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Improving the essential: Cash coding enhancements

Posted 4 years ago in Product by
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Cash coding allows the rapid coding of a large number of transactions. Many accountants and bookkeepers start a new client by downloading their old bank statements and quickly re-coding all transactions back to cash. Much better than going through a shoebox of receipts.

In the time it’s been available, Cash Coding has saved people a massive amount of time. It makes it easy – and fast – to process a bank statement (or a whole year’s worth of bank statements) in a single operation. Many of you have reported your metrics to us.

As well as being fast, cash coding is more accurate. You can select accounts and tax rates for multiple statement lines at the same time, so items can be coded consistently. And when you save and reconcile, Xero creates a matching spend or receive money transaction. Fast and accurate processing – in bulk.

For accountants, bookkeepers, and power users, Cash Coding is a vital tool when it comes to rescuing the books for small business. Especially for those who find themselves in trouble when they have been working too much in their business and not enough on it.

If you’re not familiar with Cash Coding, here’s a quick overview.

The new Cash Coding

Today, Cash Coding gets even better. We have some new improvements for you, making cash coding easier, faster, smarter and more powerful. Here’s a summary of what’s been released:

  1. Hiding suggested matches. Xero is far more than a cashbook. You want to be sure that you’re not mistakenly cash coding something that should match to a payment on an invoice. By default, Xero will now hide the items that have a suggested match on the ‘main’ bank reconciliation screen. With just one click, items with suggested matches can be brought back. You now have the confidence that everything on the page can be coded without having to delicately step around payments relating to invoices or bills.Cash-coding-hide-matches
  1. Full screen at any browser size. We’ve widened the Cash Coding page so it better fits the size of your browser window. We trust this will help you see the items better!
  1. Apply rules on-the-fly. Ever had a one-off transaction where the coding split of an existing bank rule would have been perfect, but you have to manually code it instead? That’s now a thing of the past. With the new ‘Apply rule’ button you can easily select an existing bank rule and apply its properties to any transaction.cash-coding-apply-rules
  1. Create a bank rule from cash coding. You can now create a bank rule directly from cash coding. It will be pre-populated with the bank statement details, making it faster and easier to set up rules.
  1. A ‘sticky’ save button. No need to go looking for the Save button, it’s now permanently stuck to the bottom of the cash coding page!
  1. 200 transactions by default. Cash Coding will now show up to 200 bank statement lines by default.
  1. Bank account ‘switcher’. You can now easily jump from cash coding for one bank account directly to cash coding in another account. Less clicks. Easy.cash-coding-switch-bank-account

Cash Coding and Find and Recode give our partners new opportunities to create services, taking advantage of the efficiency gains these tools have to offer. If you’re a bookkeeper, why not think about expanding your services to include bookkeeping cleanup work, adding a further revenue stream to your practice?

But wait, there’s more…

As well as enhancing Cash Coding, we’ve added a few more features, with a focus on reporting, particularly:

  • Practice Reports for Australia – next generation reporting comes to Australian advisors with the local release of Practice Reports. Following the recent release in New Zealand, we’re delivering practice-wide report templates that give you flexibility to create reports the way you want them.
  • New receivable and payable reports – continuing the evolution of Xero’s reports, we’re releasing four new reports: Receivable Invoice Summary Report, Receivable Invoice Detail Report, Payable Invoice Summary Report and the Payable Invoice Detail Report. You’ll find these, and other new reports, under the New Reports
  • Insert tables into text blocks – allows users to create and format tables in a text block in a report. This gives more flexibility around the content that’s displayed.
  • Set exchange rates for date ranges – And if you work with exchange rates and have a fixed rate that stays the same for weeks or months, you don’t have to update the rate daily. You can now set a rate for up to a year at a time.

To find out more, please check out the Release Notes.

One comment

Di Crawford-Errington
June 15, 2015 at 9.24 pm

Awesome update. Keep up the great work @xero.

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