Xero - tips and tricks

[Boysground]

Yodlee is the system you use if your bank does not do a live feed. Lloyds in my case don't so I use yodlee. It accesses your bank account and copies the transactions into xero. Most of the time it works with no problems.

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[Dave]

Yodlee is the system you use if your bank does not do a live feed. Lloyds in my case don't so I use yodlee. It accesses your bank account and copies the transactions into xero. Most of the time it works with no problems.

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Thanks, that sounds very good.

How often can it access your account, monthly, daily, or at a time specified by you. We receive a lot of electronic payments so could be good, as some smaller amounts can be missed.

Is it secure? Guess it must be.

 

[Boysground]

You just refresh the bank feed when ever you want. I find it works best doing it out of banking hours. I don't have missed items or double entries then. I like to refresh every weekend but some months if I have a lot happening in will do it once or twice in the week.

You can set your security parameters. I use the bank card reader for yodlee to log on. Hopefully that is a secure as a it can be.

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[Dave]

Thanks for all that, we will have a look, does it cost much?

 

[Boysground]

No cost it's all within Xero. Not near the office so off my head, go to manage accounts and I think 1 of the items is set up bank feed it will be in there. Or search set up yodlee in the help centre. Think it took a couple of days for lloyds to setup their end.

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[Steevo]

You just refresh the bank feed when ever you want. I find it works best doing it out of banking hours. I don't have missed items or double entries then. I like to refresh every weekend but some months if I have a lot happening in will do it once or twice in the week.

You can set your security parameters. I use the bank card reader for yodlee to log on. Hopefully that is a secure as a it can be.

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How so please? I use Yodlee and use the HSBC code maker as that's what online banking also needs to login. I DREAD the day they decide to bring in one of those card reader jobbys.

 

[Steevo]

Thanks for all that, we will have a look, does it cost much?

Yodlee is free with manual refresh.

Xero bank feeds are also possible (cost £3 a month or so), and will auto refresh each day at 10am or a set time chosen by the bank.

I was tempted to move to bank feeds but now cannot see any gain at all to it. I just refresh every few days or so when I remember, then reconcile all transactions in/out of the account.

 

[Boysground]

How so please? I use Yodlee and use the HSBC code maker as that's what online banking also needs to login. I DREAD the day they decide to bring in one of those card reader jobbys.

I was meaning you get the choice of passwords or card reader I didnt really put it well. I have been on a card reader for internet banking for a few years now, it doesnt rally cause any problems. I have no idea if its more secure than using a password though.

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[Pheasant Surprise]

How so please? I use Yodlee and use the HSBC code maker as that's what online banking also needs to login. I DREAD the day they decide to bring in one of those card reader jobbys.

Yodlee is free with manual refresh.

Xero bank feeds are also possible (cost £3 a month or so), and will auto refresh each day at 10am or a set time chosen by the bank.

I was tempted to move to bank feeds but now cannot see any gain at all to it. I just refresh every few days or so when I remember, then reconcile all transactions in/out of the account.

Mixed views here on the usefulness/uselessness of Yodelee as an external developer. When something changes and breaks the bank feeds they can take ages to get it sorted.

If I'm being blunt, it's probably the roughest part of the xero experience which is otherwise quite slick and good.

 

[Jerry]

I just export my bank report from Lloyds as a .QIF file and import it into Xero, never had any issues with that and takes less than a minute.

 

[Clive]

I just export my bank report from Lloyds as a .QIF file and import it into Xero, never had any issues with that and takes less than a minute.

lloyds feeds come in fine and for free via yodell

 

[theboytheboy]

Your phone camera? I use the Xero app and just photo each one. Only takes 5 seconds per invoice. Added bonus is my accountant gets to know the carpet I take the photos on.....so it's added security and nobody can slip anything through!

Just seen you can also use your webcam to take photos straight into Xero.

 

[Steevo]

Just seen you can also use your webcam to take photos straight into Xero.

Why does your accountant need photos of you at your computer when doing the accounts?

 

[Pheasant Surprise]

Why does your accountant need photos of you at your computer when doing the accounts?

Surely its better than webcam photos FROM the accountant. Unless they happened to be female and extremely hot, but I digress....

 

[theboytheboy]

Why does your accountant need photos of you at your computer when doing the accounts?

Helps keep my accounting bill low [emoji6]

 

[ARW]

struggling with the vat return and my accountant it on holiday!

Financed a machine so paid a deposit and the vat of the full price, but I cant reconcile it or it wont show on the vat return as the correct amount vat, I need to create a rule to make it recognise the VAT amount on the payment

 

[Steevo]

Can you do:

One line for the deposit with VAT at 20%.
Another line for the remainder with VAT at 100%

That would get the figures the right way round for your VAT return, and then the accountant can sort the frilly bits out when he gets back from holiday?

@Clive, @sleepy, @Pheasant Surprise, or @Boysground might know the "correct" way to do it though.

 

[ARW]

Can you do:

One line for the deposit with VAT at 20%.
Another line for the remainder with VAT at 100%

That would get the figures the right way round for your VAT return, and then the accountant can sort the frilly bits out when he gets back from holiday?

@Clive, @sleepy, @Pheasant Surprise, or @Boysground might know the "correct" way to do it though.

sort of, created a 100% vat rule but the VAT cannot be more than the unit price of the line which has to be nill or it adds it all up and creates a total higher than the reconcile bank figure.
its very annoying I want to get my VAT done while its wet weather

 

[Boysground]

Just having a look at what i have done in the past. IIRC xero does not do vat only.

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[Boysground]

If I have what you are trying to do correct this should work

Line 1, Total price of machine +vat
Line 2, Less deposit +vat
Line 3 Less total amount of machine no vat, this is the figure that is financed so could show as a loan or in a hp account code.

It should work.
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