Tracking – perfect for categorising income and expenses
We’re excited to release today a huge new set of features we’ve been working on for a while. Tracking! This has been one of our most requested features. Tracking is like cost centres or department codes in traditional accounting systems, but we’ve done them better in Xero.
In Xero you can name your Tracking categories. So for example a property investor might name a Tracking Category ‘Properties ’ and then have ’10 Queen St, Miramar ’, ‘2 Waterloo Quay, CBD ’ or ‘5 Kings Road, Mt Victoria’ as options. You can get the standard Xero reports for each option i.e. a Profit & Loss report for ‘’10 Queen St, Miramar ’.
You can find Tracking on the settings menu, allowing you to create one or two Tracking categories. Once you have some categories, you will see your chosen categories everywhere in Xero you can enter a transaction, like accounts receivable, accounts payable, expense claims, repeating transactions, spend and receive money, credit notes etc.
Xero’s super intelligent bank reconciliation remembers the tracking options you have previously chosen, for example, when you received rent last week you coded it to 10 Queen St, Miramar. This week when you receive this property’s rent Xero will automatically remember it.
Use ‘Add Details’ under bank reconciliation, to enter the Tracking options.
More room for detailed descriptions
We’ve also updated the standard transaction entry screen so you can make your descriptions longer than before – this is great for invoicing if you want to add more descriptive information for what the invoice is for.
More flexibility with your P&L reporting dates
Another much-requested improvement in this release is the ability to add start and end dates to the P&L report.
The accounting behind Xero
You will also notice there are even more ways we can help you. The accounting behind Xero – is a guide to how Xero does its accounting, this is the first in our series of guides you may find interesting.