Xero For Dummies

Chapter 7

Managing Your Payables

In This Chapter

Navigating the Purchases dashboard

Reviewing Accounts Payable

Creating Supplier Bills

Recording and scheduling payments

Processing expense claims

I work with a client who leads an active and generous life. While she often posts funny photos of herself on Facebook, showing her enjoying her next crazy adventure, she has always worked hard — really hard! She sent her kids to private school, owned a lovely house and led an enviable life — and then, in a matter of a few months, lost everything. What happened? It sounds very simple, but she lost track of the bills. She overlooked paying suppliers, and soon unpaid suppliers stopped providing stock — and she was no longer able to run her business.

Inspirationally, the story has a great ending. She refocused her energies on understanding her numbers, took over the bookkeeping, and embraced her business reports. Over time, she repaid her debts — all of them — and slowly rebuilt her business. ...