Setting up Xero
Record movements in system accounts
Record movements in system accounts Accounts receivable, accounts payable and wages payable are system accounts. Xero automatically creates default system accounts for specific reporting or accounting purposes. They will always balance, and equal the ...
Tracking Categories
Tracking Categories Tracking in Xero lets you see how different areas of your business are performing. This means you don’t need individual account codes for different parts of the business (such as departments, cost centers, or locations), keeping ...
Setting up Tax Rates in Xero
You can add your own tax rate if needed. Your tax rates can apply to sales, purchases, or both. In the Accounting menu, select Advanced, then click Tax rates. Click New Tax Rate. Enter a Display Name and add Tax Components. A tax component is a ...
Add a Bank Account
In the Accounting menu, select Bank accounts. Click Add Bank Account. Start typing your bank's name: If the name of your bank doesn't appear in the list, click Add it anyway. This means there are no feeds available for this bank, so you'll need to ...
Import a bank statement in CSV format
Import the file into Xero In the Accounting menu, select Bank accounts. For the bank account you want to import the file into, click Manage Account, then click Import a Statement. Click Browse, select the saved CSV file, then click Open. Click ...
Reconcile your bank account
Your aim is to match statement lines from your bank with account transactions created in Xero. In the Accounting menu, select Bank accounts. For the bank account you want to reconcile, click Reconcile [number] items. Review each statement line ...
What are conversion balances?
Conversion balances form the opening balances of your accounts in Xero. You can enter your conversion balances at any time, but your reporting and bank balances won't be accurate until you have entered them. You can enter your balances one by one, or ...
Entering conversion balances in Xero
Overview of conversion balances - Your reports in Xero won't be accurate until you've entered your account balances. However, you can start using Xero without entering any. You only need to enter balances for accounts that have them. If your business ...
Setting up chart of accounts in Xero via a CSV
All the chart of accounts can be created in Xero using a single CSV file. A CSV file available here is used to create all the chart of accounts in Xero in one go. Please find all the steps of setting up below - Download the template CSV here. Open ...
Locked & System Account - Xero
Locked and System accounts in Xero chart of accounts Locked accounts You can edit a locked account, but you can't delete or archive the account. You can identify locked accounts by the padlock icon next to the account code. If you hover over the ...