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Where does Xero get the sales tax figures from? How do I update fixed assets after my financial year end has changed? Where does Xero get sales tax figures? How do I make the most of my Xero Advisor Directory listing? What is the base currency? Xero let me enter a transaction with a tracked inventory item? How do I enter a tracked inventory transaction dated before my tracking start date?

Can I remove my register and start again? How does Xero account for inventory? How does Xero keep track of tracked inventory items? Review and filter reports by tracking category and category option to see the performance of different areas of your business. Once a tracking category has been set up, you can add new tracking options when creating transactions. Under Tracking category name, enter the name of the tracking category. You can track sales at each location by setting up a tracking category with tracking options for each location. Under Reports, select Tracking.

This way, your reports help you make proactive business decisions. In the Settings menu, select General Settings. Add new tracking option. You can have two active tracking categories. Xero uses tracking categories and options instead of department codes or cost centers. You can also add tracking options to the import file when you import fixed assets into Xero. Just select the tracking category when creating new transactions for the contact.

You can set up default tracking options for contacts. Enter your tracking option names under Category options. You can customize specific groups of accounts. This keeps your chart of accounts manageable. Assign tracking options to an employee or an employee timesheet to track payroll expenses by employee groups or timesheets. Assign a tracking option to new transactions such as invoices, bills, quotes, purchase orders, spend money and receive money transactions, and transfer money transactions. View specific data from a tracking perspective. Assign a tracking option when you create a new fixed asset. You can have up to 100 tracking options for each tracking category.

Assign a tracking option to transfers you make between bank accounts. Tracking categories are not designed to be used for job costing. Each user in your Xero organization has a role with different levels of access. Find out how each role works, compare what each role can access in Xero, learn about extra permissions, and how to manage users. Set up tracking categories to monitor different areas of your business When would you use untracked items? When would you use a combination of untracked items and tracked items? You can convert an untracked item into a tracked item, meaning that you change from not tracking quantities and balances to Xero now tracking those values.

Tracking categories are used to review and compare different areas of your organization. For example, an organization which manufactures goods, sells goods before it purchases them, or has other specialized inventory needs. Troubleshooting for inventory When would an inventory app be more suitable for your organization? Buy inventory items only when your customers order them. You can use both methods for your inventory, if that suits your organization. Want Xero to fully account for cost of goods sold.

Can you change the method? That is, you only update your inventory at month end or year end, using inventory adjustments to update your inventory records. You may need to enter an opening balance when you make the change. Has more than 4000 inventory items you want to track. You can manage inventory in Xero in 2 separate ways, or use a combination of both ways. Tracked inventory is not related to tracking categories. You can change a tracked item to an untracked item under certain conditions. Alternatively, for some organizations an inventory app might be more appropriate. Untracked items are goods or services you can specify on transactions such as sales invoices, bills, quotes and purchase orders.

You can track inventory items, leave them untracked, or use both methods. When would you use tracked items? You can choose one of the 2 options for managing inventory, or a combination of both options. Wants to use periodic inventory. For some organizations, an app inventory solution is more suitable. Check out the inventory app solutions available to use with Xero.

Xero to manage and account for inventory. Xero does not track quantities on hand or total value. Requires purchase order receipting. Manufactures goods for sale. Use tracked items when you want Xero to manage and account for inventory. Tracked items are goods where Xero tracks quantities on hand and total value. You might do this to handle shareholder transactions or contra arrangements. This option on an account lets you record payments using accounts other than bank accounts. Under Reports, select Chart of Accounts.

Click the account to open its details. Select Enable payments to this account. The enabled account will appear in the list of accounts available when recording payments on invoices, bills, and other transactions. You can enable payments on locked accounts but not system accounts. Variances can occur if 7 or more digits have been used in exchange rate calculations. Exchange rates from XE. Only the Subscriber for your organization can change pricing plans.

Exchange rate calculations in Xero are rounded to 6 numbers including decimal places. Most reports use this currency. Your base currency is your default currency in Xero. You can also set up foreign currency bank accounts and run reports to keep track of currency movements. Prepayments for payments received are assigned an invoice number, in the same range as invoices. Prepayments for payments made are not assigned a number by Xero. They are ideal for recording deposits. They can be edited on an individual basis.

Prepayments let you record payments made in advance of an invoice being raised for your customer, or bill being received from your supplier. Xero advisors share their triumphs, failures, and learnings on their journey. Get resources and support for building apps and integrations using the Xero API. Get help using Xero, ask questions, and share your experience with others. Find banks from across the globe that connect and provide direct bank feeds to Xero. Get free direct deposit and electronically pay and file federal taxes. Tools for our financial services partners to integrate with Xero.

For content creators, web marketers, bloggers and small business influencers. Get ideas on running your practice in our accountant and bookkeeper guides. Bank Accounts: When you add a bank account, you have to option to show or hide bank accounts on the dashboard. Click on the panel and drag it into the new position. Total cashflow or Total cash in and out: Keep an eye on cash going in and out of your organization. To show it again, in the Help menu, select Show Getting Started. Account watchlist: To display the Account watchlist panel, you need to edit an account in your chart of accounts and select the Show on Dashboard Watchlist checkbox.

Click Edit dashboard at the end of the page. You can customize the dashboard to suit your needs. Links through to the sales dashboard. You can move each of the panels on the dashboard around or choose to hide them. Links through to the purchases dashboard. To hide it, click the close icon. Click Hide or Show to remove or add a panel back to the dashboard. This is based on figures in the Bank Summary report. The Dashboard will display some or all of the following items.

You can choose to hide or show the getting started panel from your dashboard. Select your date range in the From and To fields. Under Financial, select Tracking Summary. The groups you can choose from represent the account types from your chart of accounts, and are the same groupings used by the default Balance Sheet and Income Statement. In the Reports menu, select All Reports. The Tracking Summary Report allows you to report on your accounts from a tracking point of view.

If you are using tracking categories, run this report to generate a list of your tracking options showing the activity in a particular group of accounts for a particular time period. You can only report on one account group at a time. Opening and closing balances are displayed for each category option across all accounts used by that option based on the date range. The balances are based on the financial year to date for revenue and expense based account groups and a balance of all transactions for asset, liability and equity based groups. Click Update to view the report. When viewing the individual account and balances, this is shown as an Account Summary report.

Choose which of your tracking categories you want the report to be broken down by. Foreign currency amounts will be in your base currency and will show the source, rate and date of the rate used. Activity will only display for an option if transactions have been assigned to an account in the selected account group. This will show for Bank Accounts, Current Assets and Current Liabilities. All Reports or Advisor user role to access this report. Select an Account Group and the Tracking Category. Click on any of the balances for expense or revenue account groups to view the individual accounts and their balances. The report will be run based on all the options you have created for the chosen category. If there are transactions occurring in the account group chosen that were not tracked, these are displayed as Unassigned.

The accounts reported on will be all the accounts that belong in that group in your chart of accounts or the groups you have changed or set up if you have created your own layout. You can customize the layout of this report to view the accounts included in each account group, move accounts between groups or create your own groups to contain specific accounts. For any other account groups, click on Opening or Closing Balance. Enter the required search fields. Click on the bank account name. You can use a combination of fields to narrow your search. Go to Accounts, then click Bank Accounts. Mark as reconciled when you see the transaction has been processed through your actual bank account.

Your own accountant or bookkeeper, or one of our advisors can help you with keeping your accounting records. The following can all be imported into Xero in bulk via CSV files. Perhaps your accountant or bookkeeper. If you use invoices or bills, you do need to enter them into Xero first so you can match payments on your bank statement to them. Do you need help? In Xero, copy relevant figures from your Sales Tax Report to the form to submit to your tax authority. Publish your report in Xero to end the sales tax period. Make sure you approve the invoices and bills. Next, you may want to start entering data from your previous systems.

Xero, go to the invoice or bill and enter the amount of the payment onto the invoice or bill and the bank account the payment is from. Click OK to comfirm each match. Xero or how to do any of the tasks described in the Help Center, our Support team can help you. This reloads the Sales Tax Report ready for the next period. Xero from another accounting system. Take a look at our setup guide when creating your organization in Xero. Go to your Sales Tax Report. Find out how to get started on the Importing and Exporting with Xero page. Xero such as deciding a conversion date, entering conversion balances, inviting other users and creating a new chart of accounts.

Just click Contact Xero Support at the bottom of any Help Center page to let us know your issue. We have improved the Account Transactions report. The data displayed in the report is dependent on the accounting basis and transaction type. Click Report Settings to customize your report. Amounts in the Total row are a mathematical sum of the subtotals within each column, regardless of debit and credit values. Contact name displays for account transactions. It replaces the previous Account Transactions report that you may be familiar with. Bills, invoices and credit notes display if the date they were created in Xero falls within your selected period.

Reference field on the source transaction or payment. Expense claims display if the date they were approved falls within your selected period. Select a date range, then click Update to view your report. The report will have subtotals for each account you have selected. Select one or multiple accounts from your chart of accounts. To activate the demo company register or login to your Xero account and navigate to My Xero. Payroll is not enabled by default. Changing the country of the demo company will also result in the demo company being reset. The demo company can be connected to the API Previewer.

Signing up for a Xero account is free. If you have never used Xero before you should go through the Xero demo company guide in order to become familiar with some of the basic Xero features. To connect the demo company to the API Previewer click here and select the demo company, if you would like to enable the Payroll API use this link. The process for connecting a demo company to an API application is the same as with any other Xero organisation. Private application you will need to setup the application as per usual. Payroll is not available in all regions, you may need to change the country of the demo company in order to get access to payroll. Public or Partner application you will need to setup the application as per usual and connect it to your demo company by going through the oAuth process. From My Xero the country of a demo company can also be changed.

Below is a rundown of the key differences between the demo company and a Xero trial organisation. The demo company can be reset at any time. To reset the demo company visit My Xero and click the reset button. Accept online payments by adding a payment service to Xero. When you email an invoice, your customer can view it online and use the payment button to pay you securely using your payment service. Advisor or Standard user role. Overpayments are not payments on intended future work and do not attract tax.

Overpayments are transactions where a customer accidentally pays you too much, or you mistakenly overpay a supplier. You can allocate the overpayment to another invoice or bill, or organize a refund. Enable Mark as Reconciled option first, from the Account transactions tab. When you mark an account transaction as reconciled, we reconcile it with a dummy bank statement line we create for you. Click the question mark icon then select Enable Mark as Reconciled. Click More, then Mark as Reconciled.

Disable Mark as Reconciled option. In the Accounts menu, select Bank Accounts. Enable Mark as Reconciled option, you can reconcile the account transaction. Click the bank account name that includes the transaction you want to mark as reconciled. Select the checkbox for the account transaction you want to reconcile. Select the account the money is going to. Choose the date of the transfer. If you have set up tracking categories, click add tracking and select a category for the transfer. Add a reference to provide further information about the transfer. Click Transfer, then select a transfer option.