Xero Accounting Solutions To Complex Problems
This project is where we have sought to aggregate what are in our view “ass kicker” solutions to solving complex problems in Xero.
Update multiple chart of accounts details – Change any chart of accounts detail in bulk by exporting the chart of accounts file from Xero, modifying it following these steps, then importing it back into Xero. You’ll need to make sure you don’t change the Code and Name column together, otherwise Xero will archive your old account and create a new one.
Manage a trust account in Xero by setting it up as a separate Xero organization, or adding it to an existing organization. If you choose to use your existing organization, you can either create new accounts in your chart of accounts, or use Xero’s tracking function.Alternatively, you may wish to consider using an add-on partner for your trust account requirements.
When you are operating a number of different businesses you may need to transfer money between your businesses and then record this in Xero.
Record your clients’ accruals movements for system account accruals including accounts receivable, accounts payable and wage payable.
Accounts receivable, accounts payable and wage payable are default system accounts:
- Xero automatically creates default system accounts for specific reporting or accounting purposes, and you cannot post manual journals to them. They will always balance and equal the sum of the approved invoices, bills or wages payable.
- You’ll need to add a secondary account for each system account that you want to journal to. You can then add the manual journals and customize the Balance Sheet layout.
Although you can’t post a manual journal directly to a bank account in Xero, there are three ways to achieve the same effect.