Have recently starting using Xero and when stuck have sent them emails for assistance. They are a "NO HELP" desk. Your videos are easy to understand and are very relevant.
Thank you so much for the tutorial. I have spent 6 hours on a face to face training course but your videos are much better explained and easy to understand.
Sure thing, will do. In the meantime you can create a credit note apply it to the invoice and then at the bottom of the credit note screen you'll see an option to pay out the credit.
Hi Tall, great video. Just wondering with the bank reconciliation to transactions.....would it not be easier for the client to use the Xero app and take a picture of the receipts so that it then appears in Xero and we can reconcile it properly? All information would be there and no need to ask for invoices etc. or is that only a new feature and hence not mentioned. :). Thanks so much!
Hi Ruth, definitely an option. I personably would recommend you get your clients using ReceiptBank for the uploading and entry into Xero as it's much better than Xero's functionality. You can also check out my video on going paperless in Xero. There is a files inbox you can upload documents into under the top left menu which clients can email into. The last option is spend moneys via the app, they can upload things like petrol receipts etc, but it's not always great. Try ReceiptBank.
I have a question. I hope you can help. I have a transaction of 6k arrived into bank. 4k of this is easily reconciled to an invoice but the other 2k the client was supposed to pay into another of our companies accounts for works that was done by them. I have transferred this 2k out to our other company but how do I reconcile the 6k. I can only find the invoice to match the 4k but dont know what to do with the rest as no invoice to match it and reconcile.
Hi Kim, this is not too hard to deal with. So step one is to click the find and match like you have, match the 4k to the invoice, now Xero shows an additional 2k remaining, you can click 'New transaction' create a receive money and code it to a liability account called 'Loan - Other company name here'. When you refund the amount simply code it back to the same liability account.
Hi, Do you have tutorials for doing reconciliations and invoices for book-keepers. I am trying to teach myself so as to help my friend out who is a book keeper but can't seem to find material for bookkeepers in particular. Thanks
Hi Julie, these methods are used by bookkeepers as well, you'll just go into further detail, such as running the reconciliation report once coding is complete, using a bank statement to compare to the rec report balance at EOM. I recommend doing some study online if you wish to pursue some bookkeeping, all the best!
Hi. I simply want to reconcile a debit and credit both on left side. So it was a transaction incorrectly deducted from our bank by Paypal and immediately refunded. I cant seem to find how to offset one against the other as there are no invoices details required.
Hi Kim, you would code both the deposit and withdrawal using the create tab to the same account. The net effect should be nil. You can use the suspense account, or the account the transaction relates to. So to recap, code the first transaction, enter supplier, suspense, note. Then accept it, repeat for the second reversal transaction.
@@TallBooks I have NEVER been so grateful!!! Thank you so much. I am left to devices after colleague on maternity. Am ok with general transactions etc but found the simple ones more complicated. I think I complicated that one in my own head. But now its ticked off list. Thanks for this.
Hello! Please help me with this. In bank reconciliation with Tide account, if I create a transaction, what account should I choose for these items under Spent: 1. referrals; 2. reference (monthly); 3.guest talk?
@@TallBooks Thank you for your attention to this. References and Reference are already reconciled.. I don't know about the guest talk and card refund. They are both money received.
@@frahmarielibag3118 Refunds are coded back where the initial expense went. So for example if the card expense was to office expenses. Put the refund back against office expenses. For Guest Talk if it's money earned it should have a revenue code you can use. If it's a regular income and you don't have one set-up go to the chart of accounts and make a new income account. If not use other income
Hi Natalie, you can run the reconciliation report for any account for any date to see this information in Xero. The reconciliation report hyperlink sits at the top of the reconcile screen (when reconciling an account) next to the 'Manage account' button. You can also click the manage account button and see this option there too.
Very nice... can please explain bank reconciliation summary which we can find under all reports? Even if we reconciled all the line items for particular month still we observe few line items under Bank reconciliation summary... please explain this piece
Hi Atul, the bank reconciliation summary will show you anything remaining to be cleared. So for example when running the bank rec report you may see uncleared payments or deposits, yet they are not in the bankfeeds. These are from a third party app or have been manually added. You can click into each one to investigate. Also try using the account transactions tab in the bank account area to view unreconciled items for that month. You can remove and redo any that are not needed to clear them.
Thank you so much for your quick response. I do agree with your comments but those are unreconciled items however apart from those items some items will see as outstanding. If I click on particular line item those appears as " unreconciled" where's if I go back to particular months Bank items ..all are reconciled then why these items appears as unreconciled? I m just confused ..
It's hard to help with specifics, but I would look at other things. Could this item be matched to the wrong date (aka sep/oct instead of sep/sep) Could this item be a duplicate? There are many reasons why it might be flagged, open each item and investigate. If you get really stuck and want a consult please email info@tallbooks.com.au and we can book in a training session.
Hi Faisal, thanks for watching! That's part of the 'match' option. You use the same function regardless of whether you're matching a withdrawal to a payable supplier invoice, or a deposit to a invoice you've issued. If the amount matches then the system will show a green match which you can approve. If it's not correct, you can view other matches or click 'find and match' to look further.
Hi Farina, you can record the expense to a fixed asset account. This will then show up an a capital item on the balance sheet. Make sure you enter the supplier, the account selected should be an asset and in the description you can add the information. It's usually best practise to enter a bill into Xero with a copy of the receipt for any larger purchases.
Hi Eileen, I'd suggest creating a 'fake' bank account in your Chart of Account called 'Cash on Hand'. You can then receipt invoices/pay bills into this account, and transfer from it to the main account when cash is deposited. When inside an invoice/bill, you can manually mark a payment made/received along the bottom.
@@eileenmorris7184 Yes you definitely can. 2 ways to do this. First is to go into the actual invoice itself and along the bottom mark a payment on the date it was received, into the bank account selected and manually type in the part payment. This creates a match on the bankfeed. Second option is from the bankfeed itself, click on the match tab and find and match, look for the total invoice and select it from the list. Click the 'split' option that appears then choose reconcile. This applies the part-payment for you,
Explained well , better than my teacher. Easy to listen and follow
Have recently starting using Xero and when stuck have sent them emails for assistance. They are a "NO HELP" desk. Your videos are easy to understand and are very relevant.
thanks for the kind words Vinny! I hope you get a lot out of Xero.
I have watched may videos on Xero & this BY FAR IS THE BEST! This vid is to the point & explains everything so well!
Thank-you kindly for the feedback! Much appreciated. :)
Thank you so much for the tutorial. I have spent 6 hours on a face to face training course but your videos are much better explained and easy to understand.
Thanks so much for the kind feedback!
Wonderful! Very clearly explained at a nice, moderate pace, and step by step. Thanks so much.
Glad you got something out of it, thanks for the kind words!
nice series btw proper helpful
Really helpful video!
Very useful video thanks.
Thanks for the video!
really helpful video
Thank you so much.
Will i get the same description that I put in CSV file while matching with set rules for transaction ?
CAN YOU MAKE VIDEO ON HOW TO GIVE REFUND TO THE CUSTOMERS AGAINST HIS HER ACCOUNT IN XERO
Sure thing, will do. In the meantime you can create a credit note apply it to the invoice and then at the bottom of the credit note screen you'll see an option to pay out the credit.
Hi Tall, great video. Just wondering with the bank reconciliation to transactions.....would it not be easier for the client to use the Xero app and take a picture of the receipts so that it then appears in Xero and we can reconcile it properly? All information would be there and no need to ask for invoices etc. or is that only a new feature and hence not mentioned. :). Thanks so much!
Hi Ruth, definitely an option. I personably would recommend you get your clients using ReceiptBank for the uploading and entry into Xero as it's much better than Xero's functionality. You can also check out my video on going paperless in Xero. There is a files inbox you can upload documents into under the top left menu which clients can email into. The last option is spend moneys via the app, they can upload things like petrol receipts etc, but it's not always great. Try ReceiptBank.
I have a question. I hope you can help. I have a transaction of 6k arrived into bank. 4k of this is easily reconciled to an invoice but the other 2k the client was supposed to pay into another of our companies accounts for works that was done by them. I have transferred this 2k out to our other company but how do I reconcile the 6k. I can only find the invoice to match the 4k but dont know what to do with the rest as no invoice to match it and reconcile.
Hi Kim, this is not too hard to deal with. So step one is to click the find and match like you have, match the 4k to the invoice, now Xero shows an additional 2k remaining, you can click 'New transaction' create a receive money and code it to a liability account called 'Loan - Other company name here'. When you refund the amount simply code it back to the same liability account.
Hi, Do you have tutorials for doing reconciliations and invoices for book-keepers. I am trying to teach myself so as to help my friend out who is a book keeper but can't seem to find material for bookkeepers in particular. Thanks
Hi Julie, these methods are used by bookkeepers as well, you'll just go into further detail, such as running the reconciliation report once coding is complete, using a bank statement to compare to the rec report balance at EOM. I recommend doing some study online if you wish to pursue some bookkeeping, all the best!
Hi. I simply want to reconcile a debit and credit both on left side. So it was a transaction incorrectly deducted from our bank by Paypal and immediately refunded. I cant seem to find how to offset one against the other as there are no invoices details required.
Hi Kim, you would code both the deposit and withdrawal using the create tab to the same account. The net effect should be nil. You can use the suspense account, or the account the transaction relates to. So to recap, code the first transaction, enter supplier, suspense, note. Then accept it, repeat for the second reversal transaction.
@@TallBooks I have NEVER been so grateful!!! Thank you so much. I am left to devices after colleague on maternity. Am ok with general transactions etc but found the simple ones more complicated. I think I complicated that one in my own head. But now its ticked off list. Thanks for this.
@@kimtasker-lynch4788 my pleasure!
Hello! Please help me with this. In bank reconciliation with Tide account, if I create a transaction, what account should I choose for these items under Spent: 1. referrals; 2. reference (monthly); 3.guest talk?
Hi there, sorry can you please clarify which type of expense you are trying to categorise?
@@TallBooks Thank you for your attention to this. References and Reference are already reconciled.. I don't know about the guest talk and card refund. They are both money received.
@@frahmarielibag3118 Refunds are coded back where the initial expense went. So for example if the card expense was to office expenses. Put the refund back against office expenses. For Guest Talk if it's money earned it should have a revenue code you can use. If it's a regular income and you don't have one set-up go to the chart of accounts and make a new income account. If not use other income
@@TallBooks thank you so much!
Hi.. If is it possible to print out bank reconciliation report for those unpresented payment?
Hi Natalie, you can run the reconciliation report for any account for any date to see this information in Xero. The reconciliation report hyperlink sits at the top of the reconcile screen (when reconciling an account) next to the 'Manage account' button. You can also click the manage account button and see this option there too.
ty
thanks!
What is "the remainder" referring to? How would there be any left over from a transaction?
Hi Dylan, can you please let me know the timestamp you're referring to?
Very nice... can please explain bank reconciliation summary which we can find under all reports? Even if we reconciled all the line items for particular month still we observe few line items under Bank reconciliation summary... please explain this piece
Hi Atul, the bank reconciliation summary will show you anything remaining to be cleared. So for example when running the bank rec report you may see uncleared payments or deposits, yet they are not in the bankfeeds. These are from a third party app or have been manually added. You can click into each one to investigate. Also try using the account transactions tab in the bank account area to view unreconciled items for that month. You can remove and redo any that are not needed to clear them.
Thank you so much for your quick response. I do agree with your comments but those are unreconciled items however apart from those items some items will see as outstanding. If I click on particular line item those appears as " unreconciled" where's if I go back to particular months Bank items ..all are reconciled then why these items appears as unreconciled? I m just confused ..
It's hard to help with specifics, but I would look at other things. Could this item be matched to the wrong date (aka sep/oct instead of sep/sep) Could this item be a duplicate? There are many reasons why it might be flagged, open each item and investigate. If you get really stuck and want a consult please email info@tallbooks.com.au and we can book in a training session.
Hi, how do you reconcile merchant settlement ? Is it under sales?
You can reconcile directly from the BankFeed under Dashboard>Reconcile. Depends on what you're after.
How do you reconcile purchase invoices with payments? You skipped that one. Great videos - thank you.
Hi Faisal, thanks for watching! That's part of the 'match' option. You use the same function regardless of whether you're matching a withdrawal to a payable supplier invoice, or a deposit to a invoice you've issued. If the amount matches then the system will show a green match which you can approve. If it's not correct, you can view other matches or click 'find and match' to look further.
Nice but how do I reconcile owner capital transaction? Plz tell me about it.
Hi Farina, you can record the expense to a fixed asset account. This will then show up an a capital item on the balance sheet. Make sure you enter the supplier, the account selected should be an asset and in the description you can add the information. It's usually best practise to enter a bill into Xero with a copy of the receipt for any larger purchases.
How do I deal with cash payment of bills
Hi Eileen, I'd suggest creating a 'fake' bank account in your Chart of Account called 'Cash on Hand'. You can then receipt invoices/pay bills into this account, and transfer from it to the main account when cash is deposited. When inside an invoice/bill, you can manually mark a payment made/received along the bottom.
@@TallBooks Thanks for your help. One other thing, can I part pay invoices when doing bank reconcilliation?
@@eileenmorris7184 Yes you definitely can. 2 ways to do this. First is to go into the actual invoice itself and along the bottom mark a payment on the date it was received, into the bank account selected and manually type in the part payment. This creates a match on the bankfeed. Second option is from the bankfeed itself, click on the match tab and find and match, look for the total invoice and select it from the list. Click the 'split' option that appears then choose reconcile. This applies the part-payment for you,
@@TallBooks Thank so much, I'm dreading the go live day and you've given me info that makes the move less daunting. Thanks again, Eileen