What's New
What's New
Xero Manual Journals are generally available
Journals are a manual recording of transactions and adjustments to your accounting file. They allow you to transfer funds between accounts and ensure that your financial records are balanced according to specific requirements. They should be considered as a final option for recording transactions.
Here are some common use cases for Xero Manual Journals:
To record accruals (revenues, expenses, interest and taxes) and deferrals
To record correction entries, create reversing entries, reclassify transactions (from one account to another) and adjust the accounts
To account for depreciation expenses and amortisation
To record transfers between different accounts or departments within an organisation
QuickBooks Online Journal Entries are generally available
Journals are a manual recording of transactions and adjustments to your accounting file. They allow you to transfer funds between accounts and ensure that your financial records are balanced according to specific requirements. They should be considered as a final option for recording transactions.
It is advisable to use Journal Entries only if you have a solid understanding of accounting principles, or when a professional accountant advises. Additionally, it's essential to have full comprehension of debits and credits to utilise Journal Entries accurately.
Here are some of the reasons for creating a Journal Entry:
To enter debits and credits manually, like in traditional accounting systems
To transfer money between income and expense accounts
To transfer money from an asset, liability, or equity account to an income or expense account
Xero accrual reports on line-item level and the export of reports to a Manual Journal are available in beta
Accrual accounting records revenues and expenses when they are incurred, regardless of when the respective cash transactions are made. This approach offers a more accurate representation of a company’s financial performance and obligations.
Accrual reports are crucial as they reflect expenses that were incurred within an accounting period but are not yet posted to the general ledger. This includes expenses like Bills for services provided but not yet approved, or Purchase Orders for goods already delivered but not yet billed.
Accruals in ApprovalMax provide a comprehensive solution that allows you to create accrual reports, generate journals based on them, submit them for approval and, ultimately, post them to Xero.
If you'd like to enable this beta feature for your ApprovalMax Organisation, please contact us.
What's Improved
What's Improved
The ApprovalMax Public API is now available for Stand-alone requests
ApprovalMax displays platform information for all actions logged in the audit trail, e.g. approvals, comments, request updates
The following platforms are supported:
Web
Mobile
Email
Slack
GL (Xero, QuickBooks Online, NetSuite
What's Fixed
What's Fixed
Several minor issues have been fixed, and the overall performance and stability have improved.