Book Image

Efficient Accounting with Xero

By : Jay Kimelman
Book Image

Efficient Accounting with Xero

By: Jay Kimelman

Overview of this book

Xero empowers business owners to gain insights into their business and performance and collaborate seamlessly with their accountants and tax professionals. This book goes beyond the basics and explores the more advanced Xero features, techniques, and best practices for managing sales taxes, budgeting, and reporting. You’ll begin by diving right into Xero, setting up a bank feed, and exploring its power while experiencing just how easy it is to use. The book will guide you in setting up Xero the right way to ensure that you succeed in each of your transactions. As you progress through the chapters, you’ll learn what spend money and receive money transactions are and be able to easily send invoices and collect receivables or payments, collect and pay bills, and even track your business assets with Xero. Toward the end, you’ll be proficient at producing powerful reports, giving you the keys to running or advising any business. By the end of this Xero book, you’ll have gained the confidence to add a company to Xero, set up the bank feeds, reconcile the transactions, send invoices, and pay bills, ending up with beautiful financial statements.
Table of Contents (27 chapters)
1
Part 1: Hitting the Ground Running
7
Part 2: Handling the Day-to-Day Processes
12
Part 3: Closing Out the Accounting Period
16
Part 4: Reporting – Knowing About the Performance of Your Business (KPIs)
18
Chapter 14: Business Analytics with Business Snapshot and Short-Term Cash Flow
20
Part 5: For the Advisor

Processing bills and the purchase process

In the last section, we created a PO to begin the procure-to-pay process. In this section, we will dig a bit deeper into the billing process.

Let’s look at the bill that was created in the previous section. You can see it in Figure 8.8, and it is in the Awaiting Payment status.

Figure 8.8: The bill options

Figure 8.8: The bill options

By clicking on the Bill Options button, we can do either of the following:

  • Generate a repeating bill
  • Void the current bill
  • Copy the current bill to a new bill
  • Edit the current bill
  • Add a credit note

The preceding processes are exactly the same as those we covered in the last chapter for invoices. I suggest you go back to the last chapter to review how those processes are applied, use the same exact steps, and apply them to the bill instead of the invoice.

You have been reading about the similarities of the bill features to the invoice features in Xero. The same can...