What's New in Zoho Books - July 2021
In the past six months, we at Zoho Books have focused on enhancements that helped improve your accounting experience. This time around, we’ve come up with a lot of new features that will help you keep up with the latest regulations, stay connected with your colleagues and create more informative transactions.
Let’s jump right in and take a look at all the new features and enhancements we have in store for you this July.
Set Tax Preferences for your customers and vendors (Global)
A major update in the customers and vendors modules is the ability to assign tax rates. You can assign these tax rates while creating or editing existing customers or vendors. So, the next time you create a transaction for them, the tax rate will be automatically applied to your line items.
To assign tax rates: Select a customer or vendor and select a tax next to the tax rate option.
Pro-tip: You can associate two or more taxes to a customer by creating a tax group. To create a tax group, go to Settings > Taxes > +New Tax Group.
Associate budgets to your organization's branches
Your organization might comprise multiple branches that span across regions. At the end of each financial period, you will want to compare how each branch has actually performed against the budgets you set.
In Zoho Books, you can now track how your branches have fared overall by creating and associating budgets to your branches.
Note: If you do not select a branch while creating a budget, Zoho Books will associate the budget to the primary branch, by default.
To associate budgets to your branches: Go to Accountant > Budgets > New Budget > Select a branch.
Collaborate efficiently with the all new Chat Bar from Zoho Cliq
The chat bar is a new way for users to communicate with their colleagues and work more fluidly without having to switch tabs between Zoho Books and Zoho Cliq. Using the chat bar, you can message your peers regarding the transactions you create and get advice on best accounting practices.
This feature is a part of the Zoho Cliq integration, so you'll have to enable the integration (if you haven't yet).
To enable the chat bar: Go to Settings > Integrations > Zoho Apps > click Connect next to Zoho Cliq and slide the toggle button next to the Zoho Cliq Chat Bar Within Zoho Books option.
Manage TDS on purchase of goods according to Section 194Q (India)
According to the Section 194Q, which was recently released as part of the Finance Act, 2021, buyers whose turnovers exceed 10 crores are required to deduct 0.1% as TDS if they've purchased goods from a domestic vendor for a value that exceeds 50 lakh rupees. Zoho Books now allows you to automatically calculate the TDS according to Section 194Q while creating or editing a bill. The tax rate will be automatically applied to the total purchase amount after you've selected Section 194Q as the TDS. Learn more.
Manage TDS and TCS according Sections 206AB and 206CCA (India)
Section 206AB and Section 206CCA are provisions that have been introduced in the Income Tax Act, 1961 as part of Finance Act, 2021 and are effective from 1 July 2021.
Zoho Books automatically calculates the TDS as per Section 206AB while creating a bill and TCS according 206CCA while creating an invoice. The subsequent tax rates will be automatically applied to the total purchase or sale amount depending on your selection of Section 206AB or 206 CCA. Learn more.
Zoho Books iOS app updates
- You can now clone to create duplicate timesheets.
- The Zoho Books application now supports editions for Kuwait, Oman, and Qatar.
Zoho Books Windows app updates
- Track the tax collected at source (TCS) for your estimates, credit notes, and purchase orders.
- Track the tax deducted at source (TDS) for your invoices, bills of supply and debit notes.
You can also check our What's New timeline to see all the small tweaks we've made to enhance your accounting experience.
We are always eager to hear your suggestions so we can serve you better. If you have a feature request, feel free to share it here.
If you require any assistance, please write to us at support@zohobooks.com and we'll get back to you. Stay tuned for more updates from Zoho Books!