Account type (e.g., sales or current liability).If you are adding or editing accounts, it is important to get the following settings right: You can update the Chart of Accounts in the General Settings / Chart of Accounts area in Xero. As a result, reports won’t be as clear about how your business is performing. If you don’t have them set up with the right names, you run the risk of items being incorrectly coded. I prefer to only have accounts within the Chart of Accounts, where we are reporting on these items separately.įor example, I like to have one line called “office expenses,” and some other key expense lines might be: For example, office expenses, printing and stationery, subscriptions, general expenses, and light and power. So, it doesn’t make sense to have 5 different lines for office expenses. Most of Bean Ninjas’ clients are online businesses like coaches, consultants, info products, e-commerce, SaaS, and others. It’s pretty common for users to forget that they have the option to customise it to suit their business. Xero comes with a standard Chart of Accounts.

For example, telephone expense is an account within the Chart of Accounts. The Xero Chart of Accounts is a list of all of the accounts hat transactions can be allocated to. Not Setting Up Your Xero Chart of Accounts Properly To set this up, you will need a Payment Service.We recommend using both PayPal and Stripe, which can be quickly configured via Settings / General Settings / Payment Services. This reduces the risk of being paid late or not at all.

They can also use the payment button to pay you online immediately.

You can email an invoice to a customer.

It’s a no brainer to accept online payment, and it’s a 5-minute job. Not Allowing for Immediate Online Paymentīy default, invoices sent by Xero cloud accounting software won’t be able to be paid online immediately.

Failing to Lock Dates for Previous Financial Periodsġ. Not Following Up Unpaid Invoices Automatically Incorrectly Configured External Payment Gateways Not Having Multiple PayPal Accounts Setup Not Allowing for Immediate Online Payment

Cost of xero accounting software