A Beginner’s Guide to Xero Accounting
Table of Contents:
Xero is an online accounting and bookkeeping software where you can create and send invoices allowing your customers to pay online, check and confirm payments. Xero makes it easy to match payment to invoice and reconcile accounts. You can reconcile your bank account using xero accounting software that can automatically import your bank, credit card and Paypal transactions.
Features available with Xero online accounting software:
Xero Accounting software has several features that make running your small business that much easier.
- Manage your contacts, create a list of customers and suppliers to keep them organised.
- Use Xero to track fuel, food, and travel expenses, manage all your expense claims online directly with Xero.
- Quickly reconcile your accounts with our Cash coding tool with the help of auto-suggestion, matching and bank rules process a year’s worth of bank statements.
- Instead of working from separate ledgers and systems using Xero work from just one single ledger with the Chart of Accounts, accountants and clients can have access to the same data in the cloud.
- Both accountants and businesses can view and share interactive reports and budgets in real time through the report centre.
- Xero makes it easy to keep your files organised upload documents to support financial data with a simple drag and drop to your Xero Files inbox.
- Take control of purchasing by managing your purchase orders in Xero. Track what has been ordered, the cost as well as when and where it should be delivered.
- Xero makes the sales process simple by using the sales dashboard to create and send invoices track when payments were received and match payments to invoices all online.
Manage Banking tasks with Xero:
There are 500 applications to integrate into the cloud accounting software that can assist you with your banking tasks. Setting up bank feeds will help automate your transaction and bank reconciliation. Xero is created to import your bank, credit card and Paypal transactions automatically, it uses your bank feed to make reconciling faster and easier. For more information on how to click the links.
- Manage an invoice or bill in Non-base Currency check to see if it has been paid with a currency other that the invoice or bill and different to your base currency
- Manage Loans and Mortgages There are two ways to manage a loan or mortgage with Xero accounting software.
- Move Imported statements If you have imported a bank statement incorrectly, and you don’t have the original statement file, Xero accounting software makes it easy to export these lines and import them to where they belong.
- Handle Dishonoured Payments If a payment gets dishonoured, such as a bounced cheque, or a reversed automatic payment. Manage it with Xero.
- Process prepayments and Process overpayments account for prepayments either in sales or purchases in Xero accounting software. Or process overpayments whether you have made one or received use of Xero to create and reconcile transactions to account for an overpayment.
- Manually Reconcile Statements Being able to manually reconcile statement lines is useful when you don’t have bank statements available to import into Xero accounting software.
- Find and Edit Bank Transactions Xero allows you to search and edit banking transactions.
- Import CSV Bank Statement, by setting up the bank feed export transactions history for your account to Xero software.
- Create Bank Rules to automate coding in your bank reconciliation.
- Transfer between Bank Accounts, Use Xero accounting software to record when you transfer money between business bank accounts.
How to Switch to Xero
If Xero sounds like the perfect accounting software for you, we are here to help you make the switch, talk to an accountant or a certified advisor to see how we can help. We made the process of switching over to Xero easy and efficient; our conversion partners do the heavy lifting for you. If you have account balances or have been using a different accounting software you can quickly enter and confirm these balances in your financial reporting to Xero, we call these conversion balances. When you create an account with Xero there will be information that you’ll want to bring from your old accounting system, Xero allows you to import everything so you can carry on with business as usual, you can import automatically to save some time on having to manually enter information into Xero. For more information on how to import data click the following links:
- Importing Sales and Purchases, for partially -paid invoices or bills easily transfer to Xero.
- Import contacts, to keep your supplier and customer contact information.
- Importing Chart of Accounts, when creating a new organisation you can select a default chart of accounts or import your own version.
If you have any further questions about Xero, or are looking for an online accountant to handle all our financial needs.