Money Coming In is simply Sales and Money Coming Out is aptly Purchases. Xero’s terminology might not be agreeable to some accountants but they are designed for simplicity and straightforwardness. Information is grouped base on transactions namely Bank Accounts, Money Coming In, Money Coming Out and Expense Claims. It gives an overview of important matters in your accounting. The dashboard is like the financial landing page for your business. When the setup is complete, you will be taken to your dashboard. If however, you are transitioning from a previous accounting software, you have to input all ending balances from there. If you are just starting a business, you can just key in your initial investment by putting the amount in your bank as debit and credit same the amount to Owner’s Capital. Account BalancesĪfter you have setup your accounts, enter in your account balances. Meaning you can only edit their details but cannot delete them. The default chart has all the standard ledger accounts like AR, AR, revenue and expenses and some of these are locked like Depreciation and Retained Earnings.
![review xero accounting software review xero accounting software](https://sm.pcmag.com/t/pcmag_in/review/x/xero/xero_yc4n.1280.jpg)
If you want to create your own, you can also import it from a file. You will be given a default set of chart of accounts which you can choose and modify later. Since taxes affect both purchases and sales, setup first appropriate VAT rates namely Input VAT on Goods, Input VAT on Services and Output VAT.
![review xero accounting software review xero accounting software](https://financesonline.com/uploads/2017/07/Xero-accounting.png)
These are the rates you can choose from on every line item in your journal entries. Note that these are just tax rates and not ledger accounts themselves. Since different countries have different tax laws, you should tailor your setup to what is applicable in your area. From there he can take over from you as the owner or subscriber. On Users set-up, if you want your accountant to finish the set up for you, you just have to add him as your first user. Most of the stuff are self-explanatory and we will only focus on key matters. It’s best to ready you company details at this point like addresses and numbers. There will be links to guides and tips along the way.
Review xero accounting software series#
You will have to go to a series of tabs answering questions about your company. SetupĪs with any other accounting systems, your fist task is to set up your business details. You can even add multiple companies if you happen to own many and each company will have its own Dashboard under your Subscription. Once you have verified your email address, you can set up your first Organization and you will be known as the Subscriber to Xero. Signing up with Xero is easy, all you need is an email address.
Review xero accounting software software#
The software promises to have a 99.99% service availability performance and has over 300 add-ons to extend its functionalities. It is one of the top 20 companies in New Zealand Stock Exchange. It’s a public company with over 300 employees and a market cap of over 2 billion USD. Xero was founded in 2006 and now it has over 200,000 paying customers in 100 countries. You pay a monthly fee to use the service. They sell in a monthly subscription model. Since they offer a global product, you can use in any country you are in. You can access it anywhere anytime via web browser or a mobile app. Meaning all your accounting are done in the “cloud” or simply online. They are based in New Zealand and provides accounting via SaaS (Software as a Service).
![review xero accounting software review xero accounting software](https://bizdig.co/wp-content/uploads/2020/02/xero-1024x1024.png)
Indeed, once you experienced it, you will be attracted and hooked. Xero flaunts itself as Beautiful Accounting Software.