Upstart cloud accounting software vendor Xero has updated its service with several new features, including support for purchase orders.

A business uses journal entries in its accounting journal to record transactions, such as a home purchase. A journal entry increases or decreases various account balances.

If, for example, you decide when you launch your business that any asset purchase under $300 is an expense, your asset purchase accounting entries are simplified.

For changes to POs that have already been closed out, please work with General Accounting or Research Accounting, as applicable, to submit transaction correction journal entries.