What you’ll learn
- Real world Accounting with the best Accounting Software
- Sales and Receivables Management
- Expenses and Payables Management
- Setting up Xero
Technology has revolutionized everything, and, Accounting and Bookkeeping are no exception. Thanks to modern Accounting Software Xero (and few others), the complex accounting entries and jargon like debits and credits are all managed by the system.
- Setting up the Chart of Accounts (the key income, expense, assets, and liability categories).
- Setting up contacts (customers, suppliers, employees)
- Setting up our business branding on Invoices
- Defining opening balances on accounts
- Setting up banks and integrating the bank for bank feed (automatic import of bank statement).
Sales and Receivables Management:
- Creating customers in Xero
- Creating (our business branded) invoices and emailing to customers from Xero
- Follow up customers for payment (from within the Xero)
- Automating the follow-up schedule within Xero
- Sending monthly summaries (statements) from Xero
- Receiving full/partial payments and issuing receipts (payment acknowledgment) to customers from within the Xero
- Reconciling the payments received in the bank (within Xero).
- Running Sales and Receivables Reports and analyzing important bits aging analysis, key customer analysis, trend analysis
Purchases/Expenses and Payables Management:
- Recording bills/invoices/receipts in Xero where payment has already been made.
- Recording unpaid bills in Xero
- Attaching the image/soft copy of the bill with expense created in Xero (to meet the legal requirements).
- Applying full/partial payments to the bills
- Reconciling the payments made in the bank (within Xero).
- Automating the bills data entry using Xero partner add-ons
- Automating the expense recording by creating bank-rules
- Bulk recording of expenses using Xero cash-coding, saving hours of bookkeeping
- Running Purchases and Payables Reports and analyzing important bits aging analysis, analysis, trend analysis
About the Teacher:
- Certified Chartered Accountant from the United Kingdom
- Xero Certified Advisor since 2014
- 50+ Xero, QuickBooks, SAP, and Oracle implementations
- 12 years of teaching experience as visiting faculty
- Ex PwC Consultant
Who this course is for:
- Accounting students, aspiring accountants, entrepreneurs, small business owners
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