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

Exploring Bank Feeds – the Heart of Xero

In this chapter, we will look at the bank feed, a list of the cleared transactions from your bank that are imported to Xero for you to easily record and reconcile. Xero puts a tremendous emphasis on the bank feed, even enforcing a no manual journal to a bank account policy. You will see how to set up your bank feed, reconcile your transactions, and your bank statement at the end of the period, keeping your accounts tied out and your business in the know.

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

  • Why bank feeds?
  • Setting up your bank feeds
  • Balancing your bank feed to the bank

By the end of this chapter, you will know why bank feeds are at the heart of Xero and why they are so important in using it. You will also know how to set up your own bank feeds and, finally, have them balanced to a bank account before you start your business’s books in Xero.