So you’ve made the great decision to use Xero as your software programme for managing your accounts – well done! Now we would like to share a few quick tips with you on how to get the most out of your monthly subscription in three easy steps…
1. Download & Use the Xero App
This really is the ultimate for saving you time (aka money!) with maintaining and managing your accounts so download it now!
Now that you have your live access on-the-go it is a simple step to upload your receipts as you receive them. Don’t let them stack up until you get back to the office and risk losing them or the info fading so you need a magnifying glass to decipher them.
Just photograph or scan the receipt directly into your phone and link it to the transaction already created or create the transaction and attach the receipt while you wait for that coffee, lunch or your order…
- Open your Xero app and login.
- Select ‘Receipts’ from the bottom screen menu options.
- Scroll through the ‘Done’ section to find the supplier and transaction you have previously coded and ‘Select’.
- If you don’t have the transaction already created you can also do this directly on your phone too!
- To create the transaction simply click on the + symbol in the top right of the ‘Receipts’ section and fill in the fields as normal.
- Select ‘Attach Files’ and Take Photo or Choose Photo (from your phone gallery) .
2. Set Up Repeating Invoices
This is such a great feature for no-brainer processing of standing charges, recurring fees or subscriptions.
Here’s how you set up a repeating invoice:
- Select ‘Accounts’ > ‘Sales’ > ‘+New’ > ‘Repeating Invoice’
- Fill in all fields (mandatory), except end date and reference.
- You can select how often to repeat the transaction, when the first invoice should be raised, and what the due date should be. Also, if the repeating invoice is only required for a fixed amount of time (for example, a client has signed on for a six-month term), you can enter an end date, so Xero doesn’t accidentally invoice more than it should.
- Select what Xero should do with the invoice once it is generated – save as draft, approve or approve for sending.
3. Set Up Bank Rules
Bank rules provide you with a simple way to reconcile regular bank transactions that don’t have bills set. This is especially good for dealing with Entertainment purchases which might need to be split as 50/50 non-deductible.
Side note: Xero will save the details of how you have previously coded a similar transaction and suggest that the next time, but this isn’t as efficient in split transactions such as those involving entertainment, so this isn’t necessarily the greatest time-saver out there.
Here’s how to do it:
- Select ‘Reconcile’ on your bank account
- Select ‘Create Rule’ on the transaction you would like to set up with a bank rule
- Follow the screen prompts and click ‘Save’
- All transactions affected by this rule will now automatically have the rule applied once you select ‘OK’ during reconciliation!