Now that you’re comfortable with setting up in Xero, creating transactions (invoicing and billing) all the way to reconciling your transactions with your bank in and out flows, it’s time to move on from the basics to learning how to use Xero to oversee the performance of a business, get into a routine and do more complicated accounting things.
In this intermediate guide, you’ll soon be on your way to:
- Setting up and tracking inventory (inventory are the things you hold and sell e.g. if you’re a lolly shop, stock would be the lollies)
- Fixed assets from creating them all the way to disposal.
- How to account for multiple/many different currencies in Xero
- Getting into a routine with a to do list weekly and monthly tasks
- Learning how to do your BAS in Xero
- Monitoring your business with various reports available to you in Xero
- Organising the end of year activities like budgeting and reports.
Accounting for employees e.g. putting them in the system, payment to employees etc… will be dealt with in the Guide to Doing Your Payroll in Xero.
Click on one of the links below now to get started…
Part 2 - Managing Inventory
Part 3 - Managing Fixed Assets
Part 4 - Accounting for Multiple Currencies
Part 5 - Weekly and Monthly Routine Tasks
Part 6 - Doing Your BAS in Xero
Part 7 - Reports in Xero
Part 8 - End of year reports & budgeting