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

Managing Fixed Assets in Xero

Businesses purchase goods and equipment every day. The majority of these purchases are regular expenses and are handled as shown in previous chapters throughout the book. Then, there are capital assets, or what we will refer to as fixed assets. These assets generally have a useful life of over 1 year and cost $2,500 or more. Here, we will show you how to handle the fixed asset process in Xero for a business, which includes the addition and disposal of assets as well as running depreciation. The understanding of the processing of assets, as well as the topics of bank transactions and bills, which we covered in previous chapters of this book, ensure that you have the knowledge to handle all of a business’s expenditures.

In this chapter, we’re going to cover the following main topics:

  • Adding new assets
  • Processing depreciation
  • Disposal of assets

Let’s begin the journey by taking an in-depth look at fixed assets...