April 8, 2020
5 Coolest Xero Tips | Ecommerce Accounting | Catching Clouds

5 Coolest Xero Tips | Ecommerce Accounting | Catching Clouds


hey it’s patti scharf CPA and co-founder
of catching clouds the leader in e-commerce accounting today we’re going
to talk about zero apparently this week Intuit just raise
their prices on everybody again for QuickBooks Online and the boards were
just on fire all week long with people saying you know maybe I need to give
zero a second look so I want to give you my 5 coolest Xero tips and without
further ado let’s get started number 5 is depreciation so let’s take a look in
here they have a fixed assets module in here when you click in there you can add
any of your assets so anything that is more than roughly $2,500
you really need to capitalize blah blah blah I’m not going to go over that in
this video but I will show you I put in this fake transaction here where we
bought a computer for $2,500 on January 1st and what I want to show you you can
go through you can pick declining balance or blah blah blah whatever you
want to actual days are full month whatever when you register it this is
the part that I think is super cool it is now May no depreciation has been
run we put it in place January 1st if you click on run depreciation and say
you know what I want to run that all the way through May and say confirm it we’ll
go ahead and create transactions in your income statement for every single month
for depreciation without you having to use any kind of brain damage at all so
if you look here at depreciation see it posted it for you
my fourth coolest tip is Bank rules so if you go over here to back to the
dashboard and you’ve got some items to reconcile if you want to see a video on
on reconciling items check out my other video on that here but you just go in to
reconcile them and let’s say you buy from Wilson online periodicals all the
time you can create a spend money rule where any time Wilson
online periodicals comes up you can have it automatically go to a particular
person say hey this is for some cool book I don’t know what they’ve got in
here let’s put it to office expenses that’s fine I usually put a note down
here that that says what it’s for and when you save a bankroll what happens is
anytime these parameters are set and it shows up to be reconciled it will
automatically create the transaction for you see everything’s all cool in here
and everything and you just say ok and it automatically creates the transaction
for you it’s really quick and easy my third cool tip is cache coding so
you’ve got all these transactions you need to get them in there fast they’re
actually pretty similar so let’s sort this by payee and you just select all
these and you say this is for parking and you can code it to parking or travel
or whatever they have in here give it a tax rate which is zero and you can
record all three transactions at the same time you just click Save and
reconcile and boom all those three are done it’s super quick and fast
especially when you have let’s say a hundred transactions two very similar
places do them all at once boom done my second coolest tip is find and recode so
let’s take a look at your income statement let’s say you’ve got some
stuff that’s an automobile that really should be in travel you can go to your
adviser tab go to this cool thing called find and recode you put in the
parameters of what you want to do so we’re gonna say any account that is what
did I say autumn automobile we actually want to move that to travel so it pops
up with any of the transactions that are related to automobile
you can click all of them and you can either recode the source transactions
which changes each one of these individually or you can recoat it with a
a journal entry I usually just do the source code changes change the code to travel you can even add in a region if
you care about that and boom they’re all changed now it may not be a big deal if
you have three transactions but if you have three thousand transactions let me
tell you it will save your life so that brings us to our number one cool trick I
love this this is my favorite trick of all time even seasoned professionals a
lot of them don’t know about this so I’m going to go to this little handy dandy
download that I got from my bank sort of I played with it a little bit but you
can give it an account code we’ll just call it code and you can give it a tax
type and then I’m going to take the CSV file actually I’m going to download it
as a CSV file and I’m going to import that into Xero okay so I’m going to take
this CSV file I’m going to come back to this checking account which has nothing
to be reconciled in here if you come take a look you’ll see the
latest transaction is May 7th this is from another video on clearing accounts
that you might want to check out and we’re going to import the CSV file when
I import the statement it’s going to ask me where I want things to go I’m going
to fill that all out I’m going to have the account goat I’m going to have the
code go to account code the tax type go to tax type all the rest go the way you
would think you can look over here and make sure that it’s all going to come in
the way you expect it to and it does so I’m going to hit save and then watch
what happens all 11 transactions have been entered
into Xero and reconcile so if you have a spreadsheet with all
your different if you have a spreadsheet full of transactions and you just want
to go through and code it all in your spreadsheet and then download it and
import it into here it’s all done check it out
take a look at the account transactions and see all those transactions that I
just imported pretty cool huh I hope you liked this video if you did
please like it comment share and if you haven’t already please subscribe and
I’ll

4 thoughts on “5 Coolest Xero Tips | Ecommerce Accounting | Catching Clouds

  1. Patti, I think you just saved me hundreds of hours. Where would you like me to mail the check? Importing a categorized statement!? Automated fixed asset depreciation!? I had no idea…

  2. The CSV file import with categorization is a super cool trick. This is assuming none of the expenses has been previously entered correct? this is just coding from bank feed.

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