Online accounting software company Xero has released a feature for accounting partners called Find and Recode which can fix large numbers of wrongly coded transactions and other details.
Accountants and bookkeepers can use the tool to search transactions by the categorised account, tax rates, tracking and contacts. It can use multiple filters to find transactions belonging to a particular contact, at a set tax rate and categorised to a certain account. The accountant can select individual transactions or all the search results and reassign them to alternative tax rates, contacts or accounts.
“Changes can be made in bulk – accountants no longer have to make these updates one-by-one, saving hours,” Xero wrote in a blog post.
Scenarios for using the tool included:
- filtering for all line items associated with a specific account and tax rate
- ensuring all spent items over a specific amount threshold are correctly coded to asset accounts
- checking the accuracy of items entered by a new employee
- cleaning up contacts with multiple entries
- finding line items that are missing a tracking tag
Any changes made through the tool are logged under the Find and Recode menu to help prevent abuse of the feature. The search categories include the names of users as well as contacts. If a new employee at an accounting firm makes a mistake then their changes can be found by searching their name and a date range.
The advisor can redo the original transaction entries or recode using a manual journal if preparing end of period reports. Xero calculates the adjustments needed and pre-populates the journal. The tool is only available from the Advisors menu and is not intended to be used by business owners.
While there is no undo function for recoded transactions, an Advisor could go through the process again to recode back to the same or different accounts. Xero has released a video demonstrating how the tool works. https://vimeo.com/124558783
Xero partners responded very positively to the Find and Recode tool, with some calling it the biggest productivity improvement since bank feeds. Recode in bulk @xero – This is huge. And it they REALLY built it right,” said Doug Sleeter, an accounting software analyst, in a tweet.
The release includes several other productivity improvements such as default settings in transaction entries for tax inclusion or exclusion or no tax. These settings can be configured for individual contacts which will be useful for businesses that sell to wholesale and retail customers.
Transactions include several more fields for recording payment references and check/cheque numbers during payments. The fields will be searchable in the bank reconciliation, find and match and account transactions screens.
Online quotes have a mobile friendly interface which makes it easier to view, accept or decline quotes.
And email templates could now use a placeholder for a statement balance instead of copying and pasting the amount from a separate report.
Xero released a separate post detailing these other changes.