Online accounting software Xero has released a major update to its accounting platform with new features such as batch deposits, an upgraded reporting engine and a number of productivity improvements.
Several features were previewed at Xero’s annual partner conference in Australia last month, while others have been developed to win over customers in the US.
Allocate Funds with Batch Deposits
From the Sales dashboard, simply select the invoices to be paid and press the “Deposit” button. Payments will be created for selected invoices instead of needing to allocate an amount to each invoice.
If the batch deposit was created from a number of cheques, you can print a simple deposit slip to take to the bank. It’s also possible to export the batch deposit to CSV.
Send Receipts for Invoices Paid
The update also added the ability to sendreceipts to customers for invoice payments. These can be initiated from a batch deposit, where a separate email for each unique customer will be created, or from any single payment record.
Users can edit the receipt template and add the company logo, and edit the text in the receipt email. Xero attaches a copy of the receipt to each receipt email.
Receipts can only be sent for batch deposits or bank-feed transactions. Receipts for cash transactions may be added to a future release.
Xero recently added new versions of the Aged, Depreciation and Account Transactions reports. The overhaul of the reporting engine continues with a customisable profit and loss report with editable formulae.
Xero added an account transactions report that can create a single report for multiple accounts. This only works for the base currency in the Xero file; the company said it is working on multi-currency support.
Also new to reports is a disposal schedule that details fixed assets sold or written off within a period.
Xero added a couple of productivity improvements here. You can switch between a number of bank accounts from within the Account Transaction screen. No more clicking back into the Bank Account menu.
A new button on the Account Transactions screen called “New Transaction” can quickly create new spend/receive transactions on the fly. This helps you understand your cash position or enter the details of cheques, rather than waiting for them to clear through your bank account.
Inventory Slowly Takes Shape
At Xerocon CEO Rod Drury signalled that it would start expanding beyond core accounting modules. A proper inventory module inched one step closer with new item fields that can define item code, item name, sales description and purchase description (eg. for recording supplier part codes).
Xero added a couple of small fixes to make it easier to use. You can now export sales invoices and bills in CSV format so you can see the detail of what you’re buying and selling.
And an improved search for contacts in invoices displays the primary person’s name as well as the company contact.
For full details of the update check out the release notes.