Xero - tips and tricks

[Bignor Farmer]

I think he might be using direct feed rather than Yodlee.

So am I

 

[Bignor Farmer]

Also, Xero won’t show transactions for the current day even though they appear when you login directly.

I don’t think transactions are confirmed until midnight.

 

[Pheasant Surprise]

To drop in my two penneth here....having used HSBC feeds using two different setups (a) indirect Yodlee feed and (b) direct bank feed. The Yodlee feed was able to obtain transaction posted in the account on the same day, however you had to manually refresh the feed using one’s code generator device to do so. So a bit of hassle.

Changing to direct bank feeds, the manual refresh is no longer required, however the downside is that the latest transactions imported will at best be from the last business day, not the current day.

 

[Steevo]

So am I

I didn't think there was a "Refresh feed" option on Direct Feeds.

 

[Bignor Farmer]

I didn't think there was a "Refresh feed" option on Direct Feeds.

Mine certainly does. I use it regularly to make sure things are up to date before I reconcile. Perhaps this is a Bankline thing? But Bankline is a Natwest/RBS portal and the only access I have to my business account.

 

[RF accounts]

Hi

Is Anyone using Xero to track running costs (eg repairs) to specific assets? If so, how have you done it please?

Thank you

 

[upnortheast]

Set up a new expense code for " Manitou Repairs " - or whatever

 

[Try to succeed]

Hi folks,

New user of Xero... just been quickly searching the forum to answer my question, but can’t find what I’m looking for..,
How do you all input your self billing invoices for grain sales? I’m asking in relation to being able to claim the VAT back on the levy and weigh bridge. Previously we’d use a contra account but been told we don’t need to do this and to just add a line on the invoice with the relevant vat code. Wondering which option is right?

 

[Dairyfarmerswife]

Hi folks,

New user of Xero... just been quickly searching the forum to answer my question, but can’t find what I’m looking for..,
How do you all input your self billing invoices for grain sales? I’m asking in relation to being able to claim the VAT back on the levy and weigh bridge. Previously we’d use a contra account but been told we don’t need to do this and to just add a line on the invoice with the relevant vat code. Wondering which option is right?

Yes, just add a line on the sales invoice for a negative amount with the relevant nominal code - eg levy, and vat rate.

 

[Bignor Farmer]

As above....
Just copy out the self billing invoice line for line as a sales invoice with accounts to drop the charges into.

 

[Try to succeed]

Yes, just add a line on the sales invoice for a negative amount with the relevant nominal code - eg levy, and vat rate.

Thank you. We thought we were missing something but doing it this way does show up in the VAT audit page. It just seems too simple

 

[pine_guy]

Thank you. We thought we were missing something but doing it this way does show up in the VAT audit page. It just seems too simple

Can’t do it on the app though as it doesn’t have a minus key.

 

[puntabrava]

Need to get a new laptop for this as only have an iPad, any recommendations?

 

[pine_guy]

Need to get a new laptop for this as only have an iPad, any recommendations?

I’ve just got a reconditioned (by Dell) office desktop for £99 from a small local guy that does it as a side line to his web design business. It’s all you need to run Xero. I already had a large screen, which I prefer over my laptop as you can see the detail of the invoice on the side when filling out bill info.
That’s my thoughts.

 

[Pheasant Surprise]

Xero accounts coding question - how do folks code any cash backs received back on purchases from the supplier?

 

[Headless chicken]

I’m struggling a bit with my Natwest bank feed it’s very slow compared to the Lloyds feed. As in a week or so late. I thought it was direct bank feeds that I set up but following a previous link it say I would then have to sign a form etc etc which I definitely haven’t.

Any ideas?

 

[Boysground]

Xero accounts coding question - how do folks code any cash backs received back on purchases from the supplier?

is the cash back on the same invoice? If so another line calling it a discount on the same heading code. I do occasionally get a rebate from a buying group which I guess is cash back (its a payment to me) in that case I just create an invoice using the heading code for each product.

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[Boysground]

Need to get a new laptop for this as only have an iPad, any recommendations?

Xero works best with Chrome, so any computer should run it. As @pine_guy says the bigger the screen the better, as soon as my son finishes uni I will be using 2 27 inch screens.

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[Pheasant Surprise]

is the cash back on the same invoice? If so another line calling it a discount on the same heading code. I do occasionally get a rebate from a buying group which I guess is cash back (its a payment to me) in that case I just create an invoice using the heading code for each product.

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No completely separate. It's a manufacturer cashback, but it has come in via another third party, called Mando. Pain in the arse as they only pay out to a business account in the same name as the 'claim' invoice.

Thinking I can just code it as 260 other revenue with no VAT.

 

[Boysground]

No completely separate. It's a manufacturer cashback, but it has come in via another third party, called Mando. Pain in the arse as they only pay out to a business account in the same name as the 'claim' invoice.

Thinking I can just code it as 260 other revenue with no VAT.

Dont see why not. Its a non vat income, can put in some detail so the accountant can see what it is.

BG