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5 Free Xero Training Tutorials

The chart of accounts is a list of all accounts you can use to record your transactions. It helps you categorize your transactions correctly and group similar accounts together to generate reports about your business. When you set up your company, Xero will assign a default chart of accounts.

  • With the Xero Accounting app, you can do many day-to-day tasks including sending invoices and reconciling bank transactions.
  • An accountant or bookkeeper who knows Xero can take care of the tricky stuff while you focus on running your business.
  • If you don’t want to overwrite them or you’re unsure, leave the Balance column in the import file blank.
  • Once bank feeds begin, you won’t have to download and manually import statements.

If you have created your own chart of accounts or are using the default Xero chart of accounts, be sure to include all of the active accounts you used in your previous accounting system. Xero accounting software is popular worldwide as it offers small to medium companies reliable bookkeeping and financial planning capabilities. It is hosted in the cloud and simplifies the process of managing payroll and meeting your fiduciary responsibilities to stakeholders. When you import a chart of accounts into Xero, it replaces the existing categories exactly as per the import file. It doesn’t allow you to add to Xero’s default chart of accounts with newly imported accounts because all existing accounts will be deleted when you import a new one.

Connect Bank Accounts

Create professional-looking invoices every time, then send automated reminders if invoices are overdue. An accountant or bookkeeper who knows Xero can take care of the tricky stuff while you focus on running your business. Our advice is to have Xero open and work through the online tutorials one at a time, putting what you’ve learned into practice as you go. Using Xero’s wide range of apps and add ons is a great way to streamline repetitive processes and save yourself some time. Just a few minutes a week spent approving pre-matched items ensures your data is up to date. As Xero is connected to your bank, transactions are pulled through automatically.

  • You also need to link to any active payment services to your Xero account.
  • Xero allows you to add unlimited users and accountants to your company, free of charge.
  • We offer the most in-demand accounting skills taught by people at the top of their fields.
  • Have a current view of your finances with your bank transactions flowing into Xero automatically.

Float is one of the highest-rated Xero apps available on the marketplace. It is an award-winning cash flow forecasting tool that creates accurate and visual reports for you, and your business. Float pulls through the bills and invoices from your accounting software, using them to populate your forecast on a rolling-basis. Float’s integration with Xero means no more manual data entry, and an always up-to-date and accurate forecast.

Simplify paying your employees

Xero remembers the last time you categorised a transaction, so you can simply click ‘OK’ if you want it to go to the same category. If you have a limited company, ensure that you have a registration number and registered office address. Danielle Bauter is a writer for the Accounting division of Fit Small Business. She has owned Check Yourself, a bookkeeping and payroll service that specializes in small business, for over twenty years.

Set up your chart of accounts

Another benefit of regular reconciliation is that you’ll be able to use Xero add-on apps much more easily, as your data will be up-to-date. To edit an account, select the account from the chart of accounts that you wish to edit, as shown below. Then, update the information and click the Save button to update the data. Have a current view of your finances with your bank transactions flowing into Xero automatically. Finally, if you work with one, ask your accountant to check your set up. They may need to add year-end conversion balances and can ensure that your year-to-date figures are as expected.

Transfer existing transactions into Xero

Whether you’re new to Xero or could benefit from a more in-depth understanding of the software, we have five tutorials that will help you. Each Xero tutorial includes finding opportunity in flexible budget variance an in-depth lesson, complete with text and images.. Send online invoices and give customers easy online payment options that encourage them to pay there and then.

Get efficient reporting with Xero Report Templates

In the fifth of these Xero accounting tutorial videos you’ll really start to unlock the power of the software by linking it to your bank accounts, bringing your info together in one place. One app, one dashboard, easy to understand and easy to access from mobile device or PC. Xero allows you to add unlimited users and accountants to your company, free of charge. Once you invite a user, they will be sent an invitation that they need to accept or decline.

Set up payroll

You can come back to this step once daily reconciliation is part of your routine. If you have an accountant, you can seek their help with this decision. However, if you are your own bookkeeper then we recommend using Xero’s default chart of accounts.

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