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Correct, detail is important as is providing a receipt and it having a link to the business related activity.

Xero's bank rec is perfectly fine, get used to the differences and you'll see we use MYOB, QBO and Xero and reconcile in all three there's just different pathways.

@@TallBooks yes I like it now

Assuming the detail is not required, you can simply total by category and enter the lines as required instead of every line, then leave the details for the attachment. You can then check back against GST and totals on the invoice to the summarised lines in Xero.

Have a look at our new payroll series, you can update this under Payroll>Employees>Click into employee>Payroll template>Update details here.

If you're an employee being paid via payroll with wages YES. You'll need to register for PAYG with the ATO first or via your accountant, then tick the quarterly PAYG withheld option in Xero. If you're just drawing dividends/loans/directors fees then no that's outside of payroll and tax is paid at EOFY.

Hi Kim, there isn't but you can run the reconciliation report at the end of the month and compare balances, then click the arrow to view the statement which allows you to see each transaction to compare.

@@TallBooks Thank you, I will give that a try!!

I have one other question (sorry), when you're in the reconcile screen and there is a deposit (received) transaction, suppose that transaction is made up of 3-checks that were deposited. Is there a way to itemize all three of the checks for this one deposit (who they were from, what they were for and how much)? ie... Deposit made for 2,500.00 - consisted of 3 checks from customers 1- from Joe Smith for $1,000.00 - 1- from Bob Jones for $800.00 and 1-from Tim Hall for $700.00. How can I show who paid and to what account to post it to?

You'd need to raise three receive money's outside of the reconciliation screen, all dated for the same date and into the relevant account. That will allow you to them select each one using the match option when reconciling. If not needing contact for all and just a single contact, you can instead use create and then click add detail and put in three lines. For full detail I'd suggest raising a receive money x 3 by contact for the same date then matching them to the deposit in the bankfeed.@@KimJameson

@@TallBooks Thank you again!!

They've now updated the headings, they change things quite often, Business has everything related to sales and bills, accounting is for reporting and journals, chart of accounts, contact is customers and suppliers

Hi Rachel, my pleasure. Items are used for inventory or shortcuts. You can set-up items for common services to save time or for inventoried/non inventoried items. If you are simply adding a service charge or non inventory related charge then you may wish to ignore the item column and use the description

My pleasure, if your business is not registered for GST then you can simply edit your settings to show you are not registered for GST under financial settings (Settings>Advanced settings) then the tax code column will no longer be available. Otherwise if manually doing so everything should be entered as the total using BAS excluded as GST does not need to be split out

Good question. The answer is GST Free, they are still included in the BAS as a purchase, however, they are treated as GST free. (BAS Excluded is used for purchases outside the GST system typically such as wages, loans, director contributions)

Hi Elisa, you'd need to open the credit note and then go to options and remove and redo it. This should remove it. Whatever originally created the credit note should then appear back on the bankfeed. Refunding it simply allocates the credit note.

@@TallBooks Thank You! 😀

First make sure the supplier credit note is assigned to the same supplier name as the original bill. Once approved it'll recommend applying to a bill. You can either apply directly by opening a bill or pay a cash refund. Another option you have is in the bill itself under options you can raise a new CN.

Hi Chris, the way a transaction comes in or goes out is the way it's reversed. So for example if you charged GST then you refund GST and vice versa.

It does, just use the top line and enter the total into that line instead of adding 50+ items. If you want to enter individual items then you need to itemise if you're not using inventory then don't both, copy description into first box and then total price is the total.

In Xero this code is called 'BAS Excluded' but it's the same principle. Used for items not related to goods or services, such as loan repayments, owner contributions/withdrawals, payroll transactions etc.

Hi Lee, are you the only user of the file? Most likely you need your access updated to have 'payroll admin' ticked. Check under the top left menu (business name) then settings>users.

I'm not sure that Xero automatically allows that, you can set-up different tax codes but not link them to different liabilites, in which case you're better to journal the amounts manually if required.

Hi Carlo, that's definitely incorrect. GST is not part of the PnL, the PnL should show the expenses net of GST with the GST calculated and kept on the Balance Sheet GST account.

Awesome work!

Not sure what you mean by Xero won't map it. What's the error you're experiencing? This video was recorded years back I will do some refreshers later this year.

Hi Farzeen, you shouldn't be journalling payroll in MYOB Essentials. The default payment account for wages is under settings (have a look) and then you just allocate the wages as a match, or change the payment account to a clearing account so you can use this to allocate wage payments to.

Hi there, sorry can you please clarify which type of expense you are trying to categorise?

@@TallBooks Thank you for your attention to this. References and Reference are already reconciled.. I don't know about the guest talk and card refund. They are both money received.

@@frahmarielibag3118 Refunds are coded back where the initial expense went. So for example if the card expense was to office expenses. Put the refund back against office expenses. For Guest Talk if it's money earned it should have a revenue code you can use. If it's a regular income and you don't have one set-up go to the chart of accounts and make a new income account. If not use other income

@@TallBooks thank you so much!

If I understand correctly you want to split an expense into multiple lines. To do this on the banking screen you click the create tab on the right and then add details in the corner of the create tab, this opens up the transaction so you can add multiple lines. (Only necessary if you want to split an expense between multiple categories)

Hi Bronson, you can definitely give it a try. Start with our bank reconciliation videos then watch the BAS and you should be fine. If you want to book a training session or have us review it just shoot me an email.

@@TallBooks thank you I will see how I go and get back to you. Cheers

Hi there, yes that's correct. As you've alerted Shopify with your abn they will now exclude GST from the price and you can mark the fees as GST free purchases.

Yes, run it for the full year in the date section.

@@TallBooks Could you please tell me what field represents the annual revenue in yearly profit and loss report?

Also how can I find book on debt value from xero?

Hi Pablos, you'd need an add-on in xero there's only workaround, unfortunately this isn't part of the core product

@@TallBooks projects?

@@pualo9263 this may allow for it but not included in standard Xero

@@TallBooks do you do one on one phone tutoring? or do you have a course?

@@pualo9263 Hi Pablos, we offer 1 on 1 coaching. Either message via our website or info@tallbooks.com.au and I can give you some more info.

My pleasure, glad you enjoyed!

lolol

Hi @Varsha this is an Australian tutorial, you'll be able to find an equivalent or similar in the UK version most likely, otherwise refer to online notes.

Have you set-up a deduction pay item in Payroll settings>Pay items. That can be linked as pre-tax and set to specific account.

@@TallBooks I do have a deduction pay item linked to a new suspense account (Liability). But that's where my knowledge falls short. My understanding is a suspense account is temporary and I don't know what to do with the balance - that is, how do I clear it?

@@jt6553 Where did you code the original purchase? It can go against this if they are paying it off. For example the amount could go to suspense, then the employee pays it off against suspense netting to zero?

@@TallBooks The employee salary sacrificed the full amount instead of paying it off but I will look at that in future. In this case I linked the salary sacrifice pre-tax deduction to Wages and Salary and this seems to work. Thank you Sam

Hi Alexie, easy to fix! Go to the bank transactions screen and toggle the option to all transactions or allocated. Source the one you've mistakenly coded and just click into the area with the account selected and type over it. Another option is to run a general ledger report and find the account in question open the transaction and edit.

@@TallBooks Thank you for your response, so in general ledger, to edit it I will just select it and click the replace button? What will be the implications if I will first delete the created allocation transaction? Because, after unallocated it, I can still see the transaction created, then when I opened the created transaction from erroneous allocation, I see a delete button, but I am not deleting it yet. Thanks in advance.

@@alexiequesea8778 You can delete the associated spend/receive money then reprocess no issues. There should be a correlating bank transaction to allocate.

@@TallBooks Oh ok... Thanks for your help. Regards.

No worries, click into their pay template tab then click into the earnings hyperlink they have currently. You should be able to click salary instead of enter rate and then it changes. If you can't see it just remove the current ordinary hours and then add a new and select salary. You can then enter the salary and hours per week.