How to Manually Enter Bank/Credit Card Transactions in Xero (Spend/Receive Money)

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In the next screen you want to choose the bank account that the money.
To field you want to go ahead and pick the payee from the drop-down or include them.
This icon up here enables you to attach a scanned copy of a.
receipt or other documentation documents support your transactionDeal When you have conserved the transaction you need to receive a notification similar to this.
Deals.

Video Transcript:

Invite to the Fit Small Business
Xero training course. In this lesson we'' re going to cover how to manually get in bank and charge card deals in Xero. To follow along with me, login to your Xero account now or click the link below this video for a totally free 30-day trial of Xero. You can also click this link to access a complete Xero course and other handy resources. Let'' s start. As you learned in the previous lesson, certain deals need to be gotten in into Xero prior to reconciling your bank and credit card accounts. For instance invoices and bills should be gotten in prior to fixing up so that you can easily match them up with the corresponding deposit or check deal downloaded from your bank.In this lesson we'' re going to cover deals that are not related to billings or bills and thus can be entered prior to or throughout the reconciliation process. These deals fall into one of three classifications: spend cash transactions, receive cash transactions, and bank transfers. Let'' s discuss when to use each deal and how to tape-record the deal in Xero. In general, you need to use an invest cash transaction to tape money invested that is not related to an expense, a bank transfer, or an expense claim. To find out how to handle money spent to pay a bill or an expense claim, head over to the previous lesson: How to Reconcile Downloaded Bank and Credit Card Transactions.You can click here to gain access to this lesson. Bank charges, payments made by means of check, ATM withdrawals, and debit and credit card purchases, are simply a few of the kinds of deals that should be gotten in as invest money in Xero. For example if you use the business credit card to buy lunch for the workplace, this would be an invest cash deal. If you utilized your individual credit card, this would be an expense claim.You can click on this link to access our How to Handle Expense Claims lesson. Let'' s proceed and get in a spend cash transaction into Xero. From the Xero dashboard you wish to proceed and click the plus sign here, right listed below your name, and after that let'' s go on and select invest money In the next screen you wish to pick the bank account that the money.
A direct payment is a payment made for product and services that you received.
For example office supplies or in this example, parking fees. A prepayment is a.
payment that you'' ve made in advance of getting products or services that you'' ve. acquired. For example a deposit made to protect a catering service for an office party would.
be a prepayment.Xero permits you to apply the prepayment to a future costs, or reward.
If it is a refundable deposit, it as a refund. An overpayment: if you paid more.
for services or items and you were supposed to, you can enter this.
deal and reconcile it to the refund or the credit note that you.
gotten from your supplier. We'' ll go ahead and choose a direct payment
. In the. To field you want to go ahead and choose the payee from the drop-down or include them.
, if you have not set them up in Xero.. In the Date field you wish to go into the.
date of the transaction for the payment that was made. The Reference field is an.
optional field. In this field you can get in a referral number or any.
additional details that you'' d like to.If the payment was made by check, you.
might in fact enter the check number in this field. And then you wish to go ahead.
and mark this box here that states Pay by check. Item: if the payment was made to.
acquire a stock item, choose the item from the drop-down field. If you.
have not set the item up in inventory, you can do so here by clicking the New.
Product choice here. The Description field will automatically occupy if you did.
select an item here in this field. Otherwise you can type a description.
so that you are mindful of what this purchase was for. Enter the amount of.
products that you bought in the Quantity field. , if a service was.
.
bought, go into a quantity of 1 as we have performed in this field. And then go.
ahead and key in the Unit Price in the next field here.Account: select on the.
drop-down the account that you desire to categorize this expense to. For more information.
about accounts examine out our How to Set up a Chart of Accounts lesson. You can click.
here to access this lesson. Region: region is a kind of tracking category. If.
you wish to track earnings and expenses by department, area, sales rep, or another.
method, then you want to choose the tracking category from the drop down.
here. To learn more about how to set up tracking categories,.
have a look at the Organization and Financial Settings lesson. You can click on this link to.
access this lesson.The Amount field will automatically be populated by Xero by.
taking the quantity column and increasing it by the system rate that.
you suggested. This icon up here enables you to attach a scanned copy of a.
invoice or other documents to support your transaction. Please note.
that you can utilize Xero files to help you remain organized and gotten ready for tax.
season. The Tax field: from the fall you wish to pick the appropriate tax.
rate if suitable. Have a look at our Sales Tax lesson to find out.
more about how to establish a report and pay sales tax. You can click here to access.
this lesson. You can flag it as a.
Billable Item here if you bought something for a client. Click this link to pick the consumer that ought to be.
billed for this item later on. Lastly don'' t forget to conserve your work. When you have saved the transaction you ought to get a notice similar to this.
one here.Now let'' s talk about receive money transactions. In basic you should.
utilize a receive cash transaction to record money, check, or other deposits not.
associated to a invoice, transfer, or refund. , if you get payment at the exact same time.
.
that you make a sale to a consumer, then you will likewise tape a receive cash.
deal. This is comparable to recording a sales invoice in QuickBooks. To discover.
how to manage money receipts for a transfer, billing, or refund , head over to.
our previous lesson: How to Reconcile Downloaded Bank and Credit card.
Deals. You can click here to gain access to this lesson. Tax refunds customer.
deposits, and interest made, are simply a few of the types of transactions that should.
be treated as received cash in Xero. Let'' s go on and enter a receive money.
deal. Similar to the invest money deal, you wish to click the.
plus sign here once again at the top and this time we'' ll choose receive money.
We ' ll go. ahead and select the savings account that we received the cash or the deposit into,. and click next.And here are the fields that we need to finish for a receive.
money deal. In this very first field we need to choose from the same kinds of.
We'' ve got direct payment, a prepayment, or. In this situation a direct payment could be a payment that.
or possibly maybe a tax refund that you received, or interest made from a savings.
account. A prepayment can be a deposit that you got from a consumer for.
items or services that you will supply sometime in the future. And an.
overpayment is if a consumer occurs to overpay you you, can enter this.
transaction and reconcile it to the credit or the refund note that you sent out.
to your customer.So we'' ll proceed and go into a prepayment transaction here.
In. this very first fuel you wish to proceed and pick the customer or provider contact.
that you received the payment from. If you have not set them up in Xero then you.
can do so in this screen by typing the contact name and selecting New Contact.
Make sure to have a look at our lesson on How to Set Up Customer Contacts and.
Providers to find out more about how to handle contacts. You can click on this link to access.
this lesson. Proceed and go into the date that you got the cash in this field.
here. The Invoice # field will automatically occupy if the deposit.
type is a customer or a prepayment deposit. Please keep in mind that this field will.
not stand for the direct payment or the overpayment choices. The Reference.
field is optional, this is the field where you can enter any extra.
details: an order number, or any kind of reference document.
info you'' d like to include in this field. Branding: Xero will.
instantly populate this field with the default branding template you are.
set up for invoices. If you are, please keep in mind that this field will only appear.
recording a prepayment or client deposit.
Description: you wish to get in the description of what the deposit was for.
in this field here.Enter the amount that was purchased in this field if.
appropriate. For Unit Price you wish to enter the unit price or the overall quantity.
that you received. The Account field allows you to pick the account where.
you wish to classify the expense to. Please keep in mind that you ought to establish a.
separate account to track client deposits or prepayments. If you take place.
to use the default chart of accounts supplied by Xero, then the prepayments.
account is already established for you. To learn how to include, modify, and erase.
accounts, examine out the How to Setup a Chart of Accounts lesson. You can click.
here to gain access to this lesson. For the Tax Rate field you wish to go ahead and.
If relevant, select the proper tax rate. Have a look at our Sales Tax lesson.
to get more information about how to set up, report, and pay sales tax.You can click on this link to.
gain access to this lesson. Region: area is a tracking category. If you want to track.
income and expenses by department, place, sales representative, or another technique,.
choose the tracking category from the fall. To discover more about how to set.
up tracking categories, take a look at the Organization and Financial Settings.
lesson. You can click on this link to access this lesson. Xero will go on and.
automatically calculate the amount for you in this column. Similar to spend.
cash transactions you can likewise connect supporting documents such as deposit.
slips, or perhaps a copy of that tax refund check to your transactions here.
Lastly wear'' t forget to conserve your work. Among the most common.
transactions that company owner will do is transfer cash between company.
savings account. To tape-record a credit card payment in Xero, you would also create a.
transfer from a checking account to the credit card account that you want to.
make the payment to. Xero makes it really simple to tape-record transfers and charge card.
payments between accounts that have actually bank feeds set up.To record the transfer.
in between bank accounts, let'' s go on and stroll through those actions now. Let''
s go. ahead and click on the plus sign, and all the way at the bottom we'' ve got transfer.
money. Here are the fields that we require to complete for a transfer cash.
transaction. In the first field we wish to proceed and pick the bank account.
that you are withdrawing the funds from.And in the To field we will pick the.
account that we want the cash to be moved to. The Date field ought to be.
the date that you actually prepare to make the transfer with your bank. And then the.
Amount field. If the, it likewise may be valuable to finish the reference field.
transfer is for a specific purpose. You can likewise utilize this field to record the.
transfer transaction number must you go on and make a transfer online.
perhaps with your bank, and even be a telephone. When you'' ve completed all.
of these fields you can proceed and move forward with the transfer.And then.
you need to see a transfer effective alternative here. That wraps up the lesson on.
how to by hand get in bank and credit card deals in Xero. To access our.
full Xero course or any of the other lessons in this series, click this link.
You can also discover a link listed below this video for a totally free 30-day trial of Xero. If.
you have feedback about this course or if you have any concerns, please leave a.
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