Absolute Business Support

3 Easy Ways to Master Xero Reconciliation  and Avoid Tax Headaches From working with our current clients, below we have come up with the 3 most common complaints our clients have faced when it comes to reconciling transactions in Xero that may have affected their bottom line. 1.  Create or Transfer?   🤔 When we go in to our Xero and see the blue tab that states  'Reconcile 100 items',  we need to recognise are we creating the transaction to be reconciliated or are we transferring to another bank account? This is where our balancing in Xero can come unstuck or worse, coded wrong and can be costly when it comes to tax time. If you have transferred from one bank account to another and both bank accounts are in Xero, make sure you use the transfer tab in Xero to reconcile the transaction and transfer to the correct bank account in Xero. 2. Bank Feed or Import Statement?   🤔 With your bank accounts in Xero do they all have a Bank Feed or do some of t...

How to itemise transactions  on the one receipt in Xero There are going to be times when you have the one receipt, but needs to be itemised into different Account Codes.   This is a very simple process and if you follow our steps below, you can't go wrong. Step 1:        On your dashboard in Xero on desktop,   Click on the down arrow next to your business name on the left and click on Files Step 2:       Tick the receipt which you want to itemise the transactions and then Add to new Bill Step 3:       Fill in all the details that you have hopefully already learnt in How to attach your receipt to a transaction in Xero  Step 4:       Then add a new line for each transaction that needs to be Account Coded differently.  You may have 3 items for 1 Account Code Materials on one line and 2 items for Account Code Stock on another line and 1 item for Account Code Motor Vehicle Expenses  on th...

How to save receipts for business in Xero As a business owner, keeping track of receipts is an important part of maintaining the financial health of your business. With Xero mobile, you can quickly and easily attach receipts to transactions, ensuring that you have all the necessary documentation in one place. In this blog post, we’ll show you how to attach receipts on Xero mobile. Step 1:      Open the Xero mobile app To attach receipts on Xero mobile, you’ll need to have the app installed on your mobile device. If you haven’t already done so, you can download the app from the App Store or Google Play. Once you’ve downloaded and installed the app, open it on your device. Step 2:      Press the + symbol on the top right of the App. From the dropdown menu, choose Upload to file Inbox and then choose, take photo Step 3:      The Xero App will open up your camera. Lay your hardcopy receipt on a flat surface and take a photo of it. If ha...

How to attach your receipt to a transaction in Xero If you have not read our Blog  How to save receipts for business in Xero   read this before learning how to attach your receipt to a transaction in Xero.  This is truly the best way of storing your receipts.  Below are our favourite highlights of why saving your receipts to your transactions makes sense. The receipt will always be with the transaction.  No more hunting for it. You won't need to keep a hardcopy if you don't want to as it is saved in Xero The receipt will never fade like a hardcopy version does It can be used as Proof of Purchase if the transaction is under warranty There are two ways you can attach your receipts to the transaction and we will go through both ways. Follow our steps below on how to attach your receipts to a transaction in Xero. Attach a receipt to a transaction by creating a Bill Step 1:        Open Xero on desktop On your Dashboard in Xero, click on the down ...