EFFICIENT ACCOUNTING WITH XERO : the definitive guide to optimizing your accounting with proven... techniques and best practices

Maximize the capabilities of Xero to achieve timely and stress-free accounting for your business Purchase of the print or Kindle book includes a free PDF eBook Key Features Become well-versed with the latest features of Xero to confidently manage all your bookkeeping tasks with ease Master the use of Xero and implement best practices to avoid costly errors Learn techniques for recording and managing financial data efficiently Book Description 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. What you will learn Understand why Xero is the best choice in accounting software for your SMB Easily set up or convert to Xero for a service- or product-based business Reconcile cash and related transactions effortlessly Track and depreciate capital assets purchased by and used in the business Produce customized reports tailored to your specific need Use Xero to make informed and timely decisions and become a better business owner or advisor Who this book is for This book is for small and medium business owners (SMBs) and bookkeepers or accountants who want to learn how to properly use and master Xero. Little to no knowledge of Xero is assumed. However, prior understanding of basic bookkeeping and accounting principles is required. Table of Contents Xero Basics - Subscriptions and when to use Exploring Bank Feeds - The heart of Xero Dialing in your organization's settings in Xero Restart with The Fresh Start Method Conversion to Xero Made Easy Recording and Reconciling the Bank Invoicing and the Sales Process Manage Bills and purchases with Procure to Pay in Xero Using Xero On the Go Fixed Asset Management in Xero All You Need to Know About Manual Journals in Xero Correcting Mistakes with Find and Recode Run and customize Basic Reports In Xero Advanced Reporting with Business snapshot and Short-Term Cash Flow Create Custom Reports in Xero with the Layout Editor Run Your Practice with Xero HQ Practice wide Reports Templates in Xero Exporting your Data and Reports out of Xero Apps, Apps, Apps Cover Title Page Copyright and Credits Foreword Contributors Table of Contents Preface Part 1: Hitting the Ground Running Chapter 1: Xero Basics – Subscriptions and When to Use Them A bit about Xero Business subscription plans Business subscription plan comparisons Partner subscription plans Partner subscription plan comparisons Summary Chapter 2: Exploring Bank Feeds – the Heart of Xero Why bank feeds? Setting up your bank feeds Balancing the bank feed Summary Chapter 3: Setting Up Your Organization’s Financial Settings in Xero Why are settings in Xero so important? Your first major Xero decision – the COA Importing your chart of accounts Maneuvering through the Chart of accounts screen Tracking categories Setting up tracking categories Other settings that require attention Organizational details Let’s add a user Subscription and billing Financial settings Summary Chapter 4: Restarting with the Fresh Start Method When to use Fresh Start Where do we find our beginning balances? Importing your beginning balances Importing using the COA Data entry using conversion balances Bank feed time Summary Chapter 5: Conversion to Xero Made Easy When to convert versus using The Fresh Start method Automating your Xero conversion with Jet Convert Preparing for conversion by looking into the prerequisites Preparing your QBDT file Preparing your QBO file Time to start the conversion Converting your QBDT file Converting your QBO file Summary Part 2: Handling the Day-to-Day Processes Chapter 6: Recording and Reconciling the Bank The bank feed basics No bank feed? Not a problem – import it Rules, rules, rules Using Xero to your advantage Cash coding Reconciling that account Summary Chapter 7: Invoicing and the Sales Process Products and services Setting up invoices (and other forms) Quoting your opportunities Time to send the invoices Repeat Void Copy to Edit Add Credit Note Share invoice Getting paid in Xero Applying payments from the bank feed Summary Chapter 8: Managing Bills and Purchases with Procure-to-Pay in Xero Exploring the Purchase Order Processing bills and the purchase process Paying bills is super easy Summary Chapter 9: Using Xero on the Go Xero mobile on the go Xero features on the go Battle of the apps in different operating systems Summary Part 3: Closing Out the Accounting Period Chapter 10: Managing Fixed Assets in Xero Exploring fixed assets Adding assets to Xero Depreciating those assets Disposing of assets Summary Chapter 11: All You Need to Know about Manual Journals in Xero The manual journal Xero’s rules for creating manual journals Getting into the manual journal Creating manual journals The repeating journal entry Importing your journal Summary Chapter 12: Correct Your Mistakes with Find and Recode The basics of Find & Recode Find, the ultimate Xero search tool Correcting mistakes with Recode Summary Part 4: Reporting – Knowing About the Performance of Your Business (KPIs) Chapter 13: Running and Customizing Basic Reports in Xero Reporting in Xero Saving reports in Xero Summary Chapter 14: Business Analytics with Business Snapshot and Short-Term Cash Flow Analytics in Xero Short-term cash flow Business snapshot Summary Chapter 15: Creating Custom Reports in Xero Using the layout editor Exploring the layout editor Customizing the basic report Starting from a blank slate Saving your reports Summary Part 5: For the Advisor Chapter 16: Run Your Practice with Xero HQ What is Xero HQ? Clients in Xero HQ Explorer details in Xero – what is it exactly? What is Ask, you ask? Staff in Xero HQ Practice Summary Chapter 17: Exploring Practice-Wide Report Templates What are Report templates? Editing Report templates Assigning report codes Using Report templates Summary Chapter 18: Exporting Your Data and Reports Out of Xero Exporting Xero reports to expand their role Exporting accounting data to make your life easy The Schedule C report for sole proprietors Using Trial Balance apps to make tax time easier Summary Chapter 19: Increasing Your Powers with Apps and Xero What are apps that are built for Xero? Why use apps with Xero? Connecting apps to Xero What apps should I use with Xero? Summary Index Other Books You May Enjoy Maximize the capabilities of Xero to achieve timely and stress-free accounting for your business Purchase of the print or Kindle book includes a free PDF eBook Key Features* Become well-versed with the latest features of Xero to confidently manage all your bookkeeping tasks with ease * Master the use of Xero and implement best practices to avoid costly errors * Learn techniques for recording and managing financial data efficiently Book DescriptionXero 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. What you will learn* Understand why Xero is the best choice in accounting software for your SMB * Easily set up or convert to Xero for a service- or product-based business * Reconcile cash and related transactions effortlessly * Track and depreciate capital assets purchased by and used in the business * Produce customized reports tailored to your specific need * Use Xero to make informed and timely decisions and become a better business owner or advisor Who this book is forThis book is for small and medium business owners (SMBs) and bookkeepers or accountants who want to learn how to properly use and master Xero. Little to no knowledge of Xero is assumed. However, prior understanding of basic bookkeeping and accounting principles is required. Table of Contents1. Xero Basics - Subscriptions and when to use 2. Exploring Bank Feeds - The heart of Xero 3. Dialing in your organization's settings in Xero 4. Restart with The Fresh Start Method 5. Conversion to Xero Made Easy 6. Recording and Reconciling the Bank 7. Invoicing and the Sales Process 8. Manage Bills and purchases with Procure to Pay in Xero 9. Using Xero On the Go 10. Fixed Asset Management in Xero 11. All You Need to Know About Manual Journals in Xero 12. Correcting Mistakes with Find and Recode 13. Run and customize Basic Reports In Xero 14. Advanced Reporting with Business snapshot and Short-Term Cash Flow 15. Create Custom Reports in Xero with the Layout Editor 16. Run Your Practice with Xero HQ 17. Practice wide Reports Templates in Xero 18. Exporting your Data and Reports out of Xero 19. Apps, Apps, Apps This book is for small and medium business owners (SMBs) and bookkeepers or accountants who want to learn how to properly use and master Xero. Little to no knowledge of Xero is assumed. However, prior understanding of basic bookkeeping and accounting principles is required. Maximize the capabilities of Xero to achieve timely and stress-free accounting for your business Key Features• Become well-versed with the latest features of Xero to confidently manage all your bookkeeping tasks with ease• Master the use of Xero and implement best practices to avoid costly errors• Learn techniques for recording and managing financial data efficiently 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. What you will learn• Understand why Xero is the best choice in accounting software for your SMB• Easily set up or convert to Xero for a service- or product-based business• Reconcile cash and related transactions effortlessly• Track and depreciate capital assets purchased by and used in the business• Produce customized reports tailored to your specific need• Use Xero to make informed and timely decisions and become a better business owner or advisor