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 bank feed basics

In the previous chapters, we detailed setting up the bank feed to import transactions and enter the initial balances. Now, we are going to put that to work. The bank accounts live in the Bank accounts section of Xero. You can navigate there by clicking the Accounting menu and selecting Bank accounts:

Figure 6.1: The Bank accounts menu option

Figure 6.1: The Bank accounts menu option

You have the option to show selected bank accounts on the Xero dashboard. Check the Show account on Dashboard check box, as shown in Figure 6.2. The arrow buttons on the lower right of the bank account box allow you to move the selected bank account up and down in the display order of all of your bank accounts on the Bank accounts screen:

Figure 6.2: Bank account display

Figure 6.2: Bank account display

The views of the bank account, whether they are from the Bank accounts screen or the dashboard, are very similar. They display the number of bank transactions that remain unreconciled from the bank...