Old supplier balances on the aged payables that you know have been paid When you run your aged payable report and you see old balances on there that you know have been paid it could be for a couple of reasons:-Â 1. The payment has been coded straight to a nominal ledger account rather than…
Category Archives: Xero
14
Mar
Mar
Bank balance does not match to the statement balance Firstly, would you know whether your bank balance in Xero matches your real bank balance, and secondly why should this be important to you? To deal with the second point first – this check is singularly one of the most important things to do when using…
09
Nov
Nov
How does your finance back office operate? It could be that you’re doing most accounting and finance tasks manually – using a cash book or an excel spreadsheet. It could be that you’re already using a digital system like Xero. Whatever your process, it’s important to step back every now and again and ask yourself…
15
Sep
Sep
Bringing in a new hire is an exciting time for a business. Your team, profits, customer pool, and business in general are all growing. So let’s start by saying congratulations! With all this exciting progress, it’s important not to lose sight of the details. Setting up a new employee in Xero is an important step…
14
Aug
Aug
Claiming employment allowance means reducing your annual National Insurance liability as a business owner or employer by up to £4,000. Since April 2020, receiving employment allowance is now reliant on you making what’s known as a de minimis State Aid declaration. This may sound daunting, but we’ll break down exactly how you can do this…
29
Jan
Jan
The coding process in Xero allows you to group each item of income in your business – like putting money into different pots. By doing this, you’re able to see a more detailed picture of your company finances and analyse where your money is coming from. So, as you can imagine – when you can…
15
Jan
Jan
It’s important to regularly compare the statement balance in Xero to your actual bank balance. If the bank balance isn’t matching, you’ll want to fix the issue fast because it means you’re reading the wrong numbers and could be making decisions based on incorrect data. Though bank feeds import your transactions daily, and do work…
