Please be sure to close all activity windows before closing or navigating away from this page.

From the Chart of accounts page, click on the account that you wish to edit. Then, update receipts and bills the information as needed, and click the Save button to apply the changes. To view your chart of accounts, click on the Accounting drop-down menu at the top of the screen and then select Chart of accounts. You selected the base currency during the subscription stage, where you provided key information about your business as part of the onboarding process.

The payroll overview is a comprehensive guide to take you through each step of the setup. The first step to learning how Xero works is to watch the ‘Xero Dashboard’ video, which can be found in the top left corner of your Xero dashboard. Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you. Click on the Contacts menu at the top of the screen, and then select All contacts, as shown below. Simply click Currencies on the Organization settings page, and then click the Add Currency button, as highlighted below.

Using Xero’s wide range of apps and add ons is a great way to streamline repetitive processes and save yourself some time. If you are transferring payroll from another system in the middle of the financial year – don’t forget to add the opening balances. You should reconcile weekly, if not daily, to ensure that your accounts are as accurate as possible. If you have a limited company, ensure that you have a registration number and registered office address.

Set up your chart of accounts

1. Complete these lessons to record business transactions and maintain your financial data regularly.
2. Click on the Contacts menu at the top of the screen, and then select All contacts, as shown below.
3. Click on the Organization details section to add or edit your basic company information, such as the company display name, organization type, and industry.
4. Click Next, review the information you’re importing, and then click Complete Import.
5. If you are transferring payroll from another system in the middle of the financial year – don’t forget to add the opening balances.

Then, click on the blue Invite a user button in the upper right checkeeper corner of the screen, as shown below. Once done, click on the blue Save button in the lower right corner of the screen (not shown in the image above). Here are 13 steps to get you started using Xero to get a better handle on your finances. This page is used by your activity to communicate with the learning platform.

Complete advanced settings

Float is one of the highest-rated Xero apps available on the marketplace. It is an award-winning cash flow forecasting tool that creates accurate and visual reports for you, and your business. Float pulls through the bills and invoices from your accounting software, using them to populate your forecast on a rolling-basis. Float’s integration with Xero means no more manual data entry, and an always up-to-date and accurate forecast. Our next guide is on how to manage customers and send invoices in Xero, which will cover how to adjust settings for your customers and preferences for sending invoices.

Why Do Small Businesses Use Float?

For general company settings, let’s focus on the first three options, starting with organization details. Finally, if you work with one, ask your accountant to check your set up. They may need to add year-end conversion balances and can ensure that your year-to-date figures are as expected.

Why Is Cash Flow Important To A Small Business?

With what is amazon prime and is it worth the cost a larger variety of payment options, it is easier for customers to pay you. Another benefit of regular reconciliation is that you’ll be able to use Xero add-on apps much more easily, as your data will be up-to-date. Just a few minutes a week spent approving pre-matched items ensures your data is up to date. As Xero is connected to your bank, transactions are pulled through automatically.