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Learn About Xero
Великобритания
Добавлен 31 дек 2022
Learn how to use Xero and pick up valuable tips and tricks.
Whatever your role, I help you LEARN, GROW, and MASTER the skills you need.
I worked as an accountant for many years before joining Xero, where I enjoyed an incredible 11 years in the New Zealand, Singapore, and Global Education teams. I've run hundreds of live in-person workshops, webinars, presented at Xerocon (Xero's showpiece conference for accountants and bookkeepers), Xero Roadshows and other industry events.
I love Xero and want to help you get the most from it!
🌟 Visit my Buy Me a Coffee page (link below ⬇️ )to:
👉 Download your FREE keyboard shortcuts PDF guide - I'll add more valuable resources over time to help you master Xero.
👉 Book a tailored 1-on-1 Xero session with me 🧑💻 - the perfect way to learn exactly what you need.
👉 Support my work by buying me a coffee (if you’re feeling generous!) ☕
Thank you!
Whatever your role, I help you LEARN, GROW, and MASTER the skills you need.
I worked as an accountant for many years before joining Xero, where I enjoyed an incredible 11 years in the New Zealand, Singapore, and Global Education teams. I've run hundreds of live in-person workshops, webinars, presented at Xerocon (Xero's showpiece conference for accountants and bookkeepers), Xero Roadshows and other industry events.
I love Xero and want to help you get the most from it!
🌟 Visit my Buy Me a Coffee page (link below ⬇️ )to:
👉 Download your FREE keyboard shortcuts PDF guide - I'll add more valuable resources over time to help you master Xero.
👉 Book a tailored 1-on-1 Xero session with me 🧑💻 - the perfect way to learn exactly what you need.
👉 Support my work by buying me a coffee (if you’re feeling generous!) ☕
Thank you!
Create a BATCH DEPOSIT in Xero to pay and reconcile MULTIPLE invoices
Reconcile a receipt on your bank statement to multiple invoices (either from a single customer or multiple customers).
Create a batch deposit in Xero to mark multiple sales invoices as paid. In the Xero bank reconciliation, reconcile the receipt on your bank statement to the batch deposit in Xero.
Send payment receipts to you customers to confirm you've received payment.
🔴 Subscribe to my channel for more Xero tips 👉 www.youtube.com/@xeroguru?sub_confirmation=1
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🕔 Timestamps 🕔
0:00 Faster reconciliation
0:44 Create a batch deposit
3:08 Se...
Create a batch deposit in Xero to mark multiple sales invoices as paid. In the Xero bank reconciliation, reconcile the receipt on your bank statement to the batch deposit in Xero.
Send payment receipts to you customers to confirm you've received payment.
🔴 Subscribe to my channel for more Xero tips 👉 www.youtube.com/@xeroguru?sub_confirmation=1
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🕔 Timestamps 🕔
0:00 Faster reconciliation
0:44 Create a batch deposit
3:08 Se...
Просмотров: 852
Видео
Create & send quotes in Xero: a step-by-step guide
Просмотров 5506 месяцев назад
Create quotes in Xero to help you win new business and get more customers. Add documents to your quotes to give potential customers more information about your products and services. Use online quotes to make it easier and quicker for your customers to accept your quotes. 🔴 Subscribe to my channel for more Xero tips 👉 www.youtube.com/@xeroguru?sub_confirmation=1 🕔 Timestamps 🕔 0:00 Use quotes t...
Turn a quote into an invoice in Xero
Просмотров 4747 месяцев назад
Once your customer has accepted your quote, it’s time to do the work and then invoice for it. Instead of creating the invoice from scratch, create a sales invoice in Xero directly from the quote. This saves you time entering the information from your quote on to your invoice, and ensures your invoice has the correct information. Download the FREE 4-page guide on Shortcuts in Xero ⬇️ www.buymeac...
Set defaults for faster quotes in Xero
Просмотров 2717 месяцев назад
Create quotes to potential customers even faster by setting up some defaults. Set a default expiry date and standard terms to save time when creating quotes in Xero. 🔴 Subscribe to my channel for more Xero tips 👉 www.youtube.com/@xeroguru?sub_confirmation=1 ▶️ Related videos: ruclips.net/video/0xBEmvWjgVQ/видео.html Full invoice and quotes playlist 👉ruclips.net/p/PLTb7-7SMOSPne33gdQnFUDo5czEd56...
Create and send invoices in Xero
Просмотров 8757 месяцев назад
Learn how to create an invoice in Xero. In this video I show you the basics, so you can create your first invoice and get paid! 🔴 Subscribe to my channel for more Xero tips 👉 www.youtube.com/@xeroguru?sub_confirmation=1 ▶️ Related videos: 👉 ruclips.net/video/aNZCDRnN6I4/видео.htmlsi=kZua5dOt5oQhBUPM 👉 ruclips.net/video/0xBEmvWjgVQ/видео.htmlsi=Qu51_2M9mbhmmYpu Full Invoicing & Quoting playlist ...
Set defaults to speed up invoicing in Xero
Просмотров 6817 месяцев назад
Learn how to create an invoice in Xero. In this video I show you the basics, so you can create your first invoice and get paid! 🔴 Subscribe to my channel for more Xero tips 👉 www.youtube.com/@xeroguru?sub_confirmation=1 ▶️ Related videos: Set up invoice reminders 👉 ruclips.net/video/HTo9N8j5eJw/видео.htmlsi=NEhrKP305nZKgZmO New invoicing vs Classic invoicing 👉 ruclips.net/video/aNZCDRnN6I4/виде...
New invoicing vs classic invoicing in Xero: what you need to know
Просмотров 1,7 тыс.7 месяцев назад
Xero has two ways to invoice: new invoicing and classic invoicing. In this video I’ll go through the main differences so you can decide which is most suitable for your needs. 🔴 Subscribe to my channel for more Xero tips 👉 www.youtube.com/@xeroguru?sub_confirmation=1 🕔 Timestamps 🕔 00:00 Intro 00:13 Summary of main differences (classic vs new) 00:43 Autosave 01:55 Customise invoice fields 03:29 ...
Depreciation in Xero: A complete guide for beginners
Просмотров 1,3 тыс.8 месяцев назад
Depreciation in Xero: A complete guide for beginners
Add a missing bank statement line in Xero
Просмотров 1,2 тыс.8 месяцев назад
Add a missing bank statement line in Xero
Delete transactions and payments in bulk
Просмотров 5658 месяцев назад
Delete transactions and payments in bulk
Edit a transaction: from expense to fixed asset
Просмотров 5428 месяцев назад
Edit a transaction: from expense to fixed asset
Edit a Xero transaction to change the account
Просмотров 3279 месяцев назад
Edit a Xero transaction to change the account
Manage Petty Cash in Xero - Part 2
Просмотров 1,3 тыс.9 месяцев назад
Manage Petty Cash in Xero - Part 2
Manage Petty Cash in Xero - Part 1
Просмотров 3,7 тыс.9 месяцев назад
Manage Petty Cash in Xero - Part 1
Credit Notes in Xero: Full tutorial for Beginners
Просмотров 2,3 тыс.10 месяцев назад
Credit Notes in Xero: Full tutorial for Beginners
Create Custom Report Packs in Xero
Просмотров 1,1 тыс.11 месяцев назад
Create Custom Report Packs in Xero
Avoid late payments: How to set up invoice reminders in Xero
Просмотров 62311 месяцев назад
Avoid late payments: How to set up invoice reminders in Xero
Xero Bank Rec - Beginner Tutorial
Просмотров 19 тыс.11 месяцев назад
Xero Bank Rec - Beginner Tutorial
Manually import your bank statements into Xero (Step-by-Step Tutorial for beginners)
Просмотров 4,3 тыс.Год назад
Manually import your bank statements into Xero (Step-by-Step Tutorial for beginners)
Use Xero in ANY language - a step by step tutorial
Просмотров 401Год назад
Use Xero in ANY language - a step by step tutorial
Enter your opening bank balance in Xero
Просмотров 4,3 тыс.Год назад
Enter your opening bank balance in Xero
Add a bank rule with multiple contacts in Xero
Просмотров 582Год назад
Add a bank rule with multiple contacts in Xero
5 WAYS to customise the ACCOUNT TRANSACTIONS report in XERO
Просмотров 500Год назад
5 WAYS to customise the ACCOUNT TRANSACTIONS report in XERO
great bank recon video! I learned so much in just minutes. Thank you so much! subscribed for more!!
Fantastic!!!
you made it look so easy thanks heaps
It’s easy when you know how! 😀
Hi, I just wanted to say how I really appreciate your videos; they have helped me tremendously - THANK YOU!
That’s wonderful to hear! Thank you for the lovely comment!
Thank you for this video, so helpful
Very happy to hear that!!!! Thanks for commenting.
what happens if you only do a part payment on an invoice ?
If you’ve recorded a prepayment (because you’ve received money from a customer in advance), then when you raise a sales invoice to that customer, you can apply the prepayment to the invoice. Watch this video to see how 👇 Apply a Prepayment to an Invoice in Xero ruclips.net/video/g4-AlrJ968I/видео.html
Or do you mean you’ve received (or paid) only part of an invoice? In that case, take a look at this one 👇 Enter a part payment in Xero's bank reconciliation ruclips.net/video/HOg_6ACoCV4/видео.html
@@xeroguru sorry what i meant was i made a payment on account to a supplier, say for instance I get an annual invoice and I pay it by 12 monthly instalments ?
Let’s say there’s a bill for insurance for the next 12 months for £12,000. You record enter the bill in Xero and code it to Insurance. Then you create a journal: Dr Prepayments £12,000 Cr insurance £12,000 Every month you post a journal (to release the prepayment): Dr Insurance £1,000 Cr Prepayments £1,000 The result will be a charge (expense) in the Profit and loss every month. Here’s a link to a short on how to do a repeating journal (so Xero does the monthly journal for you automatically)
Repeating journals in Xero #shorts ruclips.net/user/shortsHZWFY2pFnUU?feature=share
Hi there, how come you aren't attaching any receipts? Thanks
That’s a good observation. Always a good idea to attach receipts. (The reason I didn’t was to keep the video moving and not feel too repetitive!)
Great tutorial!
Thank you!
The prepayment and overpayment thing in xero is ridiculous. Rather give me a global option to use a 'balance forward'. If I enter amount over expected, leave it as credit on account, if no invoice leave it as credit on account. Really this pre/overpayment is total BS.
That would make a good product idea! You can request feature developments (and vote on them) here: productideas.xero.com/
This feels like a lie, tried it ( didn't work) unless you say i was doing the wrong thing
your method seems okay in theory but i think it doesn't work for all industries.
lets say hospitality for example, can it work for that or am I overreaching?
If you’ve received money in advance of raising a sales invoice (and doing the work), the method is the same irrespective of the industry.
@elijahmwale5442 industry doesn’t affect this. The accounting principle is the same.
Hi, thats great but there are only limited social platforms you can link - I don't see RUclips or Instagram or am I missing something? Thanks for the video
You’re right. It’s a bit limited at the moment. That feature was built quite a few years ago. Expanding this functionality would be a good feature request. Xero have a “Product Ideas” page where you can submit ideas and vote on them: productideas.xero.com/ You’ll need to log in before you can submit an idea.
Hi, I have a question, why is my statement balance and balance in xero is both negative? Btw, I'm a newbie. Thank you.
A negative balance indicates that your account is overdrawn. If this looks incorrect, you need to investigate. The first thing to check is your opening balance - have you entered the correct opening balance in the correct balances screen?
Take a look at this video for a bit more help on opening balances: Enter your opening bank balance in Xero ruclips.net/video/6WshKD3uUx0/видео.html
I can’t find the prepayment option in spend or received as
That sounds odd. I presume you’re doing this from the bank reconciliation screen and clicking on “Add details”, as shown in the video? If you don’t see the 3 following options: - Direct Payment - Prepayment - Overpayment then I recommend you contact Xero Support and provide them with a screenshot so they can know investigate.
@@xeroguru Actually, I do it from spend or receive as. but there is no those three option. I have screenshot and sent to xero supporting already. I'm waiting for their update information too. Thanks fo your advise. 🙂🙂
thanks for explaination nice and clear to understand.
Thanks for your comment!! Happy to hear that!
It isnt a choice if you cant stay on classic invoicing. We have all been forced to switch to the new ivoicing on the 2nd of September 2024. I would not recomend Xero to anyone, even if I dont like them. Good effort on the video.
Thanks. Yes, Xero made that announcement after I’d released the video. So after that date everyone will use new invoicing. It was clear that Xero wouldn’t maintain 2 different platforms for invoicing (or any other function) for long. Personally I like new invoicing but I understand why many don’t want to change if they’ve used classic invoicing for so long. I see that Xero has released several new features to new invoicing and continue to do so before September, so it will only get better.
@@xeroguru Thanks for the reply, and i understand that it is important to evolve the program and give it more functionalities. This can all be done in the background. Have you ever heard of windows 8? Wasnt that rubbish. Do you know why? MS decided to change things around. I have Windows 11 now, and my start button is on the bottom left, like on windows 95. Do you know why, because it works, and I am used to that. Xero is forcing changes on its users, and its users have no choice. Xero is imposing its will on unwilling users... Sounds a bit rapey... Not upset at you, but upset at Xero. Would be good if many voices around the world could somehow influence Xero's stubbern stance, and listen to its users.
@massimilianocacciamani7736 I understand. There are some vocal user groups on Facebook that communicate with Xero, and I know Xero has responded to some concerns. Have you joined any of the Facebook discussion groups?
@@xeroguru the only "social network" i use is youtube. 😊
Hi, thank you for this very helpful video. Do you have a video tutorial for the deposit in transit and how to reconcile it>
Thanks for the comment. A deposit in transit (or uncleared funds) is an item I hat shows separately on the bank reconciliation report. If you’ve entered the deposit in Xero, that’s fine, you don’t need to do anything else until it shows on the bank statement. Then you can reconcile it. But if you want to mark any receipts or payments as reconciled manually, you can do this. My videos on the Petty Cash include a section on manually reconciling transactions
Here’s a link that might be helpful: ruclips.net/video/gNtPy3y23rU/видео.html&si=054T7cD0ykJVdeiF
@@xeroguru thank for this, I'll watch it. 🙏
@@xeroguru I have balance out in my reconciliation summary - and it was the deposit in transit. I'm not quite sure how to manage it because the ending balance is not the same.
Finally - someone could explain this !! thx
HOW DO YOU CONVERT PDF BANK STATEMENT INTO CSV?
If you can get statements from your bank in a QIF or CSV format, it’s ideal. If you’re bank isn’t able to provide that, I’d recommend you try one of the many PDF to Excel (or CSV) tools available online. It may be worth checking with Xero Support - depending on your country they may be able to recommend something specific.
Hi, can i get in touch with you. I have some specific questions. Thank you
I’d recommend contacting Xero Support as they have a huge team and will be able to provide you with an answer quickly. But feel feee to let me know what you’re looking for and I can try to help.
Absolutely best video
So kind of you to say! Thanks 🙏🏻
Thank You !!
You’re welcome. I hope it helped! 😊
Thank you SO much. Really useful and easy to understand. 😊
That’s great to hear. Thank you!
First of all, thank you for the great videos-excellent work! I would like to ask for guidance on the following: Do you have a detailed video or can you refer one that covers the customization of annual accounts in detail? Specifically, I am looking for guidance on: -Bringing the correct balance from the trading statement to the P&L, as I encounter issues with the correct GP value when adding additional accounts to the cost of sales. -Customizing the Income Statement in accordance with accounting standards. -Adjusting balance sheet items. -Customizing notes to the financial statements. Any help with a comprehensive resource on these topics would be greatly appreciated.
Thanks for your comments. That’s a great question too! If you are a Xero accounting or bookkeeping partner you will have access to Xero HQ The which has report templates - this is perfect for creating financial statements. However, this is not available to small businesses who mostly just need everyday bookkeeping and reports. But if you don’t have a partner account, you can create a custom report pack with P&L, B/S, and a blank report which you can customise to include notes to the accounts. This will require a lot of work, but you can save it to re-use. You’d have to ensure that it complies with the standards you need. Are you familiar with report packs? I have a video which shows you how to add/remove reports to a new pack - but not the sort of detail you’re looking for.
Create Custom Report Packs in Xero ruclips.net/video/4xut3oGOh6w/видео.html
Record minutes of meetings in Xero #shorts ruclips.net/user/shortsZG41PtG0yUs?feature=share
@@xeroguru Thank you so much for replying. Yes, I have a partner account with access to adviser reports, including company annual accounts, trust accounts, etc. However, I am struggling with bringing the correct figures to the appropriate areas of the financial statements (company account reports in adviser reports). For example, when I tried to add an additional account to the cost of sales group, the correct GP figure does not flow to the P&L account, which starts from GP. This issue likely arises because I am not an expert user of the financial statements/reports area. These areas are also not covered in the Xero Adviser Certification course. That is why I requested assistance. If you could refer me to or provide your own similar videos/courses that could help in these areas, I would greatly appreciate it.
@MrYtlog I won’t be making new videos for a little while, but that’s a great idea. If you’ve manually added an account to the COS group on one report, that account may not be in the right position on other reports that you’ve created, so you may need to adjust the other reports (think of them as “standalone reports”) There are a couple of courses on Xero Central (not sure if you’ve tried them all): - Set up and use report templates - the Power of reporting with Xero (webinar).
Looks horrid. Why can't there be an accounting software that actually has a descent budgeting system built in. YNAB has done it best and since then no business software can replicate the budgeting capabilities. Don't know why. I'm assuming after accounting, budgeting just isn't a priority for them. I've used Xero. And while it's more user friendly, the budgeting, I could probably do a better job on just Excel.
Agree that it’s due for an overhaul. Hopefully Xero will give budgeting some love soon.
Can I make a report that shows Month Actuals, YTD Actuals and Annual Budget
Absolutely! Open the P&L report: - choose the date range (eg this month) - click “Compare with” and select the number of months you want - click “Update” - click “More” and select “Year to date” - click “Update” You now have a month by month report with a YTD column Click “Edit layout” to open the layout and editor. - click “Columns” at the top and select “Budget”. This adds a budget column for the current month. - click the budget header to open the panel on the right. - change “Date range” to “Year to date” or “Financial Year” (depending on what you want to see - click “Update layout” Now you have a month by month P&L, with YTD actuals, and an annual budget. Don’t forget to save this as a custom report to you can run it again!
very happy to have watched this as I'd assumed we couldn't toggle invoice reminders off for certain clients/invoices. Thanks so much!
Thanks for letting me know this has helped!
Thank you. This was helpful, clear and concise.
Thank you so much for taking the time to comment. I appreciate it! 😊
Thank you. Easy to digest 😊😊
Thanks for your feedback. Great to know the video helps!
Hi Jon... your videos are really helpful. Just want to ask that what if you don't attach invoices to some inflows and just post the who, what and why instead of attaching or creating an invoice for those inflows
Hi there! Thanks for your comment. It’s ok if you don’t attach invoices. But depending on the country you’re in, your tax authorities may require you to retain copies of receipts and bills for x number of years. Attaching them in Xero, means they’re are easy for your accountant (or anyone else to find) if they want to check the transaction. But it’s optional.
@@xeroguru Thank you for your response. It is very much appreciated
You’re welcome 😀
Lovely and professionally explained! Thanks a lot
Thank you for your kind comment!
Thank you so much, you help me a lot with my assessment
Fantastic!
Hi, if I record the purchase of inventory on credit which mean I have to record bill. In this case the account is COGS or inventory? Do I have to add credit note too? Thank you sir
It depends on how you’ve set things up in Xero. If you’re using tracked inventory items, then simply create a bill as normal, using that inventory item. There’s no need for a credit note in this example.
If I want to add an account which is accumulated depreciation, what type of account it is? As on xero there is not an account called contra asset. Thank you so much
For accumulated depreciation accounts, you’d add a Fixed Asset account in your chart of accounts. (the account type is Fixed Assets) Correct, there’s no “contra” account type in Xero.
@@xeroguru Thank you so much sir. Your channel is so helpful
@DuongLe-lr7ro you’re welcome!
I cant fin the cash coding tab in my xero?
Hi there! Cash coding is a permission, so not everyone will see it. (It’s quite common for many users to have access to the main bank reconciliation screen, but not cash coding) Cash coding is a very quick way to code and reconcile cash transactions in bulk, but it can also be a way to make lots of mistakes quickly! For that reason, you should only have access to this feature if you’re comfortable with bank reconciliation. I recommend having a chat with the person who sets your permissions and discuss if cash coding is a suitable tool for you. They can give you access via Settings>User Roles
❤❤ 🇵🇰 🇵🇰 🇵🇰
Great tutorial
Thank you 🙏🏻 😀
@learnaboutxero Very helpful tutorial. I have a question on csv uploads. In your example you introduced cash via A/C 881. I want to deduct cash from daily cash sales (retail) before lodging to the bank. I would like to upload a monthly petty cash spreadsheet. Should I use the csv for the expenses only and then create cash transfers from my bank account on he relevant dates to the petty cash bank separately? If so, do I transfer from my Xero cash sales account or from my current account? Part B to this question - I recently got Square Up POS tills and I wonder if you know whether I can use the cash clearing account for this purpose. (I'm trying to figure out how my sales will reconcile against deductions made before hitting the bank account. Thank you!
sorry, I don't understand we don't have the bank statement, and do the reconcile now, what it's for?
With petty cash there isn’t a statement from the bank. But if you keep a record of your cash transactions then you can import that just like you would import a bank statements. But if you don’t want to import transactions, you can simply create them one by one and manually reconcile them (mark as reconciled). The other way to deal with petty cash is through manual journals - see part 2.
I don't have the "Edit Layout" option. Is it only available for certain reports? I'm trying to edit the "Receivable Invoice Details" to create a remittance of sorts to cover a retail groups purchases.
Yes. Edit layout is only available in financial-style reports such as Profit & Loss, Balance Sheet, Statement of Cash Flows, and some others. Reports such as Receivable Invoice are “table-style” reports. So instead of “Edit Layout” you can add columns, filters, reorder columns, group the information in different ways.
Take a look at 5 WAYS to customise the ACCOUNT TRANSACTIONS report in XERO ruclips.net/video/OUUc9vSuhns/видео.html To see how to edit “table-style” reports. Hope that’s useful for you.
@@xeroguru Thank you so much - appreciate your help. Definitely going to subscribe! 👍
Great job!.. I like the way you teach in a slow mode, so easy for us to follow. Thannk you. God Bless.. Merci Lavina
Thank you!🙏🏻
I am confused how did you get $8000, or it was automatic? in my demo company i get 2000 credit only? can we reset the demo company bank reconciliation?
Hi there 👋 For the $8,000, that’s what I entered into the invoice. (I just used a fade transition in the video to make it quicker than watching me type out everything). The $2,000 credit came from a prepayment transaction I created in a previous video (Add a prepayment). So essentially, I create a new invoice for $8,000 and can apply the prepayment I’d created earlier against it.
You can reset the xero Demo Company anytime you want. This chapter from my bank rec tutorial shows you how: ruclips.net/video/hRtD7xIv_V4/видео.html&si=DIVkKbYFs8_M2RzY (If that link doesn’t take you straight to that chapter, then the bit about the demo company starts at 39 seconds)
Hi good day, can you show us how to prepare monthly financial statements and month-end closings? Thank you.
That would make a good video, thanks for the suggestion. It’s something I may do in the future. If you’re a Xero partner (accountants and bookkeepers with multiple clients) creating a set of financial statements is easy - you can use templates in the practice. If you’re a Xero business user, you can use a report pack and add various reports: profit and loss, balance sheet, blank report for any notes). I’d recommend taking a look at the management report pack in Xero (go to the Reports screen and search for it). You can remove any reports from it you don’t want and add new ones. My “create custom report packs” video might be worth looking at to get an idea.
Create Custom Report Packs in Xero ruclips.net/video/4xut3oGOh6w/видео.html
Thank you
Happy that it’s useful!
Your videos are amazing! I've been on RUclips for a while and watched a lot of stuff, but I've never commented before. Your way of explaining things is really good and easy to follow. I'm going to watch all your videos and I've subscribed too. Thanks!
Thank you! I’ve learned a lot since starting this channel and hopefully my videos have improved over time. There’s a few different types of videos (longer tutorials showing a whole process or feature, shorter bite-sized ones focussing on one part of a process, and RUclips shorts). Would love to know which types you prefer. Happy viewing and thanks for your support!
Hi, please help me out in this. I have question, when we create a prepayment transaction as spent/receive in xero, will it creates two transactions ? like one is prepayment transaction with invoice number and that transaction can edited and also it is listed under invoices list and another one listed under account transactions tab. so could please let me know that when an prepayment transaction is created will it create one transaction or two.
Good question! It creates ONE transaction. It’s similar to when you create a sales invoice: there’s a invoice listed in the invoices area, and it shows in the account transaction report (but it’s just one transaction that shows in different areas) Hope that makes sense.
@@xeroguru Thank you so much for your quick answer, it is really helpful.
I appreciate you support to the community.
Thank you. I appreciate you taking the time to say that!
very good content
Great to hear your feedback. Thank you! 🙏🏻
Hi mate - Your videos are great. To apply their overpayment as a credit, do I have to create a separate credit note for the same amount? It seems I'm unable to allocate the overpayment from the invoices tab. Cheers
You create an overpayment in Xero when you receive more than the invoiced amount. Once you’ve created the overpayment you have two options: (1) apply it against a future invoice to the same customer. In this example, the next time you create an invoice to the same customer Xero alerts you that’s there’s a credit balance against this customer and Xero asks you of you want to apply that credit against the invoice. (This is very similar to how you apply a credit note - there a video on my channel that shows that) (2) Refund the overpayment to the customer (ie pay it back). Here you click into the overpayment transaction and “make a cash refund”. (And physically pay the customer). You can match this refund transaction to you cash payment made to the customer when you see it in the bank reconciliations screen.
Here’s a link to my video on how to apply a prepayment. The methodology is the same for applying an overpayment: Apply a Prepayment to an Invoice in Xero ruclips.net/video/g4-AlrJ968I/видео.html
Thanks alot! Working my way through your catalogue at the moment XD@@xeroguru