Accountants and bookkeepers know how tedious it is to manually fix errors one-by-one in a client’s file containing over a thousand transactions. With Xero’s newest tool, you can have the books back on track within seconds.
The New Zealand-based software company recently launched a new feature called “Find & Recode”, which allows users to search and update multiple transactions – up to 2000 items – at once. This tool was added to automate the searching and re-categorising process and make it more convenient for accountants and bookkeepers to review client files.
“Xero continues to deliver innovations to simplify day to day tasks and make the mundane tasks, that can often shackle productivity, magical,” said Angus Norton, Chief Product Officer of Xero. He added, “We asked our accountant and bookkeeper communities how we can improve their business and help them focus on meaningful business with their clients. Find & Re-code provides an easy solution to a previously time intensive problem. Xero provides the complete platform for small businesses and their advisors to communicate and collaborate with real time accurate information – and we will continue to listen so we can create even more magic.”
Xero gives a breakdown of the two parts of this feature:
Step 1: Find
Have you ever wanted to:
- filter for all line items associated with a specific account and tax rate?
- ensure that all spent items over a specific amount threshold are correctly coded to asset accounts?
- check the accuracy of items entered by the overly enthusiastic new intern?
- clean up contacts that have been entered in a sloppy fashion? Perhaps: N Gallagher, Noel G, Oasis LLC are all the same contact and need some tidying?
- drill down to line items that have had tracking accidentally left off them?
- or some other simple or not-so-simple selection of line items?
This part lets you search for transaction lines that you want to change by matching any or all of the conditions you set. You can change the contact, accounts, tax rates, and tracking category of a transaction, whether paid or unpaid.
Step 2: Recode
Now that you have the line items, you can begin recoding by choosing between two options: recode by changing the original transaction (recode source transactions) or create a journal for the required adjustment (recode with a manual journal).
- If you’re concerned with the integrity of the source data, you can choose to recode changes directly on the original line items.
- If you’re preparing end of period reports and just want the reporting balances corrected, you can recode using a manual journal. Xero will calculate the adjustments needed and pre-populate the journal for you.
Note that only users who have the advisor role (usually accountants and bookkeepers) can use the recoding tool as this can result in changes to accounts and reports.
The Find & Recode feature makes it possible to update transactions in bulk, saving hours and promoting efficiency. With Xero, maintaining records with accuracy is made easy for accountants and bookkeepers.
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