Good news! Xero has just introduced a fresh new look for credit notes, bringing the design and navigation more in line with the invoicing experience you’re already familiar with. The updated layout makes creating and reviewing credit notes feel more intuitive, with clearer history details, improved feedback when errors occur, and a smoother data‑entry experience overall. For schools, this makes handling refunds for camps or activities, correcting overpayments from parents, or recording supplier credits easier - all while maintaining a strong audit trail. What’s different: Manual Save: Credit notes now need to be manually saved, giving you more control. Protected Paid Credits: Paid credits are protected to ensure your audit trail stays accurate. Detailed History: You can now see more granular detail in the 'History' section, making it easier to track exactly what changes were made and by whom. Improved Error Messages: No more guessing! If something is missing, the new error messages tell you exactly what’s needed so you can approve notes faster. Keyboard Efficiency: For the power users among you, the tabbing and data entry experience is now much more efficient. To explore the updated experience, simply go to Sales > Invoices and select ‘New Credit Note’ . You’ll notice the interface is cleaner, and allocating credits across one or multiple invoices is straightforward.

View our Chalkboard - March 2026: - 2025 Annual Accounts - Important Notices - Banking Reminder - Accessing Higher Interest Rates - Xero Tip of the Month: Save Time With Xero’s New Credit Note Design - Long-Term Investment Strategies for School Reserves - Looking ahead  https://public2.bomamarketing.com/email/n9Bb

Financial risk is an unavoidable part of running any school. Unexpected expenses, changes in funding, or compliance challenges can have a significant impact if not identified and managed early. Proactively managing these risks is key to protecting your school’s financial sustainability and ensuring your resources remain focused on students’ learning and wellbeing. The following key areas outline practical steps schools can take to identify, manage, and reduce financial risk in a structured and effective way. 1. Identify Key Financial Risks: Understanding where your school may be exposed is the first step. Common risks include: Dependence on a single or limited funding source Budget overruns or inaccurate forecasting Cashflow pressures during the year Fraud, error, or misuse of funds Non-compliance with reporting or audit requirements Regular review by the Board and finance team helps ensure potential issues are identified early. 2. Budgeting and Forecasting: A realistic, well-planned budget is one of the most effective tools for managing financial risk. Reviewing actual results against your budget throughout the year highlights discrepancies early, allowing you to take corrective action before problems escalate. Scenario planning, such as modelling the impact of reduced funding or unexpected costs, can help you prepare for uncertainty. 3. Cashflow Management and Reserves: Monitoring cashflow ensures that you can meet your obligations at all times. Maintaining adequate reserves provides a buffer against unexpected costs or delays in funding, helping your school operate smoothly even during challenging periods. 4. Internal Controls: Strong internal controls reduce the risk of error, fraud, and mismanagement. Key practices include: Clear delegation of financial authority Separation of duties for approvals and payments Regular reconciliation and review processes Transparent reporting to the Board Documented policies and procedures also help maintain consistency, particularly during staff changes. 5. Compliance and Reporting: Staying up to date with Ministry requirements, audit obligations, and other regulatory changes is essential. Accurate and timely reporting not only ensures compliance but also supports informed decision-making by your Board. 6. Planning for Uncertainty: Embedding risk awareness into everyday financial practices prepares you for unexpected events. Scenario planning, regular review of policies, and maintaining contingency funds all help reduce surprises and enable confident decision-making. Managing financial risk is a core part of good school governance. By identifying risks early, maintaining strong controls, and planning for uncertainty, you can protect your school’s financial position and continue focusing on providing high-quality education for your students.

View our Chalkboard - February 2026: - 2025 Annual Accounts - Important Notices - 2025 Notional Lease Figures Now Available - Xero Tip of the Month: Review Your Repeating Bills - Managing Risk in School Finances: Protecting Your School’s Future - Looking ahead https://public2.bomamarketing.com/email/ZLV6

At the start of the school year, it’s a good idea to review your repeating bills in Xero to ensure they’re still accurate and up to date. Repeating bills are often created once and then left running in the background. Over time, amounts may change, services may no longer be required, or accounts may need updating. If they aren't reviewed, outdated repeating bills can lead to incorrect expenses and inaccurate reporting early in the year. Taking a few minutes now to check your repeating bills helps keep your financial information accurate and reduces the need for corrections later. For those who need a reminder, you can find your repeating bills under Purchases > Bills > Repeating and update or stop any that are no longer needed.

The annual audit is a vital part of your school’s financial oversight - it's not just a compliance exercise, but a chance to strengthen governance and support informed decision-making. With audits for the 2025 financial year starting now, boards and school leadership can take proactive steps to ensure they are ready to make the most of the audit process and the findings when they arrive. Below are five key considerations for boards and school leadership ahead of the audit. 1. Understand the audit process: Familiarise yourself with how the audit is conducted and the areas auditors focus on, such as internal controls, reporting, and compliance processes. Knowing what to expect now helps leadership interpret findings efficiently once the audit report is issued. 2. Plan for review and discussion: Decide how the board or finance committee will assess audit recommendations. Setting up a clear process ahead of time ensures that your school can respond quickly and confidently when the report is received. 3. Consider key focus areas: Even before feedback arrives, review potential areas for improvement in your school’s financial practices. Thinking ahead about internal controls, reporting, and oversight processes makes it easier to act on audit recommendations efficiently. 4. Prepare to track and implement recommendations: Have a system ready to assign responsibilities, set timelines, and monitor progress once audit findings are available. This ensures that improvements are applied consistently and effectively. 5. Strengthen governance and transparency: Being proactive now reinforces confidence among leadership, staff, and the board. Using the audit as a tool for strategic oversight ensures your school’s finances are well-managed and prepared for future planning. By taking these steps early, boards and leadership can turn the audit into a tool for learning, improvement, and stronger governance, rather than just a compliance exercise. Preparing now ensures your school is ready to act effectively once audit feedback arrives in March.

Did you know you don’t have to manually calculate due dates for each invoice? Here’s an easy Xero tip that many users overlook, but once you start using it, you’ll wonder how you ever lived without it. When you’re entering a due date on an invoice, you don’t need to stop and calculate the exact date based on your payment terms. Instead, Xero allows you to use quick shorthand to do the work for you. Simply type shortcuts like “+7” , “+14” , or “+30” into the Due Date field, and Xero will automatically convert that into the correct calendar date. This is especially helpful if you work with different payment terms for different suppliers or if you’re batching a large number of invoices at once.

View our Chalkboard - January 2026: - Welcome back to Term 1, 2026! - 2025 Annual Accounts - Important Notices - Xero Tip of the Month: Save Time With Xero’s Invoice Due Date Shortcuts - Preparing to Make the Most of Your Audit Feedback - Looking ahead https://public2.bomamarketing.com/email/WLK4