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Fantastic!!!

It’s easy when you know how! 😀

That’s wonderful to hear! Thank you for the lovely comment!

Very happy to hear that!!!! Thanks for commenting.

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

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!)

Thank you!

That would make a good product idea! You can request feature developments (and vote on them) here: productideas.xero.com/

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.

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.

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

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 your comment!! Happy to hear that!

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. 😊

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.

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.

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.

So kind of you to say! Thanks 🙏🏻

You’re welcome. I hope it helped! 😊

That’s great to hear. Thank you!

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).

Agree that it’s due for an overhaul. Hopefully Xero will give budgeting some love soon.

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!

Thanks for letting me know this has helped!

Thank you so much for taking the time to comment. I appreciate it! 😊

Thanks for your feedback. Great to know the video helps!

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 😀

Thank you for your kind comment!

Fantastic!

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.

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!

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

Thank you 🙏🏻 😀

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.

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! 👍

Thank you!🙏🏻

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)

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

Happy that it’s useful!

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!

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.

Thank you. I appreciate you taking the time to say that!

Great to hear your feedback. Thank you! 🙏🏻

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