LeapCount Updates: Automated GST, Item-Level CoA & Flexible Backdating

We’re excited to announce significant updates to LeapCount that will streamline your accounting workflows and save you valuable time. Here’s what’s new:

🧾 Automated GST Calculations & Reporting Filing your Goods and Services Tax (GST) returns just became effortless. LeapCount now automates the entire process from calculation to reporting.

Generate Compliant Reports: Instantly create GST reports for any fixed period.
Automatic Account Buckets: The system automatically creates and manages your GST payable and receivable accounts.
Effortless Netting Off: When it’s time to close the books, LeapCount automatically nets off your GST balances for you.

🏷️ Enhanced Revenue Tracking with Item-Level CoA Gain granular control over your revenue streams by linking accounts directly to your products and services.

Direct Item Linking: Assign specific Chart of Accounts (CoA) to individual items.
Precise Revenue Buckets: Track different revenue categories with greater accuracy and simplify financial analysis.
Simplified Reporting: Sales are automatically categorized from the point of transaction, ensuring your reports are always correct.

⏳ Flexible Backdating for Prior-Year Accounting Working on previous financial periods is now more flexible than ever, making year-end closing and historical adjustments a breeze.

Two-Year Backdating: Backdate the “start of month” process for up to two years.
Set Historical Currency Rates: Easily input and apply historical exchange rates for transactions in past periods.
Finalize Previous Accounts: Perfect for working on last year’s books or making necessary historical corrections with accurate data.

Getting Started

These features are available now for all users. Dive into our updated knowledge base for detailed guides:

What’s Next?

We’re committed to making LeapCount the most efficient accounting platform for growing businesses. Stay tuned for more updates coming soon!