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1. Xero accounting categories update#
2. Xero accounting categories full#
3. Xero accounting categories software#

This means individual sales and processing fees aren’t accounted for fully. If you are using an external Payment Gateway like Stripe, these funds are transferred into your business bank account as daily batches rather than individual transactions. Incorrectly Configured External Payment Gateways Paypal and Xero - each Paypal currency needs a separate account in Xero Click To Tweet 4. So, if you accept say AUD and USD, connect it up to Xero with two accounts, and you will solve the missing data issue.Ĭheck out this help doc to learn more about setting up PayPal accounts in Xero as part of your Xero Setup process. If you only have one PayPal account, some transactions won’t be imported into Xero. This is solved by having a PayPal account set up in Xero for each currency. Not Having Multiple PayPal Accounts SetupĪ lot of people know you can connect PayPal accounts to Xero, but it can present problems when you accept multiple currencies.

Xero accounting categories full#

If you’re unsure about the settings, make sure to check with your bookkeeper or accountant as part of your Xero Setup process.If you are using Xero, our full list of items to consider is included in our Xero E-Commerce Business Toolkit, which you can grab below. Tax type (e.g., GST on expenses or GST free).Account type (e.g., sales or current liability).If you are adding or editing accounts, it is important to get the following settings right:

Xero accounting categories update#

You can update the Chart of Accounts in the General Settings / Chart of Accounts area in Xero. As a result, reports won’t be as clear about how your business is performing. If you don’t have them set up with the right names, you run the risk of items being incorrectly coded. I prefer to only have accounts within the Chart of Accounts, where we are reporting on these items separately.įor example, I like to have one line called “office expenses,” and some other key expense lines might be: For example, office expenses, printing and stationery, subscriptions, general expenses, and light and power. So, it doesn’t make sense to have 5 different lines for office expenses. Most of Bean Ninjas’ clients are online businesses like coaches, consultants, info products, e-commerce, SaaS, and others. It’s pretty common for users to forget that they have the option to customise it to suit their business. Xero comes with a standard Chart of Accounts. For example, telephone expense is an account within the Chart of Accounts. The Xero Chart of Accounts is a list of all of the accounts hat transactions can be allocated to. Not Setting Up Your Xero Chart of Accounts Properly To set this up, you will need a Payment Service.We recommend using both PayPal and Stripe, which can be quickly configured via Settings / General Settings / Payment Services. This reduces the risk of being paid late or not at all.

Xero accounting categories software#

Not Allowing for Immediate Online Paymentīy default, invoices sent by Xero cloud accounting software won’t be able to be paid online immediately. Failing to Lock Dates for Previous Financial Periodsġ.

Not Following Up Unpaid Invoices Automatically Not Having Multiple PayPal Accounts Setup Not Allowing for Immediate Online Payment