

It's time to wave "goodbye" to paper invoices and say "hello" to faster and easier payments through the implementation of eInvoicing! eInvoicing is a new way of invoicing that offers a more efficient and streamlined way to manage invoices with less manual handling and processing. 

eInvoicing is now available on Xero and is included in all Xero Standard plans, so you don't need to purchase any additional add-on or external service to use it.

What is eInvoicing?

Invoicing software like Xero lets you exchange invoice information directly and safely between buyers' and suppliers' financial systems, even if these systems are different.  How eInvoicing works:

• A supplier's financial system generates an invoice for the school.
• The invoice information passes through the eInvoicing network, where it validates information like NZ Business Number (NZBN).
• The invoice information is passed to the School's financial system where it is coded and approved and is then ready to be paid.

What are the benefits of eInvoicing ?

With eInvoicing, your school will no longer need to receive paper-based or PDF invoices that have to be printed and will no longer need to manually enter these into your financial system.

eInvoicing improves accuracy and security, reduces process time, and speeds up payments.

eInvoicing not only provides economic benefits - it saves the environment, too!

What is the difference between traditional invoicing and eInvoicing?

Traditional invoice processes can be time-consuming. As you can see in the image below comparing the two systems, there are several steps involved in the traditional invoicing system vs the new.

An automated invoice payment processing system like Xero eInvoicing gives you the ability to speed up your invoice processing time and streamline your systems. 

How do I set up eInvoicing with Xero?

Follow this three step plan to get set up with eInvoicing in minutes!

Register to receive your bills as eInvoices in Xero: To register for Xero eInvoicing, click on the button at the bottom of this page, which will direct you to the Xero central support page, providing step-by-step instructions on how to get started. 

Communicate with your suppliers: Let your suppliers know that you are ready to receive eInvoices. You can proactively provide your NZBN and add an instruction to your purchase orders that you would like to receive an eInvoice.

Review bills received as eInvoices in Xero: Bills you receive as eInvoices will appear as draft bills in Xero ready for you to review, approve and pay.

Is your school already using email to bills?

If you have already gone 'paperless' and are using Xero's Email to bills functionality, eInvoicing will speed the process up even more by sending bills straight into Xero Draft bills without the need for you to email them.

Need help? Give us a call today on 0800 ASK AFS (0800 275 237) and we'll talk you through the process so you can start reaping the many benefits of Xero eInvoicing.

RESOURCE: MINISTRY BULLETIN FOR SCHOOL LEADERS

Click the button below to view the latest Ministry of Education Bulletin - Issue 21 February 2023.

271 Willis Street, Wellington 6011

P: 04-909-7729  l  P: 0800-275-237  l  

E: admin@afsl.nz  l  W: afsl.nz

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