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The better you understand just how much the package can do, the more you’ll get out of it, which is why we recommend you explore the free Zero tutorials below. Initially, when you’ve input some data, look at your Balance Sheet, Profit And Loss, Aged Receivables, and Aged Payables. The payroll overview is a comprehensive guide to take you through each step of the setup. You should reconcile weekly, if not daily, to ensure that your accounts are as accurate as possible. Once you have specified the user role and permissions, you can add a personal message if you like, and then click the green Send Invite button at the bottom right.

It isn’t possible to move contacts between the default groups manually, but you can create a new contact group besides Customers and Suppliers. If you’re importing a chart of accounts, the file you import must be a comma-separated values (CSV) file. You can also upload a logo and specify your line of business and organization type.

• The payroll overview is a comprehensive guide to take you through each step of the setup.
• Once you’ve entered an invoice, bill, or credit note transaction for a contact, Xero will assign them into a Customers or Suppliers contact group.
• You can click on any account in the list to learn more detail or click on an account balance to view a list of transactions that use that account.
• It is hosted in the cloud and simplifies the process of managing payroll and meeting your fiduciary responsibilities to stakeholders.

If you prefer, you can import either a chart of accounts from your previous accounting software or your own custom chart. You can import a maximum of 1,000 rows, including the column header. Xero recommends a limit of 699 accounts per company to avoid page loading issues. If your file includes account balances, these will overwrite any existing economic efficiency balances or coded transactions you have in Xero. If you don’t want to overwrite them or you’re unsure, leave the Balance column in the import file blank. This third Xero accounting software tutorial explains, step by step, how to enter or check your business information in the system, from company registration information to logo.

Easily find contact details

Xero is an online accounting software designed for small businesses. If you’re new to Xero, then this guide to getting started should help you quickly get up and running. Read our picks for the best small business accounting software where we ranked Xero as the best platform for unlimited users. Xero accounting software is packed with amazing features that make managing your business finances easy. Only set up payment reminders when you get into the habit of reconciling receipts daily. Chasing payment from customers that have already paid can tarnish your reputation.

• It isn’t possible to move contacts between the default groups manually, but you can create a new contact group besides Customers and Suppliers.
• You can import a maximum of 1,000 rows, including the column header.
• Xero offers apps with a wide range of functionalities from cash flow forecasting, to document management, and many more.
• Xero accounting software is packed with amazing features that make managing your business finances easy.
• Here are 13 steps to get you started using Xero to get a better handle on your finances.

The invite expires after 14 days, but you can resend it if necessary. With the Xero Accounting app, you can do many day-to-day tasks including sending invoices and reconciling bank transactions. If you are switching from another accounting software, then you can import your chart of accounts into Xero, or modify the default chart of accounts.

Step 4: Import Contacts from Another System

Get setup properly at the start and you’ll save hours through automation and personalisation. Our next tutorial is “How to Manage Customers and Send Invoices,” which will cover how to adjust settings for your customers and preferences for sending invoices. To add a new account, simply select Add Account and fill out the required information. You can click on any account in the list to learn more detail or click on an account balance to view a list of transactions that use that account.

If you don’t want to make changes to an account and want it to remain in the company, keep it in the import file. If you delete the account from the file, Xero will archive the account when the files are imported. We offer the most in-demand accounting skills taught by people at the top of their fields. Sign up to learn how to use Xero’s cloud-based accounting software and its many features to handle your finances and simplify bookkeeping.

Set up your financial details

Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you. Give your business partners and admin staff access to Xero to keep them informed and to share the workload. To successfully complete this course and become an Alison Graduate, you need to achieve 80% or higher in each course assessment. Once you have completed this course, you have the option to acquire an official Diploma, which is a great way to share your achievement with the world. This function allows you to keep payroll costs in one place rather than having to pull in information from a separate system.

Explore Subjects Related To This Course

You’ll find that these tutorials are much more useful if you have a copy of Xero open in front of you so that you can follow along with your own data. Access all Xero features for 30 days, then decide which plan best suits your business. Enjoy the freedom to do business wherever you are with easy access to many Xero tools. You can set individual permissions so the people you invite to use Xero can get access to what they need. Once bank feeds begin, you won’t have to download and manually import statements. Here are 13 steps to get you started using Xero to get a better handle on your finances.

You can add, customise, or delete these accounts to match the needs of your business. You can also import your contacts—both customers and suppliers—into Xero. Imported contacts are categorized automatically into the All contact group when first created. Once you’ve entered an invoice, bill, or credit note transaction for a contact, Xero will assign them into a Customers or Suppliers contact group.

She holds a Bachelor’s degree from UCLA and has served on the Board of the National Association of Women Business Owners. She also regularly writes about business for various consumer publications. We recommend working with your accountant to bring account balances from your old system into Xero as conversion balances. Prepare to run payroll for the first time by setting up your organisation and your employees in Xero. Invite your accountant or bookkeeper to work with you in Xero and you’ll be across the same up-to-date figures.