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

The repeating journal entry

The repeating journal entry is great for those entries you post on a regular (monthly, quarterly, or annual) basis. You build the skeleton of the entry and update the amounts as needed when you are ready to post the entry.

The process is fairly similar whether you convert a one-off entry or create a new one.

Let’s walk through it now.

When I click Repeat from the journal options from the posted one-off entry, the Narration, Account, and Amount details carry over. We just need to do some editing.

Figure 11.8: Repeating journal screen

Figure 11.8: Repeating journal screen

As you can see in Figure 11.8, there are many similarities between the repeating journal and the manual journal.

I am going to highlight the differences for you here.

The repeating journal has the following additional fields:

  • First Journal Date is the date the entry will first post to the G/L.
  • Repeat this journal every is the cadence the entry will repeat, such as...