last worked on Xero beginning of 2019 - at basic level. I may soon be getting a job that involves working with Xero - so I'm frantically refreshing and playing catch-up. Your channel is gold for nitty gritty work, unlike the fluffy overviews of other channels. Learnt a lot now. Will be watching all your vids. I know it takes time and money to make these types of vids and I thank you for your generosity and excellent presentation.
Thank you!! I really appreciate you taking some time to comment!! 😊 Really pleased to hear that some of these videos are useful. I'll be releasing a tip every day (RUclips short) during October, so keep an eye out for those - hope you'll learn something new!
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 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.
Hello Thank you so much for this quality content..❤ Can you please make video on reconciliation for trasaction which coded without invoice recepits previously and then leter the invoice receipts recvd ?
Can you clarify? Do you mean you’ve created a transaction from the cash received in the bank reconciliation screen and later on you’ve received an invoice from the customer? (If that’s the case you don’t need to record the invoice on Xero as there is nothing due from the customer and you’ve already recorded the transaction and dealt with any sales tax). But I recommend attaching the pdf of the invoice to the transaction you created. Or do you mean something else?
Yes! You can void transactions suck as bills, invoices, journals easily. And you can remove and redo transactions easily. There’s also a “Find & Recode” option that’s great for fixing errors in bulk.
To create new account codes go to the chart of accounts: Click Accounting> Chart of accounts. From there you can add a new account code. Make sure you set the account type as Expense, so it shows in the Profit and Loss report. (You can also open the Chart of Accounts directly from the Dashboard. Click Accounts Watchlist.)
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.
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?
That’s tricky one to answer. Generally a business owner will know what each payment or receipt relates to. (Eg was it a repair, or did you buy some stock, or was it a subscription?) If you don’t know, then you need to ask (the “discuss” tab can be a handy way to ask). Or take a look at the invoice or receipt the transaction relates to - it should give you an idea. Or search for the name of the payee in the account transactions tab of the bank rec to see where similar payments (or receipts) were coded previously.
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)
what if there is outstanding payment.. already recorded in the xero but not yet in the bank? the bank bal and book balance will not be the same because of that..
Very true! 😊 In this case, the balance in Xero won’t be the same as the balance shown your bank statement. But that should be temporary. (You’ll see this outstanding payment on the bank reconciliation report.) Once that payment shows up on your bank statement (sometimes it can take a few days), you can match the bank statement line with the bank payment in Xero, and then the balance in Xero should once again equal the balance on your bank statement. That example is perfectly normal and happens a lot on business. Especially when you receive cheques from customers or pay your suppliers with cheques. It’s simply a timing difference.
If the difference is an outstanding payment (or outstanding receipt) that you’ve entered into Xero and will show up on the bank statement in due course, then it’s ok. When you review the Bank Reconciliation report, you’ll see your outstanding payments and outstanding receipts. Ideally these are only a few days old. If they are very old - it means you’ve recorded a payment or receipt in Xero and it hasn’t shown up on the bank statement. This probably is a sign that there’s an error somewhere that needs investigating. (For example, the payment came through on the bank and you didn’t match it to the payment in Xero. In which case you could have a duplicated transaction). Xero Support will be able to provide expert guidance. It’s email support, so send them an email and they’ll get back to you on due course. (You can also invite them into your organisation to take a look of there’s a problem!) Hope that helps! 🤞
Thank you. The reason I’ve made theses videos is to help people become more confident using Xero. It’s wonderful to hear from you that you’ve found them helpful. Thanks for your comment! 😃
last worked on Xero beginning of 2019 - at basic level. I may soon be getting a job that involves working with Xero - so I'm frantically refreshing and playing catch-up. Your channel is gold for nitty gritty work, unlike the fluffy overviews of other channels. Learnt a lot now. Will be watching all your vids. I know it takes time and money to make these types of vids and I thank you for your generosity and excellent presentation.
Thank you!! I really appreciate you taking some time to comment!! 😊
Really pleased to hear that some of these videos are useful.
I'll be releasing a tip every day (RUclips short) during October, so keep an eye out for those - hope you'll learn something new!
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!
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!🙏🏻
Thank you very much for these videos Jon, clearly explained and easy to understand.
What a lovely comment!! Thanks 🙏🏻
great bank recon video! I learned so much in just minutes. Thank you so much! subscribed for more!!
Fantastic!!!
Thank you SO much. Really useful and easy to understand. 😊
That’s great to hear.
Thank you!
It's very helpful to me, thank you very much
Thank you. That’s great news! So pleased it helped. 😊
Simple and self explanatory.
That's great feedback!! Thanks for taking the time to comment! 🙏
I appreciate you support to the community.
Thank you. I appreciate you taking the time to say that!
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 😀
hello , thank you for the video, can you reconcile with the early plan or you need the growing plan?
Yes you can, but there are limits regarding the number of bills and invoices.
This page explains it:
www.xero.com/us/pricing-plans/early/
Thank you. Easy to digest 😊😊
Thanks for your feedback.
Great to know the video helps!
you made it look so easy thanks heaps
It’s easy when you know how! 😀
Thank you so much, you help me a lot with my assessment
Fantastic!
thanks for explaination nice and clear to understand.
Thanks for your comment!! Happy to hear that!
Very helpful, thank you 👍🏼
Thanks for your feedback - it means a lot!
Thanks for the video.
Hope you’ve learned something useful!
Hello
Thank you so much for this quality content..❤
Can you please make video on reconciliation for trasaction which coded without invoice recepits previously and then leter the invoice receipts recvd
?
Can you clarify?
Do you mean you’ve created a transaction from the cash received in the bank reconciliation screen and later on you’ve received an invoice from the customer? (If that’s the case you don’t need to record the invoice on Xero as there is nothing due from the customer and you’ve already recorded the transaction and dealt with any sales tax). But I recommend attaching the pdf of the invoice to the transaction you created.
Or do you mean something else?
Absolutely best video
So kind of you to say! Thanks 🙏🏻
Great job!
Thank you!! 🙏🏻
Is xero have option to void/undo the transaction of reconciliation? And thank you for your learning videos.
Yes!
You can void transactions suck as bills, invoices, journals easily.
And you can remove and redo transactions easily. There’s also a “Find & Recode” option that’s great for fixing errors in bulk.
Check out this playlist for more info on fixing errors:
Xero Troubleshooting
ruclips.net/p/PLTb7-7SMOSPlvJNmhdfctyMrBjKpD944O
Thank you so much.
You’re welcome!! 😊
how do I create a new code for reconciling? For instance 200 - sales - I need to make a new code for rubbish disposal. Thanks
To create new account codes go to the chart of accounts:
Click Accounting> Chart of accounts.
From there you can add a new account code.
Make sure you set the account type as Expense, so it shows in the Profit and Loss report.
(You can also open the Chart of Accounts directly from the Dashboard. Click Accounts Watchlist.)
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.
Great tutorial
Thank you 🙏🏻 😀
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 have a question, how about the Ridgeway Bank on the last part at 16:17, is it still stationary?
Glad to see you’re watching carefully!!!
I think a small payment to “Ridgeway Bank” should probably be bank fees (or maybe bank interest).
@@xeroguru Thank you :)
@rcaleofficial you’re welcome!
whats the easiest way to identify what account code should use on every transaction?
That’s tricky one to answer.
Generally a business owner will know what each payment or receipt relates to. (Eg was it a repair, or did you buy some stock, or was it a subscription?)
If you don’t know, then you need to ask (the “discuss” tab can be a handy way to ask).
Or take a look at the invoice or receipt the transaction relates to - it should give you an idea.
Or search for the name of the payee in the account transactions tab of the bank rec to see where similar payments (or receipts) were coded previously.
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!)
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
Thanks a lot
You’re welcome. Hope you found the video useful 🤞
what if there is outstanding payment.. already recorded in the xero but not yet in the bank? the bank bal and book balance will not be the same because of that..
Very true! 😊
In this case, the balance in Xero won’t be the same as the balance shown your bank statement. But that should be temporary. (You’ll see this outstanding payment on the bank reconciliation report.)
Once that payment shows up on your bank statement (sometimes it can take a few days), you can match the bank statement line with the bank payment in Xero, and then the balance in Xero should once again equal the balance on your bank statement.
That example is perfectly normal and happens a lot on business. Especially when you receive cheques from customers or pay your suppliers with cheques. It’s simply a timing difference.
@@xeroguru thank u so much
(follow up question) .. so is it ok that bank & xero has a different balance showing in the dashboard even if I had already done bank recon?
If the difference is an outstanding payment (or outstanding receipt) that you’ve entered into Xero and will show up on the bank statement in due course, then it’s ok.
When you review the Bank Reconciliation report, you’ll see your outstanding payments and outstanding receipts. Ideally these are only a few days old.
If they are very old - it means you’ve recorded a payment or receipt in Xero and it hasn’t shown up on the bank statement. This probably is a sign that there’s an error somewhere that needs investigating. (For example, the payment came through on the bank and you didn’t match it to the payment in Xero. In which case you could have a duplicated transaction).
Xero Support will be able to provide expert guidance. It’s email support, so send them an email and they’ll get back to you on due course. (You can also invite them into your organisation to take a look of there’s a problem!)
Hope that helps! 🤞
@@xeroguru thank u again so much!🙂
So helpful!!! Thank you
Thank you. The reason I’ve made theses videos is to help people become more confident using Xero. It’s wonderful to hear from you that you’ve found them helpful.
Thanks for your comment! 😃