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Xero For Dummies, 3rd Edition

Book Description

Take your books to the cloud with the ultimate guide to Xero

Xero For Dummies is your one-stop resource for working with this revolutionary accounting software. Whether you're brand new to Xero or converting from another program, you'll get up and running in a flash; if you're already using Xero, this book will show you how to take advantage of the software's full functionality. Easy to use and deceptively powerful, Xero is so much more than a spreadsheet &ndash it can help you streamline reporting; manage inventory; simplify accounts; and organise suppliers, customers and more. Automatic imports, intuitive coding and seamless synching across multiple business platforms gets the paperwork done quickly so you can get back to running your business. This new third edition includes coverage of the newest features, including updates on payroll, purchase orders, reporting and inventory so you can optimise your system to help your business thrive.

Xero's cloud-based single-ledger accounting system is user-friendly and efficient, but expert guidance will help you get the absolute most out of the software's features and functionality. This book shows you every nook and cranny, with screenshots and best practices, so you can let Xero handle the books while you focus on running your business.

  • Fine-tune your set-up, or convert from another accounting program
  • Manage daily activities with contacts, accounts, sales and payables
  • Master weekly and monthly reporting routines
  • Track inventory, monitor your business and get the most out of Xero

You didn't start your business in order to become an accountant, but bookkeeping is critically important to the short- and long-term health of your company. Xero simplifies the process and saves you time, and Xero For Dummies helps you leverage every feature Xero has to offer.

In addition to the book, visit www.dummies.com/go/xerofd3e for an online-only appendix you can download for free, which gives you all the info you need to master your payrun. 

Table of Contents

    1. Cover
    2. Introduction
      1. About This Book
      2. Foolish Assumptions
      3. Icons Used in This Book
      4. Beyond the Book
      5. Where to Go from Here
    3. Part 1: Getting Started with Xero
      1. Chapter 1: Getting to Know Xero
        1. Understanding the Advantages of Xero
        2. Exploring Xero’s Different Editions
        3. Homepage: Checking Out the Dashboard
        4. Understanding Your Team’s Needs
        5. Integrating Xero into Your Strategic Planning
        6. Taking Advantage of Support Options
        7. Using Xero in a Training Environment
      2. Chapter 2: Getting Organised: Setting Up Xero from Scratch
        1. Preparing for Set-Up
        2. Signing Up for Xero
        3. Understanding Bookkeeping Basics
        4. Setting Up Your Chart of Accounts
        5. Putting Your Accounts into Practice
        6. Adding Ways to Get Paid
        7. Tax Rates
      3. Chapter 3: Converting to Xero from Another System
        1. Preparing to Import Data from a Non-Accounting Program
        2. Getting Ready to Convert from an Accounting Program
        3. Importing Data into Xero
        4. Turning Off Your Old System
      4. Chapter 4: Fine-tuning Your Set-Up
        1. Tools of the Trade: Understanding the Dashboard
        2. Setting Up Users
        3. Taking Advantage of Live Bank Feeds
        4. Manually Importing Statements
        5. Bank Rules
        6. Using File Storage and the Xero Inbox
    4. Part 2: Daily Activities
      1. Chapter 5: Managing Your Contacts
        1. Setting Up Customers
        2. Setting Up Suppliers
        3. Connecting Your Email Account to Your Contacts
        4. Tweaking Your Contacts after Set-Up
        5. Setting Up Employees
        6. Utilising Smart Lists CRM functionality
      2. Chapter 6: Managing Your Sales
        1. Navigating the Sales Dashboard
        2. Mastering Basic Invoice Functions
        3. Mastering More Advanced Invoice Functions
        4. Recording Payments
        5. Taking Advantage of Email Templates
        6. Following Up on Outstanding Debtors
      3. Chapter 7: Managing Your Payables
        1. Navigating the Purchases Dashboard
        2. Managing Your Supplier Bills
        3. Making Payments
        4. Mastering Other Payment Considerations
        5. Entering Expense Claims
      4. Chapter 8: Reconciling Your Bank Accounts
        1. Preparing to Reconcile
        2. Automagically Reconciling Accounts
        3. Tweaking Transactions to Reconcile
        4. Taking Advantage of Cash Coding
        5. Viewing Bank Statements
        6. Viewing Account Transactions
        7. Using the Spend Money and Receive Money Options
        8. Fixing Errors
        9. What Happens in Life Happens in Xero
    5. Part 3: Making the Routine, Routine
      1. Chapter 9: Generating Reports
        1. Understanding the Reports Available in Xero
        2. Customising Reports
        3. Understanding Xero’s Different Reporting Options
        4. Exporting Reports
        5. Accessing Management Reports
      2. Chapter 10: Mastering Your Weekly and Monthly Tasks
        1. Confirming Accounts are Complete
        2. Reconciling Bank Accounts, Credit Card and Online Payment Gateway Accounts
        3. Reconciling Your Clearing Accounts
        4. Reconciling Your Consumer Tax Control Account
        5. Reviewing Your Business Information
        6. Reporting to Your Tax Authority
        7. Taking Advantage of Xero’s Budget Functions
        8. Setting a Period Lock Date
      3. Chapter 11: End of Financial Year Reporting
        1. Getting Ready for the End of the Financial Year
        2. Preparing Accounts for Your Tax Accountant
        3. Helping with Tax Accountant Tasks
        4. Special Considerations
    6. Part 4: Getting the Most Out of Xero
      1. Chapter 12: Monitoring Your Business
        1. Identifying Key Metrics
        2. Generating Useful Information
        3. Understanding Xero’s Tracking Options
        4. Maintaining Budget Control: Budget Manager
      2. Chapter 13: Managing Your Inventory Items
        1. Understanding Inventory Items
        2. Setting Up a Xero Inventory Item
        3. Managing Inventory Items
        4. Adjusting Inventory Balances
        5. Accessing Add-On Solutions
      3. Chapter 14: Working with Fixed Assets
        1. Recognising Fixed Assets
        2. Accessing Fixed Asset Reports
      4. Chapter 15: Working with Multi-Currency Transactions
        1. Setting Up Multi-Currency in Xero
        2. Processing Multi-Currency Transactions in Xero
        3. Conversion Balances and Multi-Currency Bank Accounts
        4. Viewing Reports in Foreign Currency
      5. Chapter 16: Xero Online Network
        1. Working with Xero to Xero Networks
        2. Understanding the Benefits and Risks of Add-On Solutions
        3. Making Use of Online Cloud Integration Specialists
        4. Getting a Feel for Available Solutions
        5. Looking at Custom Integration
    7. Part 5: The Part of Tens
      1. Chapter 17: Ten (Plus One!) Tips for Long-Term Success with Xero
        1. Embrace the Cloud
        2. Make Use of Networking Technology
        3. Export Data to Create Graphs
        4. Set up Bank Feeds and Reconcile Regularly
        5. Use the Batch Payments Feature
        6. Keep Bank Accounts for Business Use
        7. Embrace Change
        8. Use Tracking to Sharpen Reporting
        9. Take Advantage of Repeating Bills and Invoices
        10. Collaborate with Your Xero Advisory Team
        11. Effectively Tap into Online Storage Features
      2. Chapter 18: Ten Common Mistakes Made in Xero and How to Avoid Them
        1. Not Making Use of Expert Help
        2. Not Understanding Terminology Differences
        3. Messing Up Bank Reconciliation Autosuggestions
        4. Using a Communal User Account
        5. Not Deleting Old User Accounts
        6. Thinking Your Xero Emails Are Stored
        7. Not Realising the Subscriber Owns and Controls the Data
        8. Trying to Make Xero Do What Your Old System Did
        9. Watching Your Bank Feeds Refresh
        10. Paying Full Price If You’re a NFP
    8. About the Author
    9. Connect with Dummies
    10. End User License Agreement