Learn Xero Accounting and Payroll eBook | Self-study book with expert tips | Updated 2024

Book excerpt: Unlock the full potential of your business with "Learn Xero Accounting" Whether you're a small business owner, accountant, or finance professional, this eBook is your essential resource for mastering Xero, the leading cloud-based accounting software. Dive into step-by-step guidance and expert insights that will take you from Xero novice to pro. Learn how to set up your accounts, manage invoices, track expenses, and generate insightful financial reports with ease. This guide is packed with practical tips, real-world examples, and best practices to help you streamline your accounting processes and make informed financial decisions. Contents Preface 4 Settings 6 Dashboard 6 Chart of Accounts 18 Conversion balances 23 Manual journals on Xero 24 Financial Settings 25 Fixed assets and settings 28 Tracking Categories 30 Contact 31 Sales transactions 34 Sales 34 Sales quotes 41 Repeating invoice 44 Credit notes for sales 46 Send invoice reminders and statements 48 Purchase transactions 49 Purchase orders 49 Bills 51 Repeating Bills 53 Purchase credit 55 Product and Services 57 What is it? LIFO vs. FIFO 57 Difference between tracked and not tracked inventory items 57 Expense Claims 60 Fixed Assets 63 Depreciation 65 Bank accounts and a reconciliation process 69 Business Bank accounts 69 Bank transactions 71 Petty Cash 72 Transfers 73 Matching transactions 74 Posting items directly 77 Cash coding 78 Reporting 80 Projects 85 Payroll 89