Last month, Xero released its newest update, including the long-awaited Find and Recode feature. The new tool is designed to help bookkeepers and accountants save time, increase efficiency, and improve accuracy.
Although a similar feature has been available on the QuickBooks Online platform for some time, many within the accountant community are applauding the ease of use and flexibility of Xero’s latest feature.
According to Chief Product Officer Angus Norton, “Find and Re-code provides an easy solution to a previously time intensive problem.”
Indeed, for the many Xero users accustomed to spending literally hours tracking and manually updating issues across multiple transactions and accounts, the update offers a tremendous boost to productivity.
Here’s what you need to know about the four main benefits of Xero’s Find and Recode feature.
Find Transaction Errors
No more needle in the haystack digging for that one transaction error. Xero’s new feature allows users to build complex, multi-value search criteria, choosing from nine different conditions to scan bank accounts, expense claims, invoices, and bill transactions for specific errors.
You can search by transaction type, account, date, user, and more. The search feature also allows negative search criteria, such as “[entered by] [is not] [Your Name].”
Instead of hours manually pouring through accounts and documents in search of a single error, Xero will do the searching for you in just a few clicks of the mouse.
Say goodbye to making time consuming one-on-one manual adjustments. Once you’ve found the issues in question, you can then recode up to four fields—including account, tax rate, contact, and tracking category—all at once across multiple transaction lines.
Xero’s recode feature also gives bookkeepers and accountants the choice to either edit the source transaction itself or create a manual journal that reflects the change. This will be especially helpful for accountants conducting annual reviews, as best practices recommend not to change the source transaction at that point.
Remember all those duplicate contacts and incorrectly attributed accounts you’ve been meaning to clean up for months? Xero just made that process a whole lot simpler with the ability to quickly group duplicates into single source files. You can also create default settings for individual contact for such conditions as tax inclusion or exclusion, no tax, or other variables.
Record Change History
Especially for accounts with multiple users accessing the same data, transparency is essential for accountants and bookkeepers to accurately review data and catch errors. Thankfully, Xero’s new feature automatically records a detailed history of re-coded transactions, so everyone is on the same page.
Simply select the history line item view for a detailed description of recorded items, re-codes, and changes over time. This line item history shows which user made the change, the date of the entry or recode, a list of modified transactions, and even offers a direct link to quickly run the same search criteria again in case you need to make more changes.
Xero’s newest release has been met by rave reviews in the accounting community. Bookkeepers, accountants, and business owners alike have praised its ease of use, as well as the time and headaches it saves.
Here’s a Video Explainer!
Now the only question is, what will you do with all your new found free time? A round of golf, perhaps?