Best Practices for using Xero

We have lots of clients who do their own bookkeeping in Xero.  Here are our Best Practices for managing your own bookkeeping: Keep your personal transactions out of the business bank account.  If you need to spend on something personal transfer funds to your personal...
Follow-up flags in Xero

Follow-up flags in Xero

Xero does not have any tagging or flagging system that would allow you to identify a transaction that has been coded but still needs some follow-up action or investigation.  However, you can simulate this using Tracking Categories. Xero provide two Tracking...
Prepayments and Overpayments in Xero

Prepayments and Overpayments in Xero

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...
Creating Buyer Created Tax Invoices in Xero

Creating Buyer Created Tax Invoices in Xero

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...
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