Find & Recode – Xero’s powerful yet so simple new function

Find & Recode is a new function from Xero that has been recently added to the ‘Adviser’ menu.  The Find & Recode function has made interrogating Xero even easier than before.  By using some simple conditions (search criteria for the Xero uninitiated), transactions can be very quickly and easily found.  As auditors, we have used this tool very successfully already to obtain audit evidence whilst performing client audits.  There could be many reasons why you’d wish to use it.  Whatever your reasons, we will show you how powerful and simple the Find & Recode function is.

Find & Recode - CB AuditFirstly, locate the Adviser tab and select Find & Recode from the bottom of the menu.  If this isn’t available to you, please see your administrator to see why your user permissions do not give you access.

Assuming that it is there, click on the Find & Recode button to enter the function.

You will be greeted by an empty page of which Xero expects you to know what you want – this can be daunting to the less tech savvy.  However, understanding how the functions works will allay all fears.  The function works on the premise that it will retrieve transactions based on a condition, or conditions, that the user specifies.  A condition is a search criterion based on a logical statement.  What?!?!? We hear you think!

Basically, this could be a condition to retrieve all sales invoices dated 1st July 2015 onwards.

This would look like this: Find & Recode - CB Audit

From this menu, you can select conditions based on ‘Type’, Status’, ‘Account’, ‘Date’, Transaction Total’, ‘Tax Rate’, ‘Entered By’, ‘Contact’ or ‘Region’.  These conditions can then very accurately targeted to retrieve the transaction, or transactions, that you wish.  It is worth quickly looking at some of these to see how powerful this tool really is.

Type – this condition allows the user to select transaction types (single or multiple) such as Sales Invoice, Receive Money, Bill, Expense Claim etc.

Status – this condition allows filtering on the status of the transaction eg. only select ‘Paid’ transactions

Account – as per the chart of accounts, transactions can be filtered based on their coding

Date – another powerful option to filter on a single date or a date range

Transaction Total – facility to use “equal to”, “less than” and “more than” for filtering on totals

Tax Rate – filtering based on tax rates

Entered By – option to include (or exclude) transactions by user or users

So, what now?  You know how to use conditions so what can users do?

Using a quick date filter, I have managed to filter the following transactions from the demo company:

Find & Recode - CB Audit

The search criteria has resulted in some payments (“SM”), Sales Invoices (“AR”), Money Received (“RM”) and some bills (“AP”).

From here, I can very quickly drill down (open the transaction) and take a look.

I also have the facility to select and recode transactions quickly.

If you want to find out more then please check out Xero’s help pages on the function.

 

CB AUDIT

Should you have any concerns/queries, our staff can assist with education and advising the types of documentation that can be collated throughout the year to ensure that all relevant information is available at the time of the audit.  Our focus is on providing a high quality service to our clients and if we can value add by facilitating greater understanding of the relevant principles and strategies to be best prepared for an audit, then we’d love to assist.  Please contact us to discuss any queries on 1300 CBAUDIT.

 

If you are not a current client and would like more information on our services, please contact Matt Williams through [email protected].