We’re always looking for ways to simplify life for our customers. We are thrilled to announce a major update to our accounting software, Zoho Books: You are now able to connect your bank and credit card accounts securely and automatically download transactions right into Zoho Books.
Reduce manual data entry
Let me illustrate with this with a simple example. You’ve bought a flight ticket using your credit card. To keep track of this in your accounting system, you’d need to manually classify this as a Travel Expense and enter multiple information including the amount, date, reference number, the airline from whom the ticket was purchased etc. This is tedious and can lead to mistakes. Even after going through this you are still not done – you still need to reconcile this with your bank statement. This is just one transaction. Imagine doing this for hundreds of transactions and the time wasted quickly adds up. We all have got better things to do!
But when you opt to receive automatic bank feeds, Zoho Books pulls in transactions from your bank accounts and all you’ll need to do is classify this as ‘TravelExpense’.
Auto-classification of Transactions with bank rules
Furthermore, Zoho Books allows you to specify how you want to classify the bank and credit card transactions, taking this closer to zero data entry. Continuing with the same example, you can tell Zoho Books to classify all purchases that in the description have ‘Southwest Airlines’ as “Travel Expense”. Voila! Absolutely nothing to enter and completely error free again.
We Support THOUSANDS of Banks
Currently we support several thousands of banks that we are able to receive feeds via Yodlee. However, these do not include banks that require multi factor authentication. We will include these banks in our upcoming product upgrades. Yodlee is the world’s leading provider of online banking solutions and banks world over use Yodlee to automate aggregation of account data.
So what if your bank is not there in the list of automatic feeds? Don’t worry, we also allow you to import a CSV file bank statement. You still can gain massively from auto-categorization and avoid data entry. You just need to upload the statement yourself instead of Zoho Books doing it for you.
View last set exchange rate: Exchange rate set for a customer’s currency is now saved in settings. When creating a new invoice for the same customer, system reminds you of the last set rate. You can choose the existing rate or set a new rate or set a new rate just for the invoice. There’s more flexibility as you can modify them whenever you want. New rate does not affect your old invoices. If you want to view the rate set by you on a given date, just go over to the exchange rate history page in settings.
Recalculate Item Price : Another thing to take note of, are the item prices which you would probably have stored as per your currency. You can’t run around looking for a calculator everytime you want to recalculate the item price. Just select your customer’s currency in Zoho Invoice and have the price recalculated for all the items in the invoice.
Import and export exchange rate: Why type when you can just import it all in quick and easy steps. Get the data from one of the currency conversion sites as a CSV or TSV file and pull it in Zoho Invoice smoothly.
Learn more about setting the exchange rate for a currency in our help section. We hope you like the additions and it comes in handy when tackling the ever fluctuating rates. You can add your suggestions below or even share how you manage the rise and fall of the exchange rate for your business.
If you are from US, Canada, New Zealand or Australia and your company processes large number of transactions on a daily basis, then Payflow Pro is a good choice for you. Your customers will love you too as they don’t have to wait in the long queue to make their payment.
Payflow Pro requires you to have an Internet Merchant Account, essentially an account that handles the funds received via credit card payment from your customer. The real beauty with Payflow Pro is the extensive reporting it offers. It lets you know the payment status and their customer support is always available to troubleshoot any questions you have for them.
Read more about Payflow Pro and find out if it suits your business needs. While you are at it, also check out other payment gateways that we support – PayPal - Standard and Business payments, Google Checkout and Authorize.Net. Read more on how to set up the online gateway in Zoho Invoice and Zoho Books and quickly start receiving online payments from your customers.
Whether you are on a yacht or sailing on a powerboat, invoicing is just a breeze through. You can stay connected with your business even while you’re sailing. Our customer Graeme, who runs one of Scotland’s premier RYA recognized sailing schools does exactly that. His company 1st Scotsail Training trains hundreds of its customers on its dedicated training yachts. Our invoice software has helped Graeme save enormous amount of time on his bookkeeping related activities.
I now get a lot of time to concentrate on my business. Zoho Invoice has helped us achieve more scalability. – Graeme Kerr, Co-founder – Scotsail
Our invoice program is so simple to use that most of Scotsail’s employees create and send invoices on their own to their clients.Thus it helps increase efficiency and saves lot of time.
The most important things that his business demands are to send PDF invoices to his clients and track/receive faster payments. As Zoho Invoice is integrated with popular online payment gateways, Scotsail now receives instant payments from its customers thus improving its cash flow.
Graeme also uses Zoho Invoice’s iPhone app which enables him to send invoices on the go. He also plans to migrate to our accounting software soon. Also, Graeme would be trying our iPhone app in iPad3 which is going to be launched soon. Click here to read Scotsail’s complete success story…
Title alone is a giveaway. You have two or more customers with duplicate records in your Zoho Invoice or Zoho Books customer list. Reason for their existence could be :
1. You recently imported accounts and contacts from Zoho CRM and there are duplicate customer names staring at you.
2. You and your colleague unknowingly created the same contact under two different names. One as ‘Jane’ and another as ‘Jane Thomas’.
End Result : There are two sets of data (invoices, estimates,expenses..etc.,) running parallel for the same customer. You are annoyed and want to delete everything and start fresh… Pause .. Take a deep breath.
A little while ago we introduced ‘Merge Customer’. This tiny, yet powerful feature in Zoho Invoice and Zoho Books lets you merge your customer data so you won’t have to worry about twin records anymore. What it essentially does is, maps the duplicate record to the master record (customer which you wish to keep) and transfers all the data like invoices,estimates,etc., to the master record. Read more about ‘Merge Customers‘ in our Help section
Also, as a time saver, we’ve introduced the ‘Merge’ button right on top of the customer list page. You can check all the duplicates and merge them all at once.
Go ahead and start merging. Let us know what you think.
After some careful analysis on the feature requests and our forums, we identified another pain point for our users. Multiple Bill payment for a vendor.
Imagine this. It’s a bright sunny day, you reach office and get a frantic call from your vendor to clear your several outstanding bills. Not a result of your poor time management skill but just one of those days when everything on your to-do list goes awry. You want to resolve this as soon as possible so that you can go back to your planned activities. You pay your dues and click open your accounting software to do the tedious task of recording the payment ONE by ONE
Well that was ‘before’. Now Zoho Books allows you to record payment for multiple bills for a vendor from ‘a single screen’. You click on the magical button ‘bill payment’ and all the outstanding bills are listed on a single screen. Enter partial or full amount against the individual bills and save. You now save time which you can devote to growing your business.
Wait wait… we got more news !
If you are a business owner, chances are apart from receiving customer advances, sometimes your supplier may request for an advance payment for the supplies or goods delivered to you. You can use the same magical button ‘bill payment’, enter the advance amount and save it. When creating future bills for the same vendor, Zoho Books will remind you of the existing credits available which you can use to pay the bill.
Hope this little feature solves your problem. Do send your feedback in the comments below and stay tuned in for more updates coming your way!
As the new year unfolds, Zoho Invoice and Zoho Books brings glad news to one and all especially those weary folks troubled by monotonous work.
Our developers had been elbow deep in some amazing coding this past few weeks and now we bring to you a revised and revamped customer payment feature. You can now record advance payment and record payment for multiple invoices all from a single screen.
Let’s say your customer makes a one-time payment for three different invoices. How would you show this in your Zoho Invoice account? Click on the video below to unravel the secret.
Whoa…was it that simple? Yes it is. Not just in Zoho Invoice, but it is possible even in Zoho Books along with some crucial accounting principles taken care of in the background.
Was something missing with the old invoice payment method?
Effective as it was, the old process was time consuming because you could add payment only to individual invoices. With the new additions, payment received from a customer for multiple invoices is possible from one single screen.
Did you know advance payment received is not actually your income…yet?
Companies need to record advance payment received from customer as ‘unearned’ revenue and not earned revenue as the service is not yet delivered. If the amount is recorded as sale/income, you will get a bloated figure in the financial statement which is not the accurate picture of your business’ performance.
Let’s see how this is smoothly tackled in Zoho Books.
Joggle your memory and from the video you’ll recollect that an advance payment of $200 is recorded for Jane’s next project. Our super cognitive accounting software will reflect the amount in the cash flow statement as ‘Unearned Revenue’. At the time of Jane’s next invoice payment, you decide to use the excess payment available. From the remaining balance of $200, you use $100. The Cash Flow will now reflect as below
Cool isn’t it!
Do visit our help page for more information on Advance Payment and Multiple Invoice Payment.
Now we are onto our next work item with great gusto and in the meantime, please drop us your feedback in the comment section.