Xero Tips

Happy New Year + Xero Files!

By | March 27, 2014

With the new financial year literally just around the corner, there are the usual pieces of information that we need as ‘bean counters’ at 31 March for standard balance date businesses. This year end we are encouraging our clients to use Xero Files for uploading these important documents. Files for Xero is another game changer with Xero and again will improve the efficiencies with preparing year end financial statements and tax returns for us at Cloud Accountants and you. We recommend... Read more

Vehicle Split when reconciling transactions in Xero

By | April 23, 2013

You can work out the business use of your vehicle by keeping a logbook for at least 90 consecutive days. After 90 days you can work out the average proportion of business to private use of your vehicle and claim this back for tax purposes. Once you have done a log book for your vehicle usage you will then need to code your motor vehicle transactions accordingly. Let’s say your vehicle split is 80% business and 20% personal which means that 80% will go to motor vehicle expenses and 20% will... Read more

Expense Claim process for Home Office expenses

By | April 16, 2013

Where a business is operated from home there is the ability to claim as a tax deduction the expenses which relate to the proportion of the home used for business purposes. For example, if a bedroom is set aside as an office for your business and the area of this room is 10% of the home, then this proportion of the expenses is a business expense. In this situation 10% of the home office expenses would be deductible for tax purposes. Compile your home office expenses e.g Power, Telephone... Read more

How to add a condition to an existing bank rule

By | April 9, 2013

Once the Bank Rule is set up, you still need to add new places you visit as a ‘condition’ to the existing bank rule you have already set up. Go to Manage Account on your dashboard and click Bank Rules Go into existing bank rule that you want to add a condition to e.g Entertainment Rules Enter in any new places you want to add under the Spend Money rule In the 1st column you will select ‘payee’ and in the 2nd column select ‘contains’ and then in the 3rd column type in the name of... Read more

How to add a Bank Rule in Xero

By | April 2, 2013

If you deal with cash transactions or don’t enter all transactions in Xero before you import bank statements, set up bank rules: a quicker and easier way to reconcile imported bank statements. With bank rules you define the conditions for each rule to match with your imported statement lines. After you import a bank statement and go to reconcile your account, your rules run. Check out the link below for a video that covers Bank Rules. Go to Manage Account on your dashboard and click... Read more

How to reconcile and split entertainment 50/50 in Xero

By | March 26, 2013

The majority of our clients entertain their own clients and they can deduct this as an entertainment expense. But it is not fully deductible and needs to be split 50/50 between ‘entertainment’ and ‘entertainment non-deductible.’ By setting up an entertainment rule, this makes reconciling these transactions easy and fast. Click ‘add details’ on the right of the screen next to the transaction you are wanting to reconcile On the first line under Description type in what it was e.g... Read more

Emma’s tips – Bank Rules

By | May 23, 2012

Thanks for the introduction Justin! I’ve been using Xero for over 4 years now and I’ve learnt some great tips and tricks along the way that I’m looking forward to sharing with you over the coming months.   I’m confident these will help you use Xero more effectively and efficiently plus save you time as well! Bank Rules These are fantastic when set up correctly in Xero and they make reconciling some transactions so much easier and faster!  I’m going to use Entertainment... Read more

Is Xero really that easy to use?

By | May 16, 2012

Our qualified answer is Yes. But any accounting engine is only as good as the information that is going into it. With bank feed transactions being reconciled on a regular basis, accounts receivable and payable being processed and reconciled, GST returns/Payroll being checked and paid throughout the year, Xero (with some add-ons) certainly makes accounting simple and more intuitive. There are some tricks and better habits to get into however. And these will make the end of year preparation... Read more