Details

Xero For Dummies

5. Aufl.

von: Heather Smith
17,99 €
Verlag:	Wiley
Format:	EPUB
Veröffentl.:	24.05.2022
ISBN/EAN:	9780730394624
Sprache:	englisch
Anzahl Seiten:	496

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Beschreibungen

Titelbeschreibung

Your comprehensive guide to using Xero Keeping your business running smoothly has never been easier with Xero. You’re in good hands with Xero For Dummies, the only book endorsed by Xero. With the tips and tricks included in this helpful guide, you can easily tackle tasks like accounts payable, invoices, and estimates. It’s packed with easy to follow explanations and instructions on how to use this popular accounting software. It’s like having a personal accountant at your fingertips! The latest update to this useful reference shows how you can use Xero for more than a simple spreadsheet. It includes how to set up your account from scratch, convert your business from another accounting software to Xero, and use Xero to its full potential. It includes these essential topics: <ul> <li>Customize the Xero set-up for your business </li> <li>Manage your daily activities with contacts, accounts, sales, and payables</li> <li>Organize suppliers and customers</li> <li>Automate your weekly and monthly reporting routines</li> <li>Track inventory and monitor your business </li> <li>Sync seamlessly across other business platforms</li></ul>Filled with real-world scenarios that shows how you can use Xero every day in your business, Xero For Dummies can help you get your paperwork done quickly, so you can spend your valuable time running your business. Pick up your copy of Xero For Dummies to make that your reality.

Inhaltsverzeichnis

Introduction 1 Part 1: Getting Started with Xero 7 Chapter 1: Getting to Know Xero 9 Chapter 2: Getting Organised: Setting Up Xero from Scratch 25 Chapter 3: Converting to Xero from Another System 63 Chapter 4: Fine-tuning Your Set-Up 91 Part 2: Daily Activities 115 Chapter 5: Managing Your Contacts 117 Chapter 6: Managing Your Sales 137 Chapter 7: Managing Your Payables 183 Chapter 8: Reconciling Your Bank Accounts 221 Part 3: Making the Routine, Routine 257 Chapter 9: Generating Reports 259 Chapter 10: Mastering Your Weekly and Monthly Tasks 279 Chapter 11: End of Financial Year Reporting 315 Part 4: Getting the Most Out of Xero 331 Chapter 12: Monitoring Your Business 333 Chapter 13: Managing Your Inventory Items 379 Chapter 14: Working with Fixed Assets 393 Chapter 15: Working with Multi-Currency Transactions 409 Chapter 16: Exploring the Xero Marketplace 423 Part 5: The Part of Tens 439 Chapter 17: Ten (Plus One!) Tips for Long-Term Success with Xero 441 Chapter 18: Ten Common Mistakes Made in Xero and How to Avoid Them 447 Index 453 Introduction 1 About This Book 2 Foolish Assumptions 3 Icons Used in This Book 4 Where to Go from Here 4 Part 1: Getting Started with Xero 7 Chapter 1: Getting to Know Xero 9 Understanding the Advantages of Xero 10 Exploring Xero’s Different Editions 13 Homepage: Checking Out the Dashboard 16 Understanding Your Team’s Needs 17 Integrating Xero into Your Strategic Planning 21 Generating accurate, complete and timely data entry 21 Introducing Management Reporting and the analysis capabilities of Xero 22 Taking Advantage of Support Options 22 Using Xero in a Training Environment 23 Chapter 2: Getting Organised: Setting Up Xerofrom Scratch 25 Preparing for Set-Up 26 Checking your browser and system requirements 26 Collecting your business data 28 Signing Up for Xero 29 Getting started 30 Organisation Settings 34 Financial Settings 36 Understanding Bookkeeping Basics 38 Working out how account types affect your reports 39 Creating a chart of accounts that works for you 42 Developing your own chart of accounts 43 Setting Up Your Chart of Accounts 45 Using Xero’s default Chart of Accounts 45 Customising your chart of accounts 46 Putting Your Accounts into Practice 50 Checking your conversion balances 50 Adding comparative balances 52 Entering historical invoices, bills and credit notes 54 Adding Ways to Get Paid 55 Setting up bank accounts 55 Including credit cards 57 Online payment options 57 Tax Rates 58 Chapter 3: Converting to Xero from Another System 63 Preparing to Import Data from a Non-Accounting Program 64 Converting paper-based records 64 Working with spreadsheets 65 Getting Ready to Convert from an Accounting Program 65 Getting ready to convert 67 Converting exported CSV files into Excel 70 Preparing data for import 73 Mapping tax rates 75 Importing Data into Xero 75 Chart of accounts 76 Contacts 78 Inventory items 79 Sales 81 Purchases 82 Bank transactions 84 Manual journals 86 Fixed assets 87 Unpresented payments or uncleared funds 88 Turning Off Your Old System 89 Accessing historical data 89 Moving to the new system 89 Confirming the switchover date 90 Chapter 4: Fine-tuning Your Set-Up 91 Tools of the Trade: Understanding the Dashboard 92 Xero balance versus bank balance 93 Total Cash In and Out 94 Account Watchlist 94 Invoices Owed to You 95 Bills You Need to Pay 96 Dealing with expense claims 96 Setting Up Users 96 Understanding user access levels 96 Inviting other users to access Xero 98 Taking Advantage of Live Bank Feeds 102 Activating live bank feeds 102 Organising bank accounts on your dashboard 105 Managing bank feeds 106 Manually Importing Statements 107 Bank Rules 107 Setting up bank rules 108 Managing bank rules 111 Using File Storage and the Xero Inbox 112 Part 2: Daily Activities 115 Chapter 5: Managing Your Contacts 117 Setting Up Customers 118 Setting Up Suppliers 126 Connecting Your Contacts to Workspace or Office 365 126 Sync Xero contacts with Google contacts and Microsoft Outlook 126 Connecting your email account to your contacts 127 Tweaking Your Contacts after Set-Up 128 Finding your contacts 128 Managing your contacts 129 Grouping your contacts 130 Merging your contacts 130 Unpicking accidentally merged contacts 131 Archiving your outdated contacts 132 Setting Up Employees 132 Utilising Smart Lists CRM Functionality 134 Chapter 6: Managing Your Sales 137 Navigating the Sales Dashboard 138 Money Coming In 141 Customers Owing the Most — list 141 Customers Owing the Most — pie chart 141 Mastering Basic Invoice Functions 141 Creating a new sales invoice 142 Accessing additional functionality in New invoice style 146 Saving, approving and cancelling invoices 147 Sending an invoice to a customer 149 Mastering More Advanced Invoice Functions 153 Designing clear invoices for a positive cash flow 154 Working with repeating invoices 162 Invoicing contact groups 164 Managing credit notes 165 Creating a new quote 167 Recording Payments 169 Receipting against sales invoices 169 Sending receipts 170 Recording income for a simple cash business 170 Making use of batch payments 172 Removing allocated payments 174 Taking Advantage of Email Templates 174 Defining your user email addresses 175 Creating a new email template 176 Deleting customised templates 178 Connecting with contacts via social media 178 Following Up on Outstanding Debtors 179 Setting up invoice reminders 180 Making use of statements 181 Chapter 7: Managing Your Payables 183 Navigating the Purchases Dashboard 184 Managing Your Supplier Bills 187 Creating a new bill 187 Approving and cancelling bills 191 Generating a purchase order 193 Making Payments 196 Recording an individual payment 196 Recording batch payments 198 Removing allocated payments 201 Mastering Other Payment Considerations 202 Printing bills 202 Working with Repeating Bills 202 Scheduling payments 204 Stylising your check 205 Sending remittance advice 207 Managing credit notes 208 Taking advantage of Hubdoc 209 Entering Expense Claims 209 Understanding Xero Expenses functionality 210 Defining Expense Settings 212 Adding a new expense claim 213 Making mobile expense claims 215 Submitting a claim for approval 217 Reviewing and authorising the claim 217 Paying the claim 218 Adding a new mileage claim 219 Chapter 8: Reconciling Your Bank Accounts 221 Preparing to Reconcile 222 Automagically Reconciling Accounts 224 Understanding the hierarchy for matching 225 Accepting transactions Xero has matched correctly 225 Tweaking Transactions to Reconcile 229 Matching misfit transactions 229 Create 234 Transfer 235 Discuss 235 Reviewing other possible matches 236 Taking Advantage of Cash Coding 236 Getting familiar with Cash Coding 237 Understanding bulk coding 238 Viewing Bank Statements 240 Viewing Account Transactions 241 Using the Spend Money and Receive Money Options 242 Direct payment 243 Prepayment 244 Overpayment 244 Underpayment 244 Processing prepayments and overpayments 245 Searching for a transaction 245 Fixing Errors 246 Resolving the difference between Xero balances and bank balances 247 Undertaking detailed searches to find and recode transactions 249 Unreconciling a bank transaction 253 Removing and undoing a bank transaction 254 What Happens in Life Happens in Xero 254 Part 3: Making the Routine, Routine 257 Chapter 9: Generating Reports 259 Understanding the Reports Available in Xero 259 Accessing Xero’s business reports 260 Selecting your favourite reports 265 Sorting and filtering 266 Customising Reports 267 Customising report layouts 267 Adding reporting ‘bling’: Text Blocks and Footnotes 272 Changing views 274 Understanding Xero’s Different Reporting Options 274 Draft 274 Published 275 Archived 276 Exporting Reports 276 Accessing Management Reports 277 Chapter 10: Mastering Your Weekly and Monthly Tasks 279 Confirming Accounts are Complete 280 Reconciling Bank Accounts, Credit Card and Online Payment Gateway Accounts 281 Checking Off the Transactions in Your Clearing Accounts 283 Reconciling Your Consumer Tax Control Account 284 Reviewing Your Business Information 287 General Ledger Exceptions report 287 Invoicing 287 Aged Receivables 288 Aged Payables 290 Reporting to Your Tax Authority 291 Australian reporting 292 Canadian reporting 296 New Zealand reporting 298 Singapore reporting 301 South Africa reporting 302 US reporting 303 UK reporting 306 Recording payments to your tax authority 309 Taking Advantage of Xero’s Budget Functions 310 Creating a budget 311 Reviewing and editing your budget 313 Setting a Period Lock Date 314 Chapter 11: End of Financial Year Reporting 315 Getting Ready for the End of the Financial Year 316 Finding out where you’re at 316 Being prepared early 317 Reconciling tax payments for the year 318 Processing a bad debt 318 Preparing Accounts for Your Tax Accountant 319 Helping with Tax Accountant Tasks 324 Enabling your tax accountant to work directly in Xero 325 Exporting general ledger transactions 325 Entering manual journals 326 Special Considerations 329 Publishing end-of-year reports 329 Locking down accounts 329 Part 4: Getting the Most Out of Xero 331 Chapter 12: Monitoring Your Business 333 Identifying Key Metrics 334 Using Xero to set realistic targets and strategies 335 Setting KPIs and rewarding success 336 Reviewing your business strategy 337 Generating Useful Information 338 Taking advantage of management reports 338 Delving deeper into the Executive Summary report 341 Assessing your performance 345 Evaluating your position 346 Unpicking the details 346 Customising the Management Report 346 Unravelling the Business Performance dashboard 348 Exploring the Analytics Plus Reports 352 The Business Snapshot report 352 Short Term Cash Flow 353 Understanding Xero’s Tracking Options 354 Using Tracking 355 Working out what your business should track 355 Setting up Tracking 356 Editing, deleting and applying Tracking options 357 Reviewing Tracking reports 358 Tracking conversion balances 359 Maintaining Budget Control: Budget Manager 361 Exploring Xero Projects 362 Defining Project Settings 364 Adding a new Project 365 Adding a Project Task 367 Adding a Project Expense 368 Recording a Time Entry 371 Raising a Deposit Invoice for a Project 373 Invoicing billable Tasks & Expenses 374 Raising a Project Invoice 375 Tracking Project time entries from your mobile device 375 Project reporting 377 Chapter 13: Managing Your Inventory Items 379 Understanding Inventory Items 380 Periodic and perpetual inventory 380 Defining inventory accounts 381 Setting Up a Xero Inventory Item 382 Creating inventory items 382 Importing and exporting item details and importing opening balances 385 Managing Inventory Items 385 Making use of inventory items reports 385 Searching for and reviewing inventory items 386 Editing and deleting inventory items 386 Adjusting Inventory Balances 388 Periodic stocktakes 388 Adjusting untracked inventory values 389 Adjusting tracked inventory quantities 390 Adjusting tracked inventory values 391 Accessing Online App Solutions 392 Chapter 14: Working with Fixed Assets 393 Recognising Fixed Assets 393 Entering a fixed asset into the register 394 Dealing with depreciation 401 Tax reporting and asset pooling 403 Selling or removing a fixed asset from the register 403 Accessing Fixed Asset Reports 406 Chapter 15: Working with Multi-Currency Transactions 409 Setting Up Multi-Currency in Xero 410 Upgrading your Xero plan 410 Adding currencies to Xero 410 Processing Multi-Currency Transactions in Xero 412 Understanding tax rates 412 Working with foreign currency exchange rates 413 Creating a foreign currency invoice 413 Purchasing in a foreign currency 418 Conversion Balances and Multi-Currency Bank Accounts 420 Viewing Reports in Foreign Currency 420 Chapter 16: Exploring the Xero Marketplace 423 Working with Xero to Xero Networks 424 Understanding the Benefits and Risks of Cloud App Solutions 425 What to look for when choosing an app 425 Ascertaining implementation costs 426 Working out if the solution is right for you 427 Looking at longevity 427 Checking response times 428 Understanding data usage and security 428 Making Use of Online Cloud Integration Specialists 428 Getting a Feel for Available Solutions 429 Connectors 430 CRMs 431 Debtor tracking 431 e-commerce 432 Bills and expenses 432 Inventory 432 Job tracking 433 Payments 434 Documents 434 Payroll 435 Point of sale 435 Financial services 436 Time tracking 436 Reporting 436 Looking at Custom Integration 437 Part 5: the Part of Tens 439 Chapter 17: Ten (Plus One!) Tips for Long-Term Success with Xero 441 Embrace the Cloud 442 Make Use of Networking Technology and Apps 442 Export and Visually Organise Data 442 Set up Bank Feeds and Reconcile Regularly 443 Use the Batch Payments Feature 443 Keep Bank Accounts for Business Use 444 Embrace Change 444 Use Tracking to Enhance Reporting Options 444 Take Advantage of Repeating Bills and Invoices 445 Collaborate with Your Xero Advisory Team 445 Effectively Tap into Online Storage Features 446 Chapter 18: Ten Common Mistakes Made in Xero and How to Avoid Them 447 Not Making Use of Expert Help 447 Not Understanding Terminology Differences 448 Messing Up Bank Reconciliation Autosuggestions 449 Using a Communal User Account 449 Not Deleting Old User Accounts 449 Thinking Your Xero Emails Are Stored 450 Not Realising the Subscriber Owns and Controls the Data 450 Trying to Make Xero Do What Your Old System Did 451 Watching Your Bank Feeds Refresh 451 Paying Full Price If You’re a NFP 451 Index 453

Autorenportrait

Heather Smith FCA, FCCA, FICB, is obsessed with how effective automation and integration can unlock and produce timely, clean data, to generate information for fast, informed analysis and decision making. She sits at the intersection of accounting, education and content creation; running a virtual management accounting practice, producing the Accounting Apps newsletter, and hosting the Cloud Stories podcast. Connect with HeatherSmithAU on your favourite platforms.

Back cover copy

Get up and running with Xero in a flash With this popular online accounting platform, you’ll watch your accounts go to Xero—in the best way. With Xero For Dummies, learn how to set up your Xero account, make the switch from your old software and start using the platform to its full potential. Xero is so user friendly and efficient, you won’t believe how much it can do. You’ll discover how to manage your daily activities, automate routine tasks, prepare informative reports and even manage your inventory. Leverage all the features Xero has to offer and help your business thrive. Inside… <ul><li>Setup and customisation</li> <li>Importing from other software</li> <li>Managing your contacts</li> <li>Reconciling bank accounts</li> <li>Generating accurate reports</li> <li>Advanced tools and operations</li> <li>Avoiding common mistakes</li> <li>Monitor business activity</li></ul>