With G-Accon you now have the opportunity to convert data from Xero to QuickBooks and back by using the Google Spreadsheets.
G-Accon's Add-ons are not the "migration tools" which can be used to migrate your data from Xero to QBO or from QBO to Xero, but the convinient processes which allow you to perform the conversion of some financial tables very naturally and with ease.
When converting a company file from Xero to QuickBooks Online or from QuickBooks Online to Xero, you need to decide whether the historical transactions will be part of the new file or not. It is certainly convenient to have all historical transactions in the file in case a question comes up, rather than having to search archived records, scanned documents, pull records from tapes, or use the paper records. If you decide to include all historical transactions, you need to realize how much time, cost, and effort required to achieve the conversion. How much additional work and cost depends on many factors like the number and variety of transactions, invoices, bills, number of accounts with cash transactions, tracking of inventory, payroll, and so on. If the conversion is being done at the beginning of the fiscal year, there will undoubtedly be some transactions to convert from the Xero file to QBO or back.
What G-Accon offers?
G-Accon Cloud Template Library with the set of the templates become very helpful or even necessary for achieving this goal. The Cloud Template Library is a set of upload templates that will help you to minimize time spent designing and developing your own upload templates. Our templates give you a basic structure that you can customize for your specific business needs.
In order to use the upload templates, first you need to download data structure from the system you are moving from by using Standard Accounting Reports in Xero (if you are converting data from Xero to QBO). Then you need to select the needed attributes (you can find the list of the attributes under Description for the upload template). The next step is to select the upload template and execute it.
There are the list of templates which will help you in conversion:
Xero data to QuickBooks:
QuickBooks data to Xero:
The above G-Accon Cloud Templates are located under the "Load Cloud Template" menu option.
To access it,
2. Type "Converter" in the "search by keywords" field. Each template contains a Name, Description, Type, and Actions. You can load a template by clicking on its name or by using the "cloud" icon.
3. The next step is to identify the template which you are going to use and look at its description. After you identify the desired template, you will see all of the required and optional fields in the description area. These attributes first need to be loaded into Google Sheets.
4. Then you need to select "Design Accounting Reports" in the system you want to get the data from. In our example, it is QBO. Load the corresponding object, for example, Invoices. Select all of the required attributes that you need from the Description section of the upload template.
5. Select "G-Accon Cloud Template Library" from the "Load Cloud Templates” menu option.
6. Find "Converter" template and download it.
7. You can modify and customize the upload template based on your business needs.
8. The final step is to click on the "Save Template" button if you want to save the upload template or click "Execute and Save Templates" if you want to upload the QBO data which are located now in google sheets to Xero accounts.
As always we open to your feedback on how to improve our application and processes. Feel free to reach us at support@accon.services to ask any questions and/or provide any constructive suggestions and ideas.
Consolidate comes from the Latin roots com- ("together") and solidare ("to make solid"). Combining these roots, we discover that to consolidate means to bring pieces together to make something stronger or easier to handle. Financial Consolidation is more than just adding up numbers. For those who aren’t familiar, financial consolidation might just sound like simple addition —but it’s actually a lot more complicated than that. In financial consolidation, there are specific calculations, formulas, and consolidation adjustments that need to be made as numbers are combined from the parent company and its subentities. This includes the following:
To start the consolidation report, you need to select G-Accon for Xero, then the Consolidated Report menu option. You need to have at least two Xero organizations to be able to generate the consolidated report. Your next step is to select all entities for which you will be generating consolidated reports.
Then you have to select the desired financial report such as Profit and Loss (Income Statement), Balance Sheet, or Cash Summary from the drop down filter.
As you can see from the organization selection dropdown box, we have two Xero entities –– AU and a US base. Let’s assume we need to generate the consolidated report in AU currency based on the January 19, 2022 currency exchange rate. Your next action would be to select a Multi-Currency Converter.
You have multiple options here. First of all, you need to choose the report currency. We have chosen “AU” currency. Then by clicking on the radio buttons “Use Latest Exchange Rate” or “Use Custom Exchange Rates”, you can either request the current exchange rate from the currency exchange rate provider or set your own custom exchange rates.
If you select “Use Latest Exchange Rate” and click on the “Execute” button, the consolidation report will be generated based on the latest available exchange rate from the exchange rate provider. Everytime you refresh this report, the latest exchange rate will be used.
Your next option is to set up the custom exchange rate. First, you need to select “Use Custom Exchange Rates”, enter the desired date, and make a decision to either obtain the exchange rate directly from the exchange rate provider or generate a separate tab with exchange rates for multiple currencies. This additional feature allows you to manually modify any exchange rate values and use them in the report generating process.
Finally, you can generate the consolidated report by clicking on the “Execute” button.
In a very similar way, you can generate Profit and Loss (Income Statement) and Cash Summary consolidated reports.
We are always open to feedback on how to improve our application and processes. Feel free to reach us at support@accon.services to ask any questions and/or provide any constructive suggestions and ideas.
We are excited to introduce another new brand product that has been released in the G-Suite Workspace Marketplace: G-Accon for FreshBooks!
FreshBooks is a powerful accounting software built for business owners and accountants. It is perfect for small to medium-sized businesses.
G-Accon for FreshBooks is great tool for accountants, advisors, and business owners. Our product is able to connect to Google Sheets and share data bi-directionally. This connection with Google Sheets allows you to upload data in bulk, create custom reports, and export these items directly from Google Sheets. We also offer a set of standard financial reports that include Aging reports, Profit and Loss, Cash Flow, Balance Sheets, and other.
Product Features
You will have a 14-day Free trial where you can test out these innovative features before committing to the product.
Product Functionality
G-Accon for FreshBooks offers the following powerful features to G-Accon users:
Interested in learning more about our new product? Click on the link below to watch a helpful video and see why G-Accon for FreshBooks is crucial for you and your business.
See the example below to see how you can use G-Accon for FreshBooks to create your own financial report by using the report designer menu option.
Reports Designer:
Upload Data from Google Sheets to FreshBooks:
This example will show you how to upload bulk data from Google Sheets to FreshBooks.
Download the Standard Reports to Google Sheet:
This next example will show you how to download standard financial and management reports from FreshBooks to Google Sheets.
Automate Your Downloads/Uploads:
This last example will show you how to set up automations and create your own workflows within our applications.
We are always open to feedback on how to improve our application and processes. Feel free to reach us at support@accon.services to ask any questions and/or provide any constructive suggestions and ideas.
Don't miss out on FREE webinar along side with App Advisory Plus on the 23rd February at 10 am EST (3:00pm UK) on how to bring your Xero and QuickBooks data to life through custom dashboards and bespoke client reports.
G-Accon offer a fresh alternative to some of the full blown reporting and forecasting apps, providing a set of reporting tools to deliver a range of value added information to your clients.
Simply click the button below to save your spot for this month’s webinar. It's going to be a game changer for firms using Xero, QBO or both for client work.
You Will Learn
Questions? Contact us at support@accon.services
We are very excited to introduce yet another highly-requested feature –– our G-Accon Cloud Template Library.
The Cloud Template Library is a set of upload templates that will help you minimize time spent designing and developing your own upload templates. Our templates give you a basic structure that you can customize for your specific business needs.
In order to use the upload templates, first you need to download data structure by using Standard Accounting Reports and selecting the needed attributes (you can find the list of the attributes under Description for the upload template). Then you need to create data in the google sheet. And the final step is to select the upload template and execute it.
The most popular upload templates in G-Accon Cloud Template Library are:
The G-Accon Cloud Template Library is located under the "Load Cloud Template" menu option.
To access it,
2. Scroll to see all available upload templates or you can search a specific name by typing in the "search by keywords" field. Each template contains a Name, Description, Type, and Actions. You can load a template by clicking on its name or by using the "cloud" icon.
For example, if we needed to upload purchase orders from Google Sheets, we would need to search for the "Purchase Orders" template in the search field.
3. The next step is to identify the template which you are going to use and look at its description. After you identify the desired template, you will see all of the required and optional fields in the description area. These attributes first need to be loaded into Google Sheets.
4. Then you need to select "Design Accounting Reports", and Purchase Orders table (for this example) and select all of the required attributes that you need from the Description section of the upload template.
5. Click on the "Execute" button to generate a Purchase Orders structure/table.
6. Prepare the Purchase Orders data in your spreadsheet.
7. Select "G-Accon Cloud Template Library" from the "Load Cloud Templates” menu option.
8. Find and download the "Upload Purchase Orders with Multiple Line Items" template.
9. You can modify and customize the upload template based on your business needs.
10. The final step is to click on the "Save Template" button if you want to save the upload template or click "Execute and Save Templates" if you want to upload the Purchase Orders from your Google Sheets into your accounts.
All businesses, whether it is an enterprise or a small business, make numerous transactions every day which leads to many entries being made in the entry book. As a result of the various transactions, the chances of error can be drastically increased. There are multiple issues that business owners face in their day to day operations - from back room inventory overflows, journal entires errors, scheduling problems, and invoicing errors, just to name a few.
One of the best ways to avoid such hardships is through a "clean-up" of the accounting book every month. If the accounting book is not cleaned up regularly, it will continue to be disorganized which can be bad for any business.
We suggest to invest a few hours each month to review the company's finances. It is extremely important to keep all financial/accounting records up to date and to have a clear understanding of your company’s financials at all times.
Although, cleaning up the accounting book regularly is time-consuming and requires a lot of focus, businesses can save time by outsourcing their work or by using a SaaS product like G-Accon. G-Accon will save you time and effort which can instead be used to improve business productivity and efficiency.
Accurate data plays a huge role in making educated decisions. Thus, cleaning up the accounting records of the company is one of the most important a company can do. Cleaning up your financials is more than just desirable. In some cases, they are specifically required. For example, acquiring investors or partners is one scenario where clean financials are essential. Providing flawed financial data can botch a pending deal or result in penalties later down the road. Furthermore, these records are always required in the event of an audit. Therefore, not having such records can delay the audit process. Similarly, providing muddled or incomplete records can result in penalties and other undesirable consequences.
One of the examples of a “cleaning up” scenario is when a user wants to update the invoice descriptions in more than 200 invoices. In order to update descriptions in 200 invoices, you would first need to download these invoices into google sheets by using the Design Accounting Reports option from G-Accon. Then, you need to edit the invoice descriptions and create "the upload template" or use a template from our cloud template library. Finally, you have to execute "the upload template" with your selected data. In order to verify any or all changes, you can download your invoices into google sheets. With these same steps, you can also clean up any accounting data such as bank transactions, invoices, quotes, bills, purchase orders, and ect.
For accountants or bookkeepers who work in large teams or need to share data with a number of different people including their clients, Google Sheets is the perfect tool. Google spreadsheets allows you easily share your spreadsheet with any email addresses you like and control their access through the share settings. You can also choose to allow someone full edit access, just the ability to comment or even just the ability to view.
With the real time-saving function, you don’t have to worry about sending over the latest sheet or forgetting to update your data. Every change you make will save automatically, eliminating the need to download and email your saved spreadsheets.
But what if your clients still prefer to use Excel? G-Accon has a solution for you.
G-Accon not only allows automatically refresh your reports, but it also automatically convert google sheets file into MS Excel, PDF, or CSV file and send these files to the customers. You have the ability to refresh your downloaded reports & dashboards automatically when you are offline using a flexible schedule. You can set this schedule to be hourly, daily, weekly, or monthly. And the same schedule can be used to send these reports to your clients.
Email notification is very powerful functionality that allows you to notify your customers about successfully refreshed queries/reports and provide them with the result of these updates as an attachment in Google Sheets, PDF (landscape/portrait formats) , Excel or CSV file.
Let's have an example of how to convert the google sheets into MS Excel and email the file to the clients.
First of all, you need to generate the reports (create templates by using any of G-Accon products) which will be sent to your customers.
Then you need to select from the G-Accon menu option Automation -> Create Workflow.
In the first tab “Name & description” of the Create Workflow module you need to specify the name of the workflow and its description. There are two statuses are available to you: Active and Not Active. If your workflow is not ready to be executed, the status needs to be set up as “Not active”. In our example the name of the workflow is “My Workflow #1” and its description is “My Workflow #1 Description”.
The next step will be to add the desire templates through the “Add template(s)” tab. We have provided user friendly interface which allows our users view all existing templates and by “drag and drop” user’s action users will be able to move the selected templates to the right “Selected template(s)” window. The selected templates will be part of your workflow. In our case, Invoice (query) will be part of “My Workflow #1” workflow.
The third step is set up the schedule in the “Scheduler” for your new workload to automate the refresh process. You have the ability to chose the frequency of the refresh, specific day of the week (if you use Weekly or Monthly frequencies) and time.
Finally, you need to switch to “Emails” tab and select XLSX file option form the "Attach current Google Spreadsheet to email as". This functionality automatically convert current Google Spreadsheet into Excel format and email updated accounting reports and data queries to your clients as an attachment.
Emails to the recipients would be generated only if all queries/reports are updated successfully and there are no errors discovered. Depending on your selection either the link to the current active Google spreadsheet will be included in the email or PDF, MS Excel or CSV file will be attached.
In case of Google Spreadsheet link, you must share the current spreadsheet with your recipients before sending the email notification, otherwise, your customers will not be able to open the attached document.
“Enter an email(s)” field contains list of emails whom the updated queries/reports should be sent. G-Accon for Xero and for QuickBooks generates and sends individual email for each of the recipients. The email will be sent from your name.
“Enter an email subject” field contains email subject.
“Enter custom email message ” field will be included into the body of the notification email.
“Attach current Google Spreadsheet to email as” gives you the ability to add Google Spreadsheet link or attach Google Spreadsheet as Excel, PDF or CSV file to your email notification
You must click on the “Apply and Execute” button to save emails settings for the future use (permanently).
We are thrilled to debut our Advanced Skills for Google Sheets CPE webinar series featuring QuickBooks Online via G-Accon and conducted by Insightful Accountant.
Intro to Google Sheets for QuickBooks Online featuring G-Accon Webinar by Insightful Accountant
The first webinar will be conducted by Insightful Accountant and will be held on November 16, 2021 at 2pm EST. This webinar will be hosted by‘Kelly G’ (aka: Kelly Gonsalves), the Founder and Chief Visionary of Totally Booked based in New York. Kelly is an Advanced Certified QuickBooks Online ProAdvisor, Insightful Accountant’s 2019 Up-n-Comer, QuickBooks ProAdvisor, and a Top 100 ProAdvisor for 2019, 2020, and 2021. She is a Member of Intuit’s Prestigious Trainer/Writer Network, and is also a recipient of Hubdoc’s Top 50 Cloud Accountants in the US & Canada.
Eligible for 1 hour of CPE.
The topics that will be covered during this webinar will include:
There are a few fundamental areas of G-Accon for QuickBooks that will be covered throughout this webinar series.
1. Using G-Accon to export/import data between QuickBooks Online and Google Sheets.
2. Using G-Accon to automate export/import data between QuickBooks Online and Google Sheets.
3. Using a variety of Advanced Features within Google Sheets that may seem too complex for ordinary users but that become valuable day-to-day tools when given step-by-step instruction.
4. Various tips and tricks for Google Sheets that will accelerate your daily work and streamline your day-to-day workflows.
Questions? Contact us at support@accon.services
We are excited to announce our Advanced Skills for Google Sheets webinar! It will feature QBO thru G-Accon, will be conducted by Insightful Accountant, and will introduce our upcoming updates that will be included in our October'21 release!
We have created a new collection of reports that includes a Trial Balance Report, a General Ledger Report, bundled product ability, and extra attributes to multiple financial objects.
New Report: Trial Balance New
The Trial Balance report is the sum of debits and credits for every account of your business. It allows you to identify discrepancies in your account totals, produce financial statements, and ensure that your accounts are balanced for any given time period.
The Trial Balance report shows the balances of your general ledger accounts for your chosen date. The income and expense account balances include transactions dated from the start of your financial year to the report date you specify. Normally, this sort of report consists of debit amounts in one column and credit amounts in another, but our innovative report combines these columns so you can see the total of the credit balances in your Google Spreadsheet.
In a manual accounting system, the trial balance would draw attention to various errors that occur when transactions are journalized, posted, computed, etc. But with accounting software like G-Accon, these errors are reduced and avoided.
How to generate a Trial Balance New report
To get your accounting report data, you first need to be logged into QuickBooks. Next, you need to go to the menu and select Add-ons -> G-Accon for QuickBooks -> Standard Accounting Reports -> Trial Balance New.
Pick the Trial Balance New option from the drop down menu.
There are some required and some optional filters for the Trial Balance New report:
1. Date Range. You can select either a static or dynamic or custom date range to generate the report.
2. Accounting Methods (Accrual/Cash)
3. To Compare with (from 1 to 12) previous periods.
4. Sort Previous Periods (Ascending/Descending)
5. Accounts
To schedule an auto refresh, you need to create a Workflow. Again, you first need to be logged into your QuickBooks organization/entity. Then you need to select Automation -> Create Workflow from the G-Accon for QuickBooks to actually set up the automation.
New Report: General Ledger New
The general ledger is the record-keeping system for a company’s financial data, with debit and credit account records validated by a trial balance. It provides a record of each financial transaction that takes place during the life of an operating company and holds account information that is needed to prepare the company’s financial statement. The general ledger (GL) contains the account summaries – including details of every transaction going in and out of your accounts. Transaction data is segregated, by type, into accounts for assets, liabilities, owner equity, revenues, and expenses.
Usually accountants or bookkeepers would maintain three journals: accounts receivable, accounts payable, and payroll. The summaries of these journals would be recorded in the general ledger. If the information was accurate and all of the entries were correct, the books would balance. The general ledger reports are used by businesses that use a double-entry accounting system, which means that the transaction affects two general ledger accounts and each entry has a debit and a credit transaction.
How to generate a General Ledger New Report
To get your accounting report data, you first need to be logged into QuickBooks. Next, you need to go to the menu and select Add-ons -> G-Accon for QuickBooks -> Standard Accounting Reports -> General Ledger New.
Select the General Ledger New option from the drop down menu.
There are some required and some optional filters for the General Ledger New report:
1. Date Range. You can select either a static or dynamic or custom date range to generate the report.
2. Accounting Methods (Accrual/Cash)
3. To Compare with (from 1 to 12) previous periods.
4. Sort Previous Periods (Ascending/Descending)
5. Accounts
New Features and Functionality
New Attributes in Items and Invoices
Multiple additional attributes have been added to various objects/tables such as Ship from Address for Invoice object, Fully Qualified Name, Parent Account Ref and ID in Accounts Object, Item Fully Qualified Name and SKU, Parent Customer Ref and ID in Customers, Received From, Type, Name in Line Item in Deposits Object, and more.
Bundle Items Object/Table in Items
One of our most recent updates was to enhance the Items object which can be found under the Design Accounting Reports menu option. The additional attributes includes Bundle Item with Item Id, Name, and Qty attributes. These new options will help you to create more advanced Inventory reports to meet your business needs.
Register for a Webinar
G-Accon for QuickBooks - Product Overview/Demo
on Wednesdays at 12PM EDT (New York)/ 5PM (London)
Questions? Contact us at support@accon.services
We are so excited to announce that we have added multiple enhancements to our software that should help you in your day-to-day business activities. These new functions include Instantly Refresh Data, Asset, Asset Type objects, a new "Last 12 Months" option in the Date Range filter in standard financial reports, the ability to update your quotes through the upload process, the "search" ability when you switch from one Xero entity to another, 4-digit rounding, and much more! Keep reading below to learn about the details about each of these new enhancements.
New Features and Functionality
Instantly Refresh Data
We are consistently optimizing and increasing both the efficiency and speed of our application. This time, we have removed data cache from our on-demand Refresh process. Now you can instantly refresh your Xero data by selecting the Refresh Xero Data in Current Sheet or the Refresh Xero Data in All Sheets menu option under G-Accon for Xero, respectively.
This feature does not change our automatic refresh process. You can still schedule hourly, daily or monthly data refreshes in the Automation --> Create Workflow menu.
New Attributes in Asset and Asset Type object/table
One of these recent updates included adding the ability to enhance Asset and Asset Type objects, which can be found under the Design Accounting Reports --> Design Asset Reports menu option. The additional attributes offer novel options for Depreciation Details/Setting, Disposal Date, Disposal Price, and more. This new setting will help you create more advanced Asset reports to meet your business needs.
Additional Date Range Option – 'Last 12 Months'
Based on numerous requests from our customers, G-Accon has released an additional filter option in the Date Range section! This will eliminate the do-it-yourself custom solution that some of our customers have been utilizing. See the image below for an example of a Profit & Loss report that shows this new selection under the Dynamic Date Range option.
Search Xero Entity in Switch the Organizations
If you are supporting numerous Xero organizations and need to switch between these entities often, then our new "search organization" functionality might be of interest to you! As soon as you start typing the company's name, the search will display values that match the entered criteria. In this example, "Dem" has been entered and the system displays the "Demo Company (AU)" organization.
Multiple Enhancements to the Upload process
We have developed multiple changes to enhance the data upload process all the way from Google Sheets to your Xero organizations. If you are dealing with Quotes, Inventory, and using Tracking Categories in your reports, you now have the opportunity to update your records through the "Update" functionality or delete your records through the "Delete" option. Deleting a record in Xero generally means a"soft" deletion; this means that the physical record stays in the Xero table and only the set up flag in your data base suggests that the record has been deleted. Furthermore, not all records can actually be fully deleted. In the example below, you can see that Inventory (Items) and Tracking Category Options can be Inserted, Updated, or Deleted, but Quotes records can only be Inserted and Updated.
Update Quotes:
Update/Delete Inventory (Items):
Update/Delete Tracking Options:
Upload line items 'Unit Amount' with 4 decimal places
Xero is constantly enhancing its financial product by developing new reports and introducing new fields and attributes. One of the changes that we at Xero have introduced is changing the unit amount in the Invoice table to include 4 decimal places. We introduced the same changes in our application because for some businesses, the 4 decimal places for the unit amount is crucial. In the example below, you can see that the required attributes, with 4 decimal places, were successfully uploaded to Xero. You can see the Invoice template in Google Sheets and the corresponding Xero screen.
Register for a Webinar
G-Accon for Xero - Product Overview/Demo
on Wednesdays at 10AM EDT (New York)/ 3PM (London)
We are excited to introduce a brand new product that has been released in the G-Suite Marketplace: 2-in-1 G-Accon for WorkflowMax and Xero Practice Manager! This new tool is a powerful end-to-end job management software that is perfect for small to medium-sized businesses. This product will help you with items such as quotes, jobs, invoices, estimates, time sheets, and anything else that you may require to complete your project management.
G-Accon for WFM & XPM is able to connect to Google Sheets and share data bi-directionally. This connection with Google Sheets allows you to upload data in bulk, create custom reports, and export these items directly from Google Sheets. We also offer a set of standard financial reports that include jobs reports, job invoice reports, purchase orders and quotes details and summary reports, staff and client reports, and timesheet reports.
You will have a 14-day free trial where you can test out these innovative features before committing to the product.
Features and Functionality
G-Accon for WFM & XPM offers the following powerful features to G-Accon users:
Interested in learning more about our new product? Click on the link below to watch a helpful video and see why G-Accon for WFM & XPM is crucial for you and your business.
See the example below to see how you can use G-Accon for WFM & XPM to create your own financial report by using the report designer menu option.
Reports Designer:
Upload Data to WorkflowMax/Xero Practice Manager:
This example will show you how to upload bulk data from Google Sheets to Xero Practice Manager and Workflow Max.
Download the Standard Reports to google sheet:
This next example will show you how to download standard financial and management reports from Xero Practice Manager and Workflow Max to Google Sheets.
Automate downloads/uploads:
This last example will show you how to set up automations and create your own workflows within our applications.
We are always open to feedback on how to improve our application and processes. Feel free to reach us at support@accon.services to ask any questions and/or provide any constructive suggestions and ideas.
We are so excited to introduce a new feature that has been highly requested by our Xero customers –– the Budget module! This idea was first brought up by the Xero community in 2012 and after years of working on the idea, it was finally implemented in 2020. We at G-Accon were honored to be among the Exclusive App Partners who migrated to OAuth 2.0 in August of 2020. Because of this, we were able to start using the budget summary Xero API feature early on.
In order to enable this Budget functionality, you will need to go to xero.com, select your organization, choose "Connected Apps" in the settings, and explicitly disconnect the G-Accon application. Following this, you should be able to log back in into G-Accon for Xero in your Google Sheet and use this Budget functionality.
How can G-Accon help you?
With our new feature, you are now able to download a set of Budget-related reports, create your own report, automate your downloads based on your schedule, and use other existing G-Accon functionalities to perform your day-to-day operations.
New Report: Budget Manager
With the Budget Manager report, you can quickly prepare comprehensive budgets, run comparisons against performances on selected periods, and download them into Google Sheets. The report will show any revenue or expense accounts that have amounts budgeted in the Budget Manager.
To generate a Budget Manager report, you need to click G-Accon for Xero -->Standard Accounting Reports--> Budget Manager. You can select any budget (Overall Budgets, By Tracking category, and so on) that is set up in your Xero account. But if you haven't set up any additional budgets, you will only be able to use the Overall Budget option.
New Report: Budget Variance
A budget to actual variance analysis is a process by which a company’s budget is compared to its actual results and any explanations for variances are interpreted. But what exactly is the purpose of performing this variance analysis? It is to find the answers to the following questions:
Variance analysis essentially measures the difference between the actual measures and some predetermined standard measure. Most organizations perform variance analysis on a periodic basis (i.e. monthly, quarterly, or annually) in enough detail to allow managers to understand what’s happening to the business without overburdening staff.
In order to generate a Budget Variance report, you need to select G-Accon for Xero -->Standard Accounting Reports and select --> Budget Variance.
G-Accon offers you the ability to generate a Budget Variance report by comparing your current budget with the previous month's, quarter's, or year's budgets. This advantageous feature allows you to sidestep the Xero limitation in which you can only compare your budget with the previous month's.
New Report: Budget Summary
What is the purpose of a Budget Summary report? This report helps executive managers and finance teams assess key financial, operational, and competitive metrics as part of a monthly performance review. In its simplest definition, a Budget Summary refers to an itemized summary of expected revenue, as well as the expenditure related to a given project, business, or entity. Usually, a Budget Summary highlights some essential information that is related to the significant revenues and expenses of an organization.
In other words, the Budget Summary report uses the Budget Manager to create a summarized view of the budget you have prepared.
In order to generate a Budget Summary report, you need to select G-Accon for Xero -->Standard Accounting Reports and select --> Budget Summary.
Report: Budget vs Actual
The Budget vs Actuals report shows you how well you are meeting your original goals for the year for top-line sales and line-by-line expenses. For each line, you can compare your budgeted amounts versus your actual income and expenses.
G-Accon gives you the ability to pull your planned annual budgets by taking the quarterly approach or by using a monthly budgeting strategy. Making your budget quarter by quarter can give you a better sense of your business and can help you create longer-term budgets in the future. Of course, a budget is only an estimate of revenues and expenditures; actuals are the recorded revenues and expenditures at any given point in time.
You can generate a Budget vs Actuals report by selecting G-Accon for Xero –>Standard Accounting Reports and select –> Budgets vs Actuals
This report compares your budgeted amounts to your actual income and expenses. Negative amounts in the report show that you are under budget, while positive amounts mean that you are over budget.
Design Budgets Report
Last but not least, you have the ability to create your own Budgets report by using the Report Designer capability. This feature is available to you if you want to generate your own report. This feature is not available under the Standard Accounting Report option.
In order to generate your own Budgets report, you need to select G-Accon for Xero -->Report Designer -->Design Accounting Reports and select --> Budgets. You can pick all attributes or some attributes based on your preferences. You can also expand attributes to see the whole structure with the sub-attributes or alternatively, collapse them. You can also set up the advanced filters and query orders. You can learn more here.
Register for a Webinar
G-Accon for Xero
"New Features/Reports: Budget Module, P&L Variance,
UI Changes, New Query Filters, and Group/Domain Plans"
May 27, 2021 10:00 AM Eastern Time (US and Canada)
