What's New in Zoho Books - October 2022

What's New in Zoho Books - October 2022

Hello users,

As we reach the last quarter of the year, we are back with updates and enhancements to meet your accounting needs. Let's take a look at what's new in Zoho Books this October:

Accounts Receivable and Payable in Balance Sheet Report (India)

We have added the option to view the Account Transactions report and Customer Balance Summary report by clicking Accounts Receivable. Similarly, you can also view the Account Transactions report and Vendor Balance Summary report by clicking Accounts Payable.

To view this report, go to the Reports module. Select the Balance Sheet report under Business Overview. Select the period for which you want to view the report.

Output VAT on Capital Goods (UK)

Suppose you have enabled the Flat Rate Scheme for your organization. In that case, you can claim VAT on purchasing capital expenditure goods if the value of the item, including VAT, is more than £2,000.

However, if you select VAT was reclaimed during this item's purchase option, the UK VAT rate will be applied for this item while calculating output VAT.

If you had reclaimed VAT while recording a bill, the output VAT for this item would be calculated based on the UK VAT Rate. If not, the output VAT would be calculated at a flat rate.

Note: You can reclaim VAT for an item's purchase only for items whose account type is Fixed Asset.

Claim VAT for Writing Off An Invoice (UK)

If the customer does not pay for the goods or services you sold, you can write off the invoice as Bad Debt. You can claim the VAT  you paid for this invoice from HMRC, six months after the invoice's due date. A journal entry will be created, and the claim amount will be debited from Input VAT account and credited to Bad Debt account.

To claim VAT for a written off invoice:
  • Go to Sales > Invoices and select the invoice.
  • Click Record Payment and select Write Off.
  • Enter the Reason and check the Claim VAT for writing off this invoice option.
  • Enter the Claim Date and Claim Amount.
  • Click Write Off.

Note: You can claim VAT for written-off invoices only if accrual based accounting is enabled for your organization.

Movement of Equity Report

The Movement of Equity report is a comparative statement that shows the changes in the business's equity for the period of your choice.

To view this report, go to the Reports module. Select the Movement of Equity report under Business Overview. Select the period for which you want to view the report.

Refer to our help document on Movement of Equity to learn more about it.

Tax Override in Purchases Module (India)

 There might be cases wherein the tax amount in an expense varies because your vendor calculates the tax applied to the transaction differently.

Zoho Books allows you to account for these minor variations by manually changing the automatically calculated tax amount once you apply tax to a transaction.

You can manually change the tax amount for expenses, bills and purchase orders.

To know more about this, refer to our FAQ on how to change the tax amount manually.

Updates for Organizations Integrated with Zoho Inventory

  • Create shipments directly from the shipments list page. Carrier-enabled organizations can create a shipment through carriers by default. Other organizations can create shipments manually. This feature is available for organizations with the the Zoho Inventory add-on enabled.
  • You can now fulfill or unfulfill a sales order completely or partially. You can choose to fulfill or unfulfill each line item and the quantity in partial fulfillment or unfulfillment.

iOS Updates

  • To stay in compliance with Apple's new App Store Review Guidelines, we have provided the option to delete your Zoho account.
  • Add Zoho Books Widget to your lock screen, create new invoices and timesheets, and track the time spent on a project.
  • Using Live Text, copy text such as reference numbers and notes from receipts and paste them into respective fields while creating expenses.
  • You can ask Siri to carry out specific commands in Zoho Books using App Intents.
Read our blog on Zoho Finance Suite's iOS 16 and watchOS 9 to know more.

Give these features a try, and let us know what you think in the comments below.

If you have any feature requests or questions, contact us at support@zohobooks.com.

The Zoho Books Team

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