Zoho Books update Winter 2022

Let’s take a quick look at the Zoho Books update Winter 2022. Zoho have been making changes since our last update and here are those we think will have the biggest impact, delivering the most improvements for you.

Advanced multi-currency handling

For Elite and Ultimate plans of Zoho Books we now see the Multi-currency feature added. You can now create transactions in multiple currencies for the same customer/vendor. This means that you can easily manage transactions in multiple currencies and convert them to your base currency.

The software automatically updates exchange rates and allows you to set different exchange rates for different transactions. You can also record transactions in foreign currencies and have them automatically converted to your base currency for financial reporting purposes.

With this feature, Zoho Books helps you streamline your accounting processes and manage your finances effectively across borders. As a result it simplifies any cross border transactions.

You’ll first have to enable multi-currency from the customer/vendor preferences. Once you enable it, you’ll have a dropdown in the transaction creation page from where you can choose the currency. You can also record payments made and payments received in different currencies.

To enable advanced multi-currency: Go to Settings > Preferences > Customers and Vendors > Enable Advanced Multi-currency Handling or contact us for any advice.

Consolidate information more easily with ‘Multi-level Group By’ in Reports

The “Multi-level Group By” feature in Zoho Books Reports allows you to group your data by multiple criteria and generate more complex reports. For example, you can group your transactions by category, then by sub-category. This results in a better understanding of your spending patterns. Additionally, you can analyse your data at different levels of detail and make informed decisions based on your business needs.

Zoho Books has introducing “multi-level Group By” option in Receivable Summary, Receivable Details, Payable Summary, and Payable Details reports. With the Group By option, you can group and categorise the reports based on the option that you select. You can choose up to three Group By options to group your report.

Let’s say you want to view the amount to be received from each customer, categorised based on the date and transaction type. Then you can select Customer Name, Date, and Transaction type in the Group By fields. You can also choose to view the total at the top of the group or at the bottom by checking the Display the total as a separate row below each group box.

To group a report: Go to the report > Customise Report > Select the field based on which you want to Group By.

Updates for Organisations With the Zoho Inventory Add-On

For those of you not already using Zoho Inventory, the Zoho Inventory add-on integrates with Zoho Books to provide a complete solution for managing your inventory and accounting.

Some of the benefits that organisations using Zoho Books and the Zoho Inventory add-on can expect include:

  1. Improved Inventory Management:
    Zoho Inventory helps you track your inventory levels, set reorder points, and manage your purchasing and sales processes.
  2. Automated Inventory Syncing:
    The integration between Zoho Books and Zoho Inventory ensures that your inventory data is always up-to-date, no matter which application you use to make changes.
  3. Enhanced Reporting:
    Zoho Books Reports now includes inventory data. Thus making it easier to track your financial performance and understand the impact of your inventory operations on your business.
  4. Seamless Invoicing:
    The integration between Zoho Books and Zoho Inventory makes it easy to generate invoices and sales orders. It also ensures that your accounting records are always accurate.

Now we have even more features available in the Zoho Inventory add-on for Zoho Books;

  • More statuses introduced under ‘Delivered’ and ‘Shipped’ in Shipments.
  • If you are generating shipping labels you now have the option to generate International forms for UPS.
  • In the Client Portal, your customers can now keep track of all the shipment activities which will be displayed in chronological order.

For more information on these features, or to discuss how you can take advantage of them drop us a message and we can make sure you are getting the most from your Zoho Books solution.

Got a question? Get in touch

We know we can’t answer all of your questions here, but feel free to get in touch via our contact form, or call us on 01323 409950