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

Preparing for conversion by looking into the prerequisites

The first thing you need to consider is what you can convert and what the limitations are. QBO and most versions of QBDT are supported by Jet Convert. This includes Pro, Premier, Accountants, and Enterprise. Yes, even the macOS version can be converted using Jet Convert. But what are the limitations? You can not convert payroll, multi-currency files, or tracked inventory utilizing Jet Convert.

Now let’s look at some important factors that you must consider while preparing to convert your QBDT and QBO files into Xero with Jet Convert.

Preparing your QBDT file

The following are the steps you should take to prepare your QBDT file:

  1. Remove all users except the admin user.
  2. Ensure the admin user’s username is Admin.
  3. Ensure there are no duplicate descriptions in your chart of accounts and add an account number to make the entry unique.
  4. Ensure your file is set to your correct accounting basis...