We're back with some exciting new features this month, just for you! Here's what's new in Zoho Books this month:
IOSS (Import One-Stop Shop) Scheme [UK]
Earlier, goods imported to Europe were taxed at Zero Rate and was subject to Import VAT in all the member states that the goods were imported to. To relax the multiple tax burden, the European Union came up with the IOSS scheme, effective from July 1, 2021. This scheme allows e-commerce businesses that import goods into Europe to register with a single member state and later report and pay tax each quarter to the various member states where their customers are located.
To comply with IOSS in Zoho Books, enable it in the VAT Settings page by marking the My business is registered for VAT MOSS or IOSS checkbox and entering your EORI number.
Once it is enabled you can create new tax rates and select the member state that you're creating the tax for, from the Member State dropdown. You can then create transactions with the created tax rates. An IOSS report will be generated with the transactions created with the respective tax rates.
To enable IOSS Scheme: Go to Settings > VAT > VAT Settings > Enable the option My business is registered for VAT MOSS or IOSS.
To create new tax rates for member states: Go to Settings > VAT > VAT Rate > + New
Export Data to DATEV [Global-Germany]
If you're an accountant or business based in Germany and you use the DATEV software for tax filing purposes, you can export your data from Zoho Books to DATEV in the DATEV supported format.
You'll have to enable the option to export in the Accountant Preferences section first. You can also configure the export preferences from the top right corner of the Accountant module.
To export data, go to the Accountant module then click DATEV Export from the dropdown and click Export Data. Select the desired Date Range and click Export to download the data to your device. Learn more.
To enable DATEV export: Go to Settings > Preference > Accountant > check the Allow export of financial data from Zoho Books in DATEV compatible format checkbox.
Integrate with Bigin
You can now sync you contacts and items in Bigin with the contacts and items in Zoho Books. To set up the integration you'll have to go to the Integration page in Bigin and select Zoho Books. Sync the contacts and Items by mapping the fields and entering the necessary data. Once the set up is complete, Invoice, Estimate and Sales Orders modules will be created in Bigin. You can create transactions with the contacts and items from within Bigin.
The Re-sync Contact from Bigin option in the customer details page can be used to immediately sync a contact from Bigin, instead of waiting for the next sync. Learn more.
You can only have Zoho Books integrated with Zoho CRM or Bigin at a given point of time.
Integrate with Kotak Mahindra Bank [India]
With the Kotak Mahindra Bank integration, you can view your bank accounts, fetch feeds and view live account balance within Zoho Books.
You can set up this integration by going to Settings then Online Payments and navigating to Vendor Payments. Here you can click Set up Now button under Kotak Mahindra Bank.
Once you have successfully setup your Kotak Mahindra Bank account, you can configure your account for fetching direct bank feeds by clicking Configure Bank Feeds in the same page. Learn more.
[Edited] - Note: This integration is available only for the organisations in the .IN data centre.
To check live account balance: Go to Banking > Select the Kotak Mahindra Bank account > Click Check Live Account Balance.
Do give these features a spin and let us know what you think. If you have any queries, feel free to contact us at firstname.lastname@example.org
The Zoho Books Team