Xero Cloud Accounting

Topics Covered:

Topic 1: Getting Started with Xero

• Introduction to Xero cloud-based accounting system
• Functions, features and benefits of Xero
• Navigating Xero, dashboard, business, accounting, contacts and shortcut tools

Topic 2: Set Up Company in Xero

• Creating a new company in Xero
• Enter basic organisation settings, manage users
• Financial settings, lock date, tax rates

Topic 3: Setting Up Chart of Accounts / Inventory Items / Contacts

• Set up chart of accounts
• Create or import chart of accounts
• Manage contacts
• Set up inventory items
• Creating untracked and tracked inventory items
• Importing inventory items into Xero

Topic 4: Setting Up Bank Account

• Adding bank account and account code in Xero
• Set up bank feeds to automatically import bank statements
• Manually importing bank statement transactions
• Petty cash account

Topic 5: Manage Customer Quotes and Invoices

• Create sales quote, converting into a new sales invoice
• Record customer payments, prepayments and overpayments
• Issue credit note
• Sending customer invoices and statements
• Recurring or repeating sales transactions

Topic 6: Managing Supplier Bills and Expense Claims

• Create and send purchase orders
• Copy purchase order to a new bill
• Create payments to suppliers, scheduling payments
• Issue supplier credit note
• Manage expense claims

Topic 7: Bank Reconciliation

• Reconcile invoices and bills
• Manage part payments, overpayments, bank fees, minor transaction amounts
• Create transactions for daily spendings and receipts, transfers between banks
• Bank rules and cash coding
• Bank reconciliation report

Topic 8: Set Up and Manage Fixed Assets

• Add and register fixed assets
• Run depreciation on fixed assets
• Manage fixed assets register

Topic 9: Manage GST

• GST tax set up
• Check and submit GST returns
• Generate GST reports

Topic 10: End-of-Period Closing Procedures

• Create journal adjustments
• Record provision, accruals and prepayments

Topic 11: Browse Reports

• Profit and loss statement
• Balance sheet
• Other accounting and management reports