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

What are Report templates?

Report templates are pre-designed reports that can be customized and applied to any organization across your accounting firm. They are tied to report codes, which are mapped for each Xero company through their chart of accounts. Report templates allow you to have a consistent reporting format for a specific industry, tax type, or even franchise. If you work across multiple regions around the globe, you can create Report templates on a regional basis based on that specific region’s requirements.

Let’s take a more in-depth look at report templates now that we know what they are.

To find report templates, we must head to Xero HQ:

  1. We can do that by clicking the main button in the top-left corner of the Xero screen. This button shows the Xero company you are currently logged in to, followed by the Xero HQ option below it:
Figure 17.1: Xero main user menu

Figure 17.1: Xero main user menu

  1. Clicking on the Xero HQ option will take...