Xero reporting changes the way accounting businesses provide reports to their clients. Reports that previously took hours are now completed in minutes. Xero recognised this bottleneck in financial account production and released Xero report templates, giving advisors the tools to make client reporting fast, simple and dare we say – fun.
Report templates remove the long-standing issue of multiple charts of accounts in your client base by introducing one standardised mapping system called report codes. With report codes, you can continue to maintain separate charts of accounts or generalise as you please at the client level.
Every account in your client’s chart is mapped to the relevant report code and your reports are then built using the report codes, standardising the data within, regardless of source.
For example, one client may have ten sales accounts, another may have three. In all cases, these would be mapped to a single 'revenue' report code or you can offer more detail – such as mapping to 'construction revenue'. But Xero’s report codes work in a hierarchy. Even if you map to a higher level of detail and set your report to summarise only – the totals will still sum up to that tier.
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