Bookkeeping Hub

Apply Bank Rules to Xero

There are three types of bank rules:
1. Spend money transactions.
2. Receive money transactions
3. Transfers between accounts.
Applying bank rules to transactions makes for quicker reconciliation, for example, with bank fees, interest and business insurance.

Connecting Direct Bank Feeds in Xero

Connecting your bank account into Xero and having an automated direct bank feed is useful in multiple ways.

These can include:
1. Setting up feeds from multiple banks.
2. Bank transactions being able to flow directly into Xero from your bank accounts on a regular basis.

This saves you time by avoiding manual data entry errors.

Creating and Editing Projects in Xero

When creating a new contact, ensure that you enter a unique name. Xero creates the contact once you click ‘save contact’. even if you don’t save the new project. This means that the contact information is stored and accessible for future use without having to save the project first.

After you add the contact, you can update the details through the contact menu in Xero. This saves you time by:
1. Minimising duplicate data entry.
2. Ensuring immediate storage of contact details. 3. Providing a convenient method for managing contact information within the Xero platform.

Submitting Expense Claims

Use the trip calculator on iOS and Android devices to automatically calculate the distance travelled.

Xero adds a map and the distance travelled to the mileage claim.

Check Your Financial Statements in Xero monthly

Checking financial statements monthly allows for efficiency at year end. If they are checked monthly, it means you are already familiar with your financial records.

This is particularly helpful when it comes to prepare year-end reports or tax filings. Within a monthly check, you are more likely to notice duplicates or errors within your bank feed. Therefore, this can save time and reduce any stress associated with reconciling a year’s worth of transactions all in one go!

Using the “Find & Recode” feature in Xero

The “Find & Recode” feature in Xero allows you to quickly update and recode multiple transactions at once. This way you can efficiently correct any mistakes in categorising transactions.

It also allows you to work in bulk when it comes to editing transactions. This method allows you to apply any changes to multiple entries at once.

Using Custom Reports in Xero

If you produce a profit and loss report on Xero, you can edit it to a layout of your choice. For example, by putting ‘different nominal codes’ together. This can then be made into a custom report.

Using Excel Tables

Convert your data range into an Excel Table to take advantage of built-in features like filtering, sorting, and automatic formatting. Excel Tables make it easier to manage and analyse your data.

Using Tracking Categories in Xero

If you want to keep track of costs and gain further insights into your business, add tracking categories! By categorising transactions based on different aspects such as departments, projects, or locations, you can effectively monitor expenses and revenue streams.

Once you’re all reconciled, you can pull off a report showing the costs or income of each tracking category. This not only facilitates accurate financial reporting, but also enables better decision-making and resource allocation.

Using Pivot Tables on Excel

Use PivotTables to analyse and summarise large amounts of data quickly. These allow you to rearrange and summarise data from different perspectives, making it easier to identify trends and patterns.