Connect2Accountants Blog

A BLOG ABOUT MONEY, ACCOUNTING & FRUGAL LIVING.

Written in Plain English. Better manage your money and eliminate stress.

Using Xero - An Activity for Beginners

Here's an activity that you can do and that probably covers the some of things you need to do to maintain your records.

  1. Add Chart of Account Items
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About the Investing in Property category

This category is for posts relating to investing in property. Things like depreciation, the cash flow return on property etc....

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Using Xero - Difference between Create Transaction and Match Transaction

Be careful with using Xero in that you're not only 'creating' a transaction each time. So for example, if you make a payment at for say, two wooden blocks for $25 in total for work expenses, it is ideal to do the following:

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About the Spreadsheets for Business Accounting Efficiency category

This is where spreadsheet files (xlsx, csv etc..) or links to them can be uploaded and downloaded by community members.

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What's a Deduction?

The tax office says that:

When completing your tax return, you're entitled to claim deductions for some expenses that are directly related to earning your income.

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What's Taxable Income?

Taxable income is the money you or your organisation makes that is ok to be taxed. For example, if you work as an employee selling ice cream , the money your boss pays you for doing your job

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About the Accounting Concepts category

This category is for chat about accounting concepts. For example, what's an expense, why are there debits and credits. If it's a tax related question, put it in the tax category.

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About the Tax category

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About the Accounting Software category

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Using Xero - The Basics, Invoicing & Purchases

This topic will chat about using Xero. Xero is cloud accounting software. I use it to manage my accounts.

Here's a list of doing the basics:

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