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Xero For Dummies, 4th Edition

Xero For Dummies, 4th Edition

  • Author:
  • Publisher: John Wiley & Sons
  • ISBN: 9780730363989
  • Published In: December 2018
  • Format: Paperback , 472 pages
  • Jurisdiction: International ? Disclaimer:
    Countri(es) stated herein are used as reference only

List Price: HKD 270.00

HKD 261.90 Save HKD 8.10 (3%)

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  • Description 
  • Contents 
  • Author 
  • Details

    Get up and running with Xero in a flash

    Xero is fast emerging as the leader of online accounting software around the world, representing a serious challenge to MYOB, Sage and Quickbooks. Xero For Dummies provides you with all the information you need to set up your own Xero account from scratch, convert to Xero from another accounting software provider or start using Xero to its full potential. 

    Easy to use and deceptively powerful, Xero is so much more than a spreadsheet – it can help you streamline reporting; manage inventory; simplify accounts; and organise suppliers, customers and more. Automatic imports, intuitive coding and seamless synching across multiple business platforms gets the paperwork done quickly so you can get back to running your business. This new fourth edition includes updates to the interface and coverage of the newest features, including updates on generating reports, working with fixed assets and managing contacts, sales and payables so you can optimise your system to help your business thrive. 

    • Fine-tune your set-up, or convert from another accounting program
    • Manage daily activities with contacts, accounts, sales and payables
    • Master weekly and monthly reporting routines
    • Track inventory, monitor your business and get the most out of Xero

    You didn't start your business in order to become an accountant, but bookkeeping is critically important to the short- and long-term health of your company. Xero simplifies the process and saves you time, and Xero For Dummies helps you leverage every feature Xero has to offer.

  • Foreword xv

    Introduction 1

    About This Book 2

    Foolish Assumptions 3

    Icons Used in This Book 4

    Beyond the Book 4

    Where to Go from Here 5

    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 11

    Homepage: Checking Out the Dashboard 15

    Understanding Your Team’s Needs 16

    Integrating Xero into Your Strategic Planning 20

    Generating accurate, complete and timely data entry 20

    Introducing Management Reporting and the analysis capabilities of Xero 20

    Taking Advantage of Support Options 21

    Using Xero in a Training Environment 22

    Chapter 2: Getting Organised: Setting Up Xero from Scratch 23

    Preparing for Set-Up 24

    Checking your browser and system requirements 24

    Collecting your business data 26

    Signing Up for Xero 28

    Getting started 28

    Organisation Settings 32

    Financial Settings 34

    Understanding Bookkeeping Basics 35

    Working out how account types affect your reports 36

    Creating a chart of accounts that works for you 39

    Developing your own chart of accounts 40

    Setting Up Your Chart of Accounts 42

    Using Xero’s default Chart of Accounts 42

    Customising your chart of accounts 43

    Putting Your Accounts into Practice 47

    Checking your conversion balances 47

    Adding comparative balances 49

    Entering historical invoices, bills and credit notes 51

    Adding Ways to Get Paid 51

    Setting up bank accounts 52

    Including credit cards 53

    Online payment options 54

    Tax Rates 55

    Chapter 3: Converting to Xero from Another System 61

    Preparing to Import Data from a Non-Accounting Program 62

    Converting paper-based records 62

    Working with spreadsheets 62

    Getting Ready to Convert from an Accounting Program 63

    Getting ready to convert 65

    Converting exported CSV files into Excel 68

    Preparing data for import 71

    Mapping tax rates 73

    Importing Data into Xero 73

    Chart of accounts 74

    Contacts 76

    Inventory items 77

    Sales 79

    Purchases 80

    Bank transactions 82

    Manual journals 84

    Fixed assets 85

    Unpresented payments or uncleared funds 86

    Turning Off Your Old System 87

    Accessing historical data 87

    Moving to the new system 87

    Confirming the switchover date 88

    Chapter 4: Fine-tuning Your Set-Up 89

    Tools of the Trade: Understanding the Dashboard 90

    Xero balance versus bank balance 91

    Account Watchlist 92

    Invoices Owed to You 93

    Bills You Need to Pay 93

    Dealing with expense claims 94

    Setting Up Users 94

    Understanding user access levels 94

    Inviting other users to access Xero 95

    Taking Advantage of Live Bank Feeds 99

    Activating live bank feeds 100

    Organising bank accounts on your dashboard 103

    Managing bank feeds 103

    Manually Importing Statements 104

    Bank Rules 105

    Setting up bank rules 105

    Managing bank rules 109

    Using File Storage and the Xero Inbox 109

    Part 2: Daily Activities 113

    Chapter 5: Managing Your Contacts 115

    Setting Up Customers 116

    Setting Up Suppliers 124

    Connecting Your Email Account to Your Contacts 124

    Tweaking Your Contacts after Set-Up 125

    Finding your contacts 125

    Managing your contacts 126

    Grouping your contacts 127

    Merging your contacts 128

    Unpicking accidentally merged contacts 128

    Archiving your outdated contacts 129

    Setting Up Employees 129

    Utilising Smart Lists CRM functionality 132

    Chapter 6: Managing Your Sales 135

    Navigating the Sales Dashboard 136

    Money Coming In 138

    Customers Owing the Most — list 139

    Customers Owing the Most — pie chart 139

    Mastering Basic Invoice Functions 139

    Creating a new sales invoice 140

    Saving, approving and cancelling invoices 144

    Sending an invoice to a customer 146

    Mastering More Advanced Invoice Functions 151

    Designing clear invoices for a positive cash flow 151

    Working with repeating invoices 159

    Invoicing contact groups 161

    Managing credit notes 162

    Creating a new quote 164

    Recording Payments 164

    Receipting against sales invoices 165

    Sending receipts 165

    Recording income for a simple cash business 166

    Making use of batch payments 167

    Removing allocated payments 170

    Taking Advantage of Email Templates 170

    Defining your user email addresses 171

    Creating a new email template 172

    Deleting customised templates 173

    Connecting with contacts via social media 174

    Following Up on Outstanding Debtors 174

    Setting up invoice reminders 175

    Making use of statements 176

    Chapter 7: Managing Your Payables 179

    Navigating the Purchases Dashboard 180

    Managing Your Supplier Bills 183

    Creating a new bill 183

    Approving and cancelling bills 187

    Generating a purchase order 189

    Making Payments 191

    Recording an individual payment 192

    Recording batch payments 193

    Removing allocated payments 196

    Mastering Other Payment Considerations 196

    Printing bills 197

    Working with Repeating Bills 197

    Scheduling payments 199

    Stylising your check 200

    Sending remittance advice 201

    Managing credit notes 202

    Entering Expense Claims 204

    Adding a new expense claim 206

    Making mobile expense claims 207

    Submitting a claim for approval 209

    Reviewing and authorising the claim 210

    Paying the claim 211

    Understanding Xero Expenses Functionality 212

    Defining Xero Expense Settings 214

    Adding a new expense claim in Xero Expenses 215

    Making mobile expense claims in Xero Expenses 216

    Submitting a claim for approval in Xero Expenses 218

    Reviewing and authorising the claim in Xero Expenses 219

    Paying the claim in Xero Expenses 220

    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 244

    Prepayment 244

    Overpayment 244

    Underpayment 245

    Processing prepayments and overpayments 245

    Searching for a transaction 246

    Fixing Errors 247

    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 253

    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 265

    Customising Reports 266

    Customising report layouts 267

    Adding reporting ‘bling’: Summaries and footnotes 275

    Changing views 276

    Understanding Xero’s Different Reporting Options 277

    Draft 277

    Published 278

    Connecting reports 279

    Archived 280

    Exporting Reports 280

    Accessing Management Reports 281

    Chapter 10: Mastering Your Weekly and Monthly Tasks 283

    Confirming Accounts are Complete 284

    Reconciling Bank Accounts, Credit Card and Online Payment Gateway Accounts 285

    Reconciling Your Clearing Accounts 286

    Reconciling Your Consumer Tax Control Account 288

    Reviewing Your Business Information 290

    General Ledger Exceptions report 291

    Invoicing 291

    Aged Receivables 292

    Aged Payables 294

    Reporting to Your Tax Authority 295

    Australian reporting 295

    New Zealand reporting 299

    US reporting 302

    UK reporting 304

    Recording payments to your tax authority 306

    Taking Advantage of Xero’s Budget Functions 307

    Creating a budget 308

    Reviewing and editing your budget 310

    Setting a Period Lock Date 311

    Chapter 11: End of Financial Year Reporting 313

    Getting Ready for the End of the Financial Year 314

    Finding out where you’re at 314

    Being prepared early 315

    Reconciling tax payments for the year 316

    Processing a bad debt 316

    Preparing Accounts for Your Tax Accountant 317

    Helping with Tax Accountant Tasks 321

    Enabling your tax accountant to work directly in Xero 322

    Exporting general ledger transactions 323

    Entering manual journals 324

    Special Considerations 326

    Publishing end-of-year reports 326

    Locking down accounts 327

    Part 4: Getting the Most Out Of Xero 329

    Chapter 12: Monitoring Your Business 331

    Identifying Key Metrics 332

    Using Xero to set realistic targets and strategies 332

    Setting KPIs and rewarding success 333

    Reviewing your business strategy 335

    Generating Useful Information 335

    Taking advantage of management reports 336

    Delving deeper into the Executive Summary report 337

    Assessing your performance 343

    Evaluating your position 343

    Unpicking the details 343

    Customising the Management Report 344

    Unravelling the Business Performance dashboard 346

    Understanding Xero’s Tracking Options 349

    Using Tracking 350

    Working out what your business should track 350

    Setting up Tracking 351

    Editing, deleting and applying Tracking options 352

    Reviewing Tracking reports 353

    Tracking conversion balances 354

    Maintaining Budget Control: Budget Manager 357

    Exploring Xero Projects 358

    Defining Project Settings 359

    Adding a new Project 360

    Adding a Project Task 363

    Adding a Project Expense 364

    Recording a Time Entry 365

    Raising a Deposit Invoice for a Project 366

    Invoicing billable Tasks & Expenses 367

    Raising a Project Invoice 368

    Tracking Project time entries from your mobile device 368

    Project reporting 370

    Chapter 13: Managing Your Inventory Items 371

    Understanding Inventory Items 372

    Periodic and perpetual inventory 372

    Defining inventory accounts 373

    Setting Up a Xero Inventory Item 374

    Creating inventory items 374

    Importing and exporting item details and importing opening balances 377

    Managing Inventory Items 377

    Making use of inventory items reports 377

    Searching for and reviewing inventory items 378

    Editing and deleting inventory items 378

    Adjusting Inventory Balances 380

    Periodic stocktakes 380

    Adjusting untracked inventory values 381

    Adjusting tracked inventory quantities 382

    Adjusting tracked inventory values 383

    Accessing Cloud-Based App Solutions 384

    Chapter 14: Working with Fixed Assets 385

    Recognising Fixed Assets 385

    Entering a fixed asset into the register 386

    Dealing with depreciation 393

    Tax reporting and asset pooling 394

    Selling or removing a fixed asset from the register 395

    Accessing Fixed Asset Reports 398

    Chapter 15: Working with Multi-Currency Transactions 401

    Setting Up Multi-Currency in Xero 402

    Upgrading your Xero plan 402

    Adding currencies to Xero 402

    Processing Multi-Currency Transactions in Xero 404

    Understanding tax rates 404

    Working with foreign currency exchange rates 405

    Creating a foreign currency invoice 405

    Purchasing in a foreign currency 410

    Conversion Balances and Multi-Currency Bank Accounts 412

    Viewing Reports in Foreign Currency 412

    Chapter 16: Exploring the Xero Marketplace 415

    Working with Xero to Xero Networks 416

    Understanding the Benefits and Risks of Cloud App Solutions 417

    Ascertaining implementation costs 418

    Working out if the solution is right for you 418

    Looking at longevity 418

    Checking response times 419

    Understanding intellectual property security 419

    Making Use of Online Cloud Integration Specialists 419

    Getting a Feel for Available Solutions 420

    Connectors 421

    CRMs 422

    Debtor tracking 422

    e-commerce 423

    Bills and expenses 423

    Inventory 423

    Job tracking 424

    Payments 425

    Documents 425

    Payroll 426

    Point of sale 426

    Financial services 426

    Time tracking 427

    Reporting 427

    Looking at Custom Integration 428

    Part 5: The Part of Tens 429

    Chapter 17: Ten (Plus One!) Tips for Long-Term Success with Xero 431

    Embrace the Cloud 432

    Make Use of Networking Technology 432

    Export Data to Create Graphs 432

    Set up Bank Feeds and Reconcile Regularly 433

    Use the Batch Payments Feature 433

    Keep Bank Accounts for Business Use 434

    Embrace Change 434

    Use Tracking to Sharpen Reporting 434

    Take Advantage of Repeating Bills and Invoices 435

    Collaborate with Your Xero Advisory Team 435

    Effectively Tap into Online Storage Features 435

    Chapter 18: Ten Common Mistakes Made in Xero and How to Avoid Them 437

    Not Making Use of Expert Help 437

    Not Understanding Terminology Differences 438

    Messing Up Bank Reconciliation Autosuggestions 439

    Using a Communal User Account 439

    Not Deleting Old User Accounts 439

    Thinking Your Xero Emails Are Stored 440

    Not Realising the Subscriber Owns and Controls the Data 440

    Trying to Make Xero Do What Your Old System Did 441

    Watching Your Bank Feeds Refresh 441

    Paying Full Price If You’re a NFP 441

    Index 443

  • Heather Smith is an accountant specialising in content creation. She hosts the Cloud-Stories podcast, writes for XU Magazine, and develops blog content and training videos for businesses within the Xero community. Heather is a consultant providing guidance on Xero set-up, conversion, training and integration, and she offers accounting support to businesses globally.

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