XERO - Become a Master in Accounting

Set up Xero, a cloud-based accounting system, by choosing a starter, standard, or premium package and creating and verifying your account, then explore features like bank reconciliation, invoicing, and expenses.

Learn to create a new company in Xero by inputting Murfreesboro Auto Repair Limited, choosing industry and Singapore, setting year end, and enabling multi-factor authentication with Zero Verify.

Upload and delete files via the files menu, then open organization details. Update display name, logo, organization type, and address, then save changes.

Convert a standard user to advisor to enable date lock options, invite new users, assign roles like advisor or payroll admin, and manage permissions.

Learn to customize invoice settings in Xero with a branding theme, bold format, A4 size, and Times New Roman font size 10. Toggle visibility of item codes and numbers.

Configure email settings by adding or removing sender addresses, set the default sender name, and route customer replies to the chosen email for improved communication.

Explore advanced financial settings, including tax rates, chart of accounts, and conversion balances, then customize currency to SGD, financial year end to 31st December, and accrual tax basis.

Edit standard rated supplies and save; locked rates cannot be deleted, and add tax rates as standard rated sales and zero rated sales to form group tax rate of 18%.

Learn to manage chart of accounts by adding bank and other accounts, organizing by assets, liabilities, equity, expenses, and revenue, archiving or restoring items, and importing accounts from CSV files.

Learn to add opening balances with conversion balances in Xero when migrating from another software, set the conversion date, and verify that debits equal credits in the trial balance.

Record spend, receive, and transfer money in Xero using the plus icon and a checking account, including direct payment, and view balances on the balance sheet.

Learn to navigate Xero quickly using shortcut keys, such as slash plus a letter to open bank accounts, bills, contacts, dashboard, and invoices, and to create new invoices.

Add contacts manually or by import and group them for organization. Manage inventories and opening balances, create invoices from codes, record payments, and set up repeating invoices and credit notes.

Learn to add inventory items in Xero, including codes, names, purchase costs, sales prices, and inventory and cost of goods sold accounts, then import opening balances and manage adjustments.

Learn to create a quote (code) with a customer, items, quantities and prices, set dates and currency, configure tax rates, and send the code to the customer.

Convert a quote to an invoice, move it from draft to awaiting approval and awaiting payment, and record a 90% payment to generate revenue in the profit and loss report.

Learn to create a new invoice, apply discounts and taxes, generate a credit note, and process payments in Xero to manage customer accounts.

Create an invoice for Mr. Jerry, untrack the service item, approve it, and record a payment. Then edit after payment and issue a credit note with a cash refund.

Record a direct payment by selecting receive money, a bank account, and customer details. Set up a repeating invoice every month for six months, with drafts and due dates.

Learn to record prepayment to vendors, create bills against prepayment, allocate outstanding credits, and process payments; then handle overpayment with receipts, accounts receivable, credits, and invoices to adjust accounts.

Learn to record bad debts in Xero by creating a credit note for the bad debt, posting under bad debt expense, and allocating the credit to clear awaiting payment.

Learn to manage bills and expenses in Xero by creating a purchase order, converting it to a bill, creating new bills, recording payments, and handling repeating bills and credit notes.

Convert a purchase order to a bill, create a draft dated 8 February with a 30-day term, approve it, and record a full payment on 20 February with check number.

Create bills with items, apply discounted unit prices, and issue credit notes for returns; process partial payments and reconcile to full settlement using discount accounting and reports.

Create a bill for Kevin, record a payment, and learn how to issue a credit note after payment, including refunds and corrections in Xero.

Create a new repeating bill using the repeating bill format, mirroring the invoice, and record direct payments by spending money with itemized data.

Learn to create expense claims and record payments in Xero, configure receipt analysis and accounts for expenses and mileage, apply tax, and review impact on profit and loss.

Learn to create, edit, and approve mileage and travel expense claims in Xero, including rate calculations and payment steps.

Learn to create bank rules in Xero for bank reconciliation, import statements CSV, and use description-based conditions and contacts like Mr. Lee to allocate line items and generate report.

Learn to reconcile bank statements with account transactions in Xero by importing a bank statement via a CSV template, matching fields, and completing the import to update balances.

Reconcile bank statement transactions in Xero by matching them to account transactions using match, create, and find and match, including transfers and manual reconciliations.

Learn to register fixed assets like land, laptop, motor vehicles, and air conditioner in Xero, run depreciation, and record disposals using chart of accounts and depreciation options.

Run depreciation for Jan 1 to May 31, 2022 and confirm the depreciation expense. Review motor vehicles and air conditioner depreciation details in the Profit and Loss report.

Record the disposal of motor vehicles in Xero, including sale proceeds and loss on disposal, and post the journal entry. Verify depreciation up to disposal date and adjust the books.

Add pay items, set up employees, and record payment for the opening Perron option in Xero, including salaries and wages, CPF employer contributions, SDL employer contributions, and CPF employee contributions.

Set up the June monthly pay run, enter salaries and cpf contributions for six employees, then review gross pay and wages payable in the balance sheet and profit and loss.

Create and manage a project in Xero, set project value, track tasks and expenses, generate invoices (including partial), monitor profitability, and view in-progress project reports and financials.

learn to create and publish a budget using Xero's budget manager with a January 2023 start, apply fixed, amount, and percentage adjustments, and export the budget.