Tag Archive for: xero help

How to use bank rules in Xero – Teri’s Tips

How to use Xero’s bank rules to save time reconciling bank statements.

Bank rules are an excellent way to save time during the bank reconciliation process.

This is the often-tedious task of categorising the money coming in and going out of your bank account.

They’re perfect for recurring bank transactions, things like taking clients out for coffee, filling up your work vehicle, and regular transfers between bank accounts.

Once set up, you can reconcile these transactions with just one click.

Bank rules help every type of Xero user save time and they reduce the chance of human error.

In this article, Teri Cotta, our resident Xero brainbox walks you through the A-Z of using bank rules in Xero.

And if you’re a visual learner, don’t worry, a full video showing each of these points step by step can be found on our YouTube channel.

How to create a bank rule on Xero

To view bank rules, go to Accounting, then Bank Accounts and click ‘Bank Rules’ to create a new bank rule.

Click ‘Create Rule’.

Here, the rules are divided into five parts…

Part 1- Apply a bank rule

The first part allows you to enter logic, which decides whether Xero picks up a bank transaction with this rule.

You have many options here to create a rule that’s targeted or a little broader.

Part 2 – Set the Contact

The second part allows you to enter what you want Xero to do with the transaction like what contact or account to allocate the money to.

To start, decide whether your rule is for money going in, out or between accounts.

These can be selected from the panel at the top of the page.

Let’s say that this rule is for parking expenses, this is where we enter conditions and how to pick up these parking transactions.

If they usually have the word parking in the description, payee or reference, we can enter this here using any text field.

Use the “contains” condition if parking is usually part of a larger piece of text.

“Equals” makes this rule much stricter and only applies the rule if it’s just the word parking in one of the fields with nothing else.

If you want to add more conditions to the rule to ensure you capture the transactions you need, you can add them here.

If you select ‘all’, each of these conditions must be present in a transaction for it to be picked up, which means it’s targeted.

If you have a lot of conditions, we want any parking transaction picked up if any of these conditions are met. So, we’ll select ‘any’.

Choose an existing contact to apply the parking expense to the contact when you reconcile or use the bank payee as the contact.

Part 3 – Allocate Items

Decide what account you’d like the parking transaction to go to.

If you need to spread the total across multiple accounts, you can either do fixed amounts here add 100% to one account or split the total by percentages.

Part 4 – Set the reference

Choose what reference you’d like to set.

Either choose information which comes with the transaction, or you can enter a reference each time.

Part 5 – Add rule details

Finally, decide if you want to include all your bank accounts in Xero or just one, and name the rule and click save.

You can go back and edit anything about the rule at any time.

Creating a rule from a transaction

Next time a transaction comes through the bank account that fits the rules and conditions, you can click ‘okay’, and it’s reconciled in one click.

To create a bank rule even faster, click ‘Create Bank Rule’ right from a transaction when you’re reconciling the bank.

Xero fills in the information it has for that transaction to give you a head start when creating the rule.

Need help with your bookkeeping?

Teri Cotta is joined worldwide by Rosemary Bookkeeping’s network of Xero-certified bookkeepers.

So, whether you need help choosing the right software for you, using Xero or outsourcing your books, our experts can help.

Take the hassle out of your bookkeeping and get the time back to focus on what matters most by contacting your nearest Rosemary Bookkeeper today.

Rosemary Bookkeeping Wembley Wins Rookie of the Year Award

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Hanaa Raydan from Rosemary Bookkeeping Wembley picked up the coveted Rookie of the Year award for her exceptional first year in business at this year’s Rosemary Bookkeeping Spring Forum.

Rosemary Bookkeeping’s annual spring forum is a red-letter day for our bookkeepers up and down the UK, where we come together to network, learn, grow, and catch up, too!

The day also saw some business owners awarded for their successes in 2024.

This included Hanaa Raydan from Rosemary Bookkeeping Wembley, who won an award for significant business growth in the last year.

In her first year in business, Hanaa made key strides through achieving key qualifications that allowed her to provide exceedingly excellent services to her clients through a range of vital services, including help using software like Xero and QuickBooks to work towards targets around Making Tax Digital and meeting crucial deadlines in the bookkeeping calendar.

Raising awareness of her business and brand in the local area through focused marketing efforts, alongside making space for her family and personal commitments, Hanaa has seen great success.

“[For the] first year, I prioritised the franchise and tried to dedicate my time and concentration on the business to be seen,” she says.

This has paid dividends to Hanaa’s visibility within her community as she has found that Rosemary has become a growing name in her area.

“I found that my biggest success is that most of my clients were calling me Rosemary, which made me feel I did succeed in making the franchise seen and remembered.”

Hanaa says her other successes and greatest pride have been in helping clients and supporting them in managing deadlines, all while connecting with her community and owning a business that allows her to be flexible in work.

Bobby Garland, Brand Leader for Rosemary Bookkeeping, adds:

“Hanaa has hit the ground running in her first year, showing remarkable dedication to hunting out potential clients and getting them over the line to achieve some great progress towards her growth!”

Need an award-winning bookkeeper?

If you’re in Wembley and the surrounding areas and could benefit from professional bookkeeping services from a local expert, contact Hanaa on 0208 5750286 or find your nearest Rosemary Bookkeeping business to see how we can help you today.

How to Add Contacts in Xero – Teri’s Tips

Learn how to add contacts in Xero with Teri Cotta.

At Rosemary Bookkeeping, we work closely with our friends and partners at Xero to help our clients get to grips with their bookkeeping.

And there is still a lot to get to grips with.

That’s why our accounting crackpot, Teri Cotta, has been working hard to bring you the top tips to be a Xero whiz and understand its processes, from the terribly simple to the terrifically complex.

And if you’re a visual learner, don’t worry, a full video showing each of these points step by step can be found on our YouTube channel.

In today’s Teri Tips, you’ll see how to add contacts in Xero.

What are contacts?

Contacts are customers and suppliers that you do business with.

Add your existing contacts during conversion so you spend less time on data entry when you start creating bills and invoices in Xero.

From the dashboard, click contacts and select all contacts.

The list gives you an overview of your contacts and their phone number, email, and account balances.

Adding a contact

Basic information

Start by entering the contact’s name.

This can be a business or an individual.

If you use client codes or any other form to uniquely identify your contacts, click Add Account Number to add them.

Next, add the primary person and their email address.

Xero will automatically select this person whenever you email this contact.

Click the link to add additional people that are associated with this contact, and that you need to interact with.

Enter their name and email address and enable them to receive the same emails as the primary person.

Click the X to remove additional people.

Next, enter phone details and website address, if you have this information on hand.

You can always edit the contact and add this later.

Address

First, enter a postal address and click the link.

If the street address is the same, Xero automatically copies the postal address for you.

Financial details

 If you know in advance what sales or purchase settings will apply to most of the invoices and bills, enter them now.

For example, all the invoices will be tax-inclusive and coded to the main sales account in Xero.

Tax information

Next, add contact-specific tax information and tax settings.

For example, choose the default sales tax.

Enter a business registration number.

If the contact has an official number you want to show on documents, specify ‘Sales discount applies’ and change the currency of the default currency.

Xero does not apply for this contact.

If you use batch payments to bundle multiple bills into one payment transaction, enter their bank details.

Overriding default invoice settings

You can override the default invoice settings for this contact.

For example, choose a different branding theme or change the default due dates.

If this contact also uses Xero, ask for their Xero network key and enter it here.

It allows you to send sales invoices or bills from your Xero organisation directly into theirs.

When you’re done, click Save.

Xero Contact details

Inside, the Contacts page, you’ll need to close the confirmation message to see more details.

In the right panel, Xero displays the contact details and addresses.

It includes useful links to send an email, view their website and look up their location on a map.

Collapse this panel by clicking the ‘^’ to see more.

These are the financial defaults you entered that Xero would apply to the next invoice or bill.

About Contacts

Each contact in Xero can function as a customer, supplier, or both.

Xero automatically classifies them once you’ve entered an invoice or a bill.

If you have many contacts to bring into Xero, you can use the import contacts function to load them in bulk.

Importing contacts in bulk

There are three steps in this process:

  1. Download Xero’s contacts template file

Start by downloading the import template using the hyperlink under this step.

  1. Copy your contacts into the template

Then export your contacts from your current system and copy them into the template.

  1. Import the updated file template into Xero

Moving forward, you can use the ‘+’ icon from anywhere in Xero to add new contacts.

Need help with your bookkeeping?

Teri Cotta is joined worldwide by Rosemary Bookkeeping’s network of Xero-certified bookkeepers.

So, whether you need help choosing the right software for you, using Xero or outsourcing your books, our experts will be able to help.

Take the hassle out of your bookkeeping and get the time back to focus on what matters most by contacting your nearest Rosemary Bookkeeper today.

How to Import a Sales Invoice in Xero – Teri’s Tips

Learn how to import sales invoices in Xero with Teri Cotta.

At Rosemary Bookkeeping, we work closely with our friends and partners at Xero to help our clients get to grips with their bookkeeping.

And there is still a lot to get to grips with.

That’s why our accounting crackpot, Teri Cotta, has been working hard to bring you the top tips to be a Xero whiz and understand its processes, from the terribly simple to the terrifically complex.

In today’s Teri Tips, you’ll discover the cloud and explore how cloud accounting software like Xero can help your business.

We’ll look at the main features of Xero and give you some helpful tips to get you started.

And if you’re a visual learner, don’t worry, a full video showing each of these points step by step can be found on our YouTube channel.

In this blog post, you’ll learn how to import sales invoices in Xero.

Importing Invoices in Xero

Let’s start by navigating to the sales overview.

Click ‘Business’ and select ‘Sales Overview’.

Xero summarises the status of all your invoices. You can click a status to drill further and see the invoices behind it.

If you have a few unpaid invoices before you go live in Xero, you can enter them manually one at a time.

But if you have many unpaid invoices, import them in bulk to save time.

There are three steps in the import process.

  1. Downloading the invoice template file from Xero
  2. Copying your invoices into the template
  3. Importing the updated template file 

Using the Xero template

Xero’s invoice template contains the correct column headings needed to import your invoice data.

Once you have downloaded this, export your invoices from your old system as a comma-separated list using Excel or another spreadsheet editor.

Then, copy and paste your invoices from the export file into the Xero template.

For the import to work, ensure you do not remove, re-order or rename any of the columns.

Copy your invoice data across and make sure you place each column under the correct heading.

‘Contact Name’ and ‘Invoice Number’ are the only required columns to successfully import draft invoices.

If you’ve already entered contacts in Xero, ensure the name is exactly as it is and Xero, otherwise, the import creates duplicate contact records.

Invoice numbers must be unique for every new invoice in this file, and different from any invoices already entered in Xero.

Use the same number for an invoice with more than one line item; Xero will create a single invoice with multiple lines.

For new contacts, copy or enter as much information as possible.

That way you don’t have to manually edit new contacts in Xero after the import.

Columns marked with an asterisk are mandatory if you want to approve invoices after the import.

When you copy dates across, use the format day, month and year.

Enter a clear description so you can easily reconcile the transactions in Xero when payments come through.

Next, copy the quantity, unit amount, and tax type across. Ensure the tax type name is exactly as it appears in Xero.

There’s no need to include the total or tax amount, as Xero automatically calculate these during the import.

Lastly, code the item to the relevant sales account in your Xero chart of accounts.

When you’re done preparing the import file, save it as a CSV file, then return to Xero to continue with step three.

Importing the updated template file

Click ‘Browse’ and select your saved CSV file.

Decide if you want to update contacts with the imported address details, this will overwrite any existing contacts you’ve already loaded in Xero.

Also, choose how you want Xero to handle the tax amount.

Check out the amount in your file and select whether it is tax-exclusive or tax-inclusive.

When done with these settings, click ‘Import’ and review the import message.

If there are errors in the file, fix them and try again.

If there are no errors, click ‘Complete Import’ and Xero will import invoices into the draft tab.

When viewing an invoice with multiple lines, you will see the invoice number dates, description, quantity and unit price match the data in the import file and Xero has calculated all the amounts.

The final step is to approve invoices in bulk.

Select them all and click ‘approve’, then click ‘ok’.

Xero then marks invoices as approved and moves them to ‘Awaiting Payment’.

Now, if you view contacts, you will see that Xero has added the contacts from the import file as they did not exist before, you will also have an overview of the amount they owe you.

And with that, you’re done!

Need help with your bookkeeping?

Teri Cotta is joined worldwide by Rosemary Bookkeeping’s network of Xero-certified bookkeepers.

So, whether you need help choosing the right software for you, using Xero or outsourcing your books, our experts can help.

Take the hassle out of your bookkeeping and get the time back to focus on what matters most by contacting your nearest Rosemary Bookkeeper today.

Teri’s Tips: Get to know Xero – The Essentials

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Teri Cotta walks you through the A-X of Xero.

At Rosemary Bookkeeping, we work closely with our friends and partners at Xero to help our clients get to grips with their bookkeeping.

And there is still a lot to get to grips with.

That’s why our accounting crackpot, Teri Cotta, has been working hard to bring you the top tips to be a Xero whiz and understand its processes, from the terribly simple to the terrifically complex.

In today’s Teri Tips, you’ll discover the cloud and explore how cloud accounting software like Xero can help your business.

We’ll look at the main features of Xero and give you some helpful tips to get you started.

And if you’re a visual learner, don’t worry… a full video showing each of these points step by step can be found on our YouTube channel.

What is the cloud?

First things first… what is the cloud?

The cloud lets you store and access your data over the internet through a network of servers.

Instead of a computer drive, you can use software in the cloud from any device with an internet connection.

The cloud is changing how we work, bank communicate, buy and sell.

You might be using the cloud already without knowing it.

What platforms use the cloud?

Let’s look at some common scenarios you might have experienced using the cloud.

Account information only used to be available during bank opening hours, but online banking stores your financial data securely in the cloud to access 24/7.

  • Online communication software (like Skype and Slack): Video chat functions that use the cloud
  • Calls and instant messaging services: These use the cloud so that conversation lines are available whenever you’re online
  • Streaming services (like Netflix and Spotify): Use the cloud to watch films, listen to music and view live events.

Xero is cloud accounting software that lets you access your financial data anytime, anywhere, and on any device with an internet connection.

Cloud-based software – The Pros

Businesses can benefit significantly from using cloud-based software like Xero.

Accessing cloud software through a web browser or mobile app means you can always retrieve your financial information.

  1. Multi-access

Cloud software lets all users work from the same information simultaneously.

  1. Changes are made immediately

There are no discrepancies, and every Xero user has a unique login, so you can easily track who carries out each task.

  1. Cloud software updates are automatic

You’ll never lose time or money to software upgrades.

  1. Automatic version updates

When you log in to Xero, you always use the most up-to-date version.

Data stored locally on a computer risks being corrupted, stolen, or lost.

But cloud software is stored securely and backed up automatically.

If something unexpected happens to your office equipment, you can get a new laptop and be back on the job straight away.

  1. Secure connection

Cloud software connects securely to organisations like banks, bringing the information directly into the software.

Data flow between software applications means reduced processing time and data entry errors.

  1. Automates labour-intensive tasks

Reconciling accounts and chasing overdue invoices are done automatically, freeing up your time to work on your business.

The long and short of it is, that Xero is a complete platform with all the features you need to run every part of your business, depending on your region and subscription.

Xero can even include payroll, expenses or projects.

The main features of Xero

So, let’s do a quick tour of Xero’s main features.

The navigation bar lets you move easily and quickly around Xero.

Create new or find other transactions

Use the ‘Plus Icon’ to create new transactions like invoices or bills directly from the navigation bar.

Search for contacts or transactions like quotes and view notifications to keep up to date with all things Xero.

Custom Dashboard

The custom dashboard shows key business metrics like your cash flow position, outstanding items to reconcile, and upcoming invoices and bills payable.

It also gives you an up-to-date picture of how your business is performing at any time.

Bank Feeds

‘Bank Feeds’ automatically import transactions from your bank or financial institution directly into your Xero organisation.

Thus, removing the need for a manual import.

It helps keep your account current and gives an accurate view of your business’s performance.

Here, Xero shows bank statement lines on the left with suggested matches on the right.

Suggestions are based on existing transactions like invoices and bills, bank rules or previously reconciled transactions.

Click ‘OK’ to quickly reconcile the transactions and update your cash flow.

Invoices

Another way to keep on top of cash flow is to send online invoices with online payment options.

Create professional-looking quotes and invoices and send them when you’re still with the customer.

If you register for your Xero organisation with the global E-invoicing network, you can also send and receive an invoice.

Add your logo and payment details to promote your business brand.

And send the invoice with just a couple of clicks.

Xero lets you know when online invoices are sent, viewed or paid.

Let Xero do the hard work and get paid faster with automatic reminders to help manage overdue invoices.

Just decide when and how often you want to send them.

The more ways and the easier you make it for the customers to pay, the less time you’ll spend chasing payments.

Xero research shows that invoices are paid 50% faster when the business connects to a payment service.

They let customers make secure payments directly from online invoices in just a few clicks.

Collated client details

Add all your business contacts to Xero and keep your supplier and client details in one place.

Create groups to manage your contacts and use smart lists to target clients.

Go paperless and store important documents and business information online in the Xero files library.

With automatic backups, you don’t need to worry about ever losing financial data.

You can even send documents directly to your Xero file library using a unique email address.

Templates and reporting

Every Xero subscription comes with financial and accounting reports and budget templates.

Customise them to show what matters most to your business.

Set the date range, compare periods, and modify the columns to change the layout of a report and then save it as a custom report to reuse later.

Staying on top of cash flow is essential for a business to survive.

Many business functions rely heavily on cash, like paying staff and buying supplies.

Xero analytics makes it easier to make the right decisions for your business.

It has two easy-to-read dashboards.

Use short-term cash flow to spot opportunities and risks ahead so you can act immediately.

Use the business snapshot to track key performance indicators like income and expenses and see how quickly your customers pay you.

What Xero does for you

You’re probably already using software in the cloud, and now it’s time to get the benefits of cloud software for your small business.

Xero affords you:

  • A full picture of your business’s financial information is accessible anywhere, anytime from any device with an internet connection.
  • All the tools you need to run and grow a successful business.
  • Direct bank saves and daily reconciliations for the most up-to-date financial data.
  • Online invoicing and payment services to help you get paid faster and improve cash flow.
  • Insightful reporting that leads to better business decisions.
  • Collaboration with unlimited users, all with a unique and secure login and access.

Need help with Xero?

Teri Cotta is joined worldwide by Rosemary Bookkeeping’s network of Xero-certified bookkeepers.

So, whether you need help choosing the right software for you, using Xero or outsourcing your books, our experts can help.

Take the hassle out of your bookkeeping by contacting your nearest Rosemary Bookkeeper for expert bookkeeping and software support today.

How to create and send an invoice in Xero – Teri Tips

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Teri Cotta shows you how to create an invoice in Xero in just two steps.

At Rosemary Bookkeeping, we work closely with our friends and partners at Xero to help our clients get to grips with their bookkeeping.

But creating new invoices can be a big hurdle when you don’t know how – especially on potentially alien software.

That’s why our accounting crackpot, Teri Cotta, has been working hard to bring you the top tips to be a Xero whiz and understand its processes, from the terribly simple to the terrifically complex.

Specifically, in today’s Teri Tips, we’re walking you through “How to create a new invoice”.

And if you’re a visual learner, don’t worry… a full video showing each of these points step by step can be found on our YouTube channel.

Benefits of invoicing with Xero

Put simply, invoicing in Xero helps you get paid faster.

You know when customers have seen your invoices, and it’s easy to chase overdue invoices.

And you can create and send invoices in Xero in two simple steps.

  1. Create Your New Invoice

In the business menu, select invoices.

Then click ‘New Invoice.’

Or from anywhere in Xero, click the plus icon and select invoice.

Enter the business name.

Either create a new contact or choose from one of the lists.

Xero automatically assigns the invoice number and dates.

Check the default due date is correct and change it if you like.

Enter details in the description, quantity, and price fields.

Be specific so the customer knows what they’re paying for.

Ensure the account and tax rates are correct so Xero can categorise the transaction accurately.

Or, if you’ve set up products and services in Xero, you can choose them in the item menu, and Xero will populate the fields for you.

  1. Send the Invoice to Your Customer

First, preview your invoice to see how it looks for your customer.

Click ‘X’ to close the preview and make any changes if you need to.

Once you’re happy with the invoice, click approve and email.

Confirm the customer’s name and email address and click ‘Send’.

Xero sends the invoice and marks it as awaiting payment. And that’s it.

You’ve created an invoice and sent it to the customer.

Now, you’re ready to tackle the world!

Need extra expert support?

Teri Cotta is joined worldwide by Rosemary Bookkeeping’s network of Xero-certified bookkeepers.

So, whether you need help choosing the right software for you, using Xero, or outsourcing your books, our experts can help.

Take the hassle out of your bookkeeping and get the time back to focus on what matters most by contacting your nearest Rosemary Bookkeeper today.

How to set up your Xero Business Account – Teri’s Tips

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 Teri Cotta walks you through the Xero Business Account setup process.

At Rosemary Bookkeeping, we work closely with our friends and partners at Xero to help our clients get to grips with their bookkeeping.

Starting things is hard, and there is a lot of merit in that adage of nothing being scarier than a blank slate.

That’s why our accounting crackpot, Teri Cotta, has been working hard to bring you the top tips to be a Xero whiz and understand its processes, from the terribly simple to the terrifically complex.

Specifically, in today’s Teri Tips, we’re walking you through how to get started with Xero by setting up your Xero Business Account.

And if you’re a visual learner, don’t worry… a full video showing each of these points step by step can be found on our YouTube channel.

  1. Getting Started – Confirm your details via email

To start, go to Xero.com and try it for free.

Enter your details, agree to the terms and conditions, and click “Get Started”.

Then, Xero should send you an email to confirm your details.

Go to your inbox, find the email, and click the link to get started.

  1. Activate your account with a password and details of your business

Next, enter a secure Password and then click activate your account.

Xero needs a few more details to complete the initial setup.

Begin by entering your organisation name, which Xero will display on your invoices.

Then, check that your country and currency are correct, as once you start the trial, you won’t be able to change this information.

Next, enter what your organisation does.

Start typing your industry and select the best option that applies to your business from a dropdown.

Xero will use this information to recommend connected apps for your business.

Set your financial year-end, which feeds into your reporting.

And finally, select your current accounting solution.

When you’re done, click “Start Trial”.

  1. Navigating the Xero Dashboard

Once you have completed the above, the first thing you’ll see is the Xero dashboard.

First, watch the introduction video to get an overview of the setup process.

As you start to use Xero, you’ll see more information on this dashboard—for example, invoices owed to you.

To manage your trial account, click on the organisation name and select my Xero.

There are a few things you can do here when you’re ready to convert your trial account. Click pay now and follow the steps to buy a subscription.

If you run multiple businesses, you can click “Add an Organisation” to create another Xero account for the same login.

Xero provides each user with their own demo company.

You can use this to practice new skills and try new features.

It consists of test data that resets automatically every 28 days.

It’s also handy to know that you can also manually reset it any time you want.

  1. Accessing Xero Support Features

If you have a question or need support, click the help icon and click any of the links provided.

For example, go to Xero Central to explore help articles.

Alternatively, enter a search criteria and press enter.

If you still can’t find what you’re looking for, scroll down and click “Contact Xero support”.

This takes you to Xero Central, where you can submit a query, enter detailed information, and click Send.

Xero guarantees that a support specialist will contact you within 24 hours.

And with that, you’re all done.

Need expert bookkeeping support?

Teri Cotta is joined worldwide by Rosemary Bookkeeping’s network of Xero-certified bookkeepers.

So, whether you need help choosing the right software for you, using Xero or outsourcing your books, our experts will be able to help.

Take the hassle out of your bookkeeping and get the time back to focus on what matters most by contacting your nearest Rosemary Bookkeeper today.