by Peter McCarroll | Jul 29, 2015 | Uncategorized
One of the allures of cloud accounting is that it makes keeping your accounting records more accessible. Entering payables, managing receivables, and reconciling your bank account are now effortless. It does make you wonder whether you even need an accountant or...
by Peter McCarroll | Apr 15, 2015 | Uncategorized
A “Buyer Created Tax Invoice” (sometimes referred to in other countries as a “Recipient Created Tax Invoice” or “RCTI”) is an invoice for sales tax purposes that is created by the purchaser of the goods rather than the seller of the goods. This is common in many...
by Peter McCarroll | Apr 15, 2015 | Uncategorized
Xero has a “secret” transaction type (two – in fact) that many users aren’t aware of, and those that do often mis-use. It’s called “Prepayment” and “Overpayment”. These transaction types are actually variations of the standard Spend/Receive Money bank transaction but...
by Peter McCarroll | Mar 1, 2015 | Uncategorized
IMPORTANT: This post is specific to Canada. If you are not a Canada business/taxpayer then it is probably not applicable to you. Xero just released a Canada-only update today!! They have enabled the cheque-writing tool (previously only in the US edition) for Canadian...
by Peter McCarroll | Feb 26, 2015 | Uncategorized
Use Taxes are often reverse Sales Tax that businesses self-assess. This is common in US States and Canadian Provinces with PST (BC, SK & MB) which require businesses to self-assess Use Tax on out-of-state/province purchases. Xero goes a great job of managing Sales...
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