AccountKit Update - Xerocon Edition

By: Paul Murray, Posted on: September 11, 2017

With Xerocon right on our doorstep, the team have been pulling together a bunch of new features and refinements to our toolset which has to be our most significant release to date. In short, here’s what you can expect.

  • Equipment finance expansions for current / non-current entries;
  • Integrations with various cloud document storage systems
  • Inter-entity loan tool – V2.0 Alpha

For more detail around the minor updates, see the Latest Releases area within the Help Centre.

Equipment finance

Historically we’ve only given the option when posting purchase and interest entries between a non-current liability and unexpired interest account. The latest release opens up the ability to set a practice default within practice settings for how you want the accounting treatment of your equipment finance. You now have the following options which can also be overwritten on a per schedule basis.

  • Account for unexpired interest
  • Account for current / non-current
  • Combination of the above.

Similarly, you can also define whether the purchase and interest journals are to be shown on cash basis reports at a practice or per schedule basis. We've also done some significant improvements to the way we collate and match the Xero balances with the Equipment Finance Schedules.


Integration with cloud document storage

You now have the ability to connect up with a variety of cloud document storage providers (at the same time if you wish).  This means you can link up any of our registers or tools to the underlying source documents, or upload direct to a clients folder without having to leave AccountKit. No more digging around the client directories to find a copy of the Notice of Assessment, latest will, or finance contract – they’re all preview-able direct from the mail register, important documents or equipment finance schedule;  You can also directly save any AccountKit reports back to the underlying client folder direct.

In this first release we have opened up access to the following providers:

  • SuiteFiles – more than just a document storage system, with SuiteFiles you can integrate your client data back to your email, send documents for signing or mail merge into your document templates.
  • Dropbox, Google Drive, One Drive & Box – With these cloud storage systems you can link to, upload and preview documents from within AccountKit.


Inter-entity Loan Tool – V2.0 [Alpha]

Last Xerocon we released our first version of the tool that involved reconciling inter-entity loans via bank accounts within Xero. Conceptually we loved it, but it simply didn’t cut it for all the things we needed to do. So we’ve gone back to the drawing board for a total re-write and while it’s still in Alpha (ie. It’s still got bugs to be ironed out), we think it’s pretty awesome.

The key features with this new release includes as follows:

  • Ability to reconcile across multiple accounts within each entity;  For example
    • Entity One – Bull Bucket Company Pty Ltd
      • Beneficiary Loan – Bull Family Trust
    • Entity Two – Bull Family Trust
      • Funds contributed – Bull Bucket Company Pty Ltd
      • Drawings – Bull Bucket Company Pty Ltd
      • Profit Distribution – Bull Bucket Company Pty Ltd
  • As new accounts are added, the loan reconciliation can have new accounts added which automatically draws in the new transactions.
  • All the inter-entity loan accounts across a family group are visible across the top of the page, so you can toggle quickly between loans as you push entries between the different entities within the group.


Visual Enhancements

A few areas didn’t look as beautiful as we would’ve liked, so we’ve polished the appearance of a few different areas including enhancing the functionality along the way.

  • Correspondence Register preview + print functionality - helpful if you want a PDF of your notes for forwarding to your client.
  • Notification Dropdown - simply looks much more beautiful!


The Road Ahead

We have lots of great ideas, but our focus over the coming months is to cool our heels a touch and focus on polishing and refinements based on any feedback we receive from the new releases such as assessing “One off events” within equipment finance.. We will also be assessing other potential integrations such as Xero HQ, Class Super and BGL while also further tightening up our syncing with Xero Practice Manager. We’ll take this time to talk with our partners to identify the next area to focus on and work through the design process.

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