What is an Account Transaction Report?
The Account Transaction Report in Xero is a comprehensive financial report that allows users to view all transactions associated with each account. It’s especially useful for tracking and analyzing transaction details over specific time periods, providing an in-depth view of the financial activity within each account.
Content Outline
Key Takeaways
Comprehensive Report
Xero Account Transactions Report provides a detailed view of transactions by account, allowing for specific time-based tracking and analysis to understand financial activity in depth.
Essential for Financial Management
With recent updates, this report has become more user-friendly, supporting detailed insight into finances, essential for auditing and accurate record-keeping.
Versatile Data Filters
Users can customize reports with filters for accounts, date range, column data, transaction source, and tracking categories, allowing for focused analysis.
Detailed Data View
Features like Group By, Summarise By, and Accounts to Include give high-level summaries or detailed transaction breakdowns, along with settings for viewing opening and closing balances and choosing accounting basis.
Usage and Key Functionalities
The report includes columns for Source, Related Accounts, and Reference, as well as Spend Money and Default Description functions, which add context and facilitate quick transaction tracking.
FastLane Support
FastLane’s Xero services help businesses fully leverage these tools, from setup to customized report analysis, optimizing day-to-day financial management and strategic planning.
Why is an Account Transaction Report Important?
The Account Transaction Report is crucial for financial management as it allows users to view transactions on an account-by-account basis. With recent updates, Xero has enhanced this report by adding new functionalities, making it easier to locate and analyze transactions. This report is invaluable for users seeking to gain a detailed understanding of their finances and for maintaining accurate records for auditing purposes.
What Does an Account Transaction Report Include?
The report includes various transaction details such as debit and credit amounts, reference numbers, account balances, and additional filters to refine the data view. Users can also track categories, regions, and even archived accounts, making it a versatile tool for transaction analysis.
Xero’s Account Transaction Report Overview
Where to Access?
To access the Account Transaction Report, users can navigate to Accounting > Account Transactions. Alternatively, it can be accessed from the dashboard or directly through the reports section in Xero.
Xero’s Account Transaction Report Filters
Xero’s Account Transaction Report offers multiple filtering options to refine transaction data:
- Account: Allows selection of specific accounts, including archived accounts.
- Date Range: Customize the period for transaction analysis.
- Column Settings: Choose data columns like account, debit, credit, date, and reference number.
- Source: Indicates the origin of the transaction (e.g., payment, invoice, journal).
- Tracking Category: Filter transactions by regions or categories for focused reporting.
What Does Xero’s Account Transaction Report Look Like?
Group By
The Group By feature allows users to group transactions by account, providing a detailed view where each account displays its associated transactions.
Summarise By
Users can opt to summarize data by account or other selected categories. This provides a high-level view, showing total debits and credits for each account within a specified period.
Accounts To Include
This filter provides three options:
- All Accounts: Displays all accounts, regardless of transaction activity or balance.
- Only with Transactions: Shows only accounts with transactions within the specified period.
- With Transactions or Non-Zero Balance: Displays accounts with either transactions or a non-zero balance.
More
The “More” section offers additional settings, such as:
- Opening and Closing Balances: Option to show the opening and closing balances for the selected accounts.
- Accounting Basis: Choose between accrual or cash basis for the report.
- Decimal Places: Select whether to display whole numbers or amounts up to two decimal places.
How to Use Xero’s Account Transaction Report?
Source
The Source column displays the origin of each transaction, indicating whether it came from payment, invoice, journal, etc. This provides a clear view of how transactions entered the account.
Related Account
One of Xero’s latest features, Related Account, allows users to see the corresponding accounts involved in each transaction, offering an additional layer of insight.
Transaction: Spend Money
The Spend Money function in transactions records money spent from a business account. Users can drill down to see the specific accounts impacted by each transaction.
Default Description
Xero’s default description shows client or supplier names, adding context for each transaction.
Reference
The Reference column typically displays the document number (e.g., invoice or custom reference number). Xero automatically generates reference numbers for manual journals, aiding in quick identification.
How Can FastLane Help?
FastLane Xero Accounting Services offer expertise in navigating and leveraging Xero’s Account Transaction Report. By providing guidance on setting up and customizing Xero’s reports, FastLane ensures that businesses get accurate, insightful data from their financial transactions. This support is crucial for businesses aiming to maximize the benefits of Xero’s accounting tools, from day-to-day transactions to high-level financial analysis.