Correcting Bookkeeping Errors in Xero

By | May 1st, 2020|Accounting, Xero|

Even Xero, one of our favourite accounting apps, makes mistakes sometimes. Because of this, it’s important to check your books, even if you’re using automatic bank feed downloads. There are many parts of the Xero bookkeeping process that are manual, so human error is still a possibility.  Because Xero uses live bank feeds, you can’t simply make a journal entry to the bank account to fix errors. Here are three ways to correct bookkeeping errors in Xero. The method you use will depend on what the error is.   Delete Sometimes Xero shows duplicate transactions coming from bank or credit card feeds. [...]

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Using Xero’s Cash Coding Feature to Save Time on Your Bookkeeping

By | January 18th, 2020|Accounting, Xero|

Innovations in cloud accounting have made bookkeeping a breeze. At Virtual Heights Accounting, our favourite accounting app is Xero. You can do everything from invoicing to producing professional financial reports. It’s also easy to keep your records current.   Not only can you link your business bank account to Xero, but you can also do a number of additional things in Xero that further speed up the bookkeeping process. One of those tweaks is using cash coding.  What is Xero’s cash coding? The cash coding feature in Xero allows you to process bookkeeping transactions in bulk. The screen is more compressed than [...]

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Getting your Personal Finances in order with Xero

By | November 12th, 2019|Uncategorized|

Have you ever thought of using Xero to manage your personal finances? Well you are not alone. I have a few clients who have loved Xero so much that they have decided to us it to manage their personal finances as a personal finance app. If you have decided to do this, I have a few recommendations on how to optimize what you are getting from it. Talk to your accountant about a reduced price plan. Xero partners have access to accounts not available to the public which have reduced functionality but may fit your needs. The basic Xero account is [...]

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How to Check Your Published Reports in Xero

By | April 12th, 2017|Xero|

As part of our bookkeeping packages, Virtual Heights Accounting will "publish" your monthly, quarterly or yearly reports in Xero for your viewing. This 2 min video shows clients how to access these reports from login to the Dashboard to viewing and downloading the reports (if desired). If you do not know your Xero login, you can contact info@vhaccounting.ca or your Virtual Heights Accounting contact. We will ensure you are set up. If you have forgotten your password, you can also click "Forgot Your Password?" at login to initiate the reset process. https://youtu.be/oziyjpZhUK8   Virtual Heights Accounting is a CPA and business coaching [...]

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Making Billable Expenses Work for You Using Xero

By | January 31st, 2017|Uncategorized|

Billable expenses are when you pay for services or products (expenses) that you then invoice to your customers. Using billable expenses as part of your accounting and invoicing software can help you ensure you don’t miss out on getting reimbursed for these costs. This discussion will be based on using Xero to track this but many other accounting software also have this option. This can be great for a variety of businesses. I have seen it work wonders for contractors but I have also seen it in professional service businesses. The bottom line is if you have a contract or agreement [...]

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