5 Free Xero Training Tutorials
This article is part of a larger series onAccounting Software.
Welcome to the Fit Small Business free Xero tutorials. Whether you’re new to Xero or could benefit from a more in-depth understanding of the software, we have five tutorials that will help you. Each Xero tutorial includes an in-depth lesson, complete with text and images..
You’ll find that these tutorials are much more useful if you have a copy of Xero open in front of you so that you can follow along with your own data.
Tutorial 1: How To Set Up Your Company in Xero
In this tutorial, we’re going to cover how to set up your company in Xero, which includes adjusting your settings, adding users, viewing and modifying your chart of accounts, and importing contacts.
Do you want to learn more about other options? Read our picks for thebest small business accounting software我们将鑫元鸿列为最佳unli平台吗mited users.
Once you have entered your company information, it’s time to adjust your settings in Xero. To navigate to Settings, follow these steps:
- Step 1:Click on the drop-down menu in the upper left corner of the screen and selectSettings.
- Step 2:Click onOrganization Details.
Basic Information & Contact Details
On theOrganization Detailsscreen, you can enter your company’s information, such as name, address, phone number, website and email address, business registration number, taxpayer ID number (TIN), and employer identification number (EIN). You can also upload a logo and specify your line of business and organization type.
Currencies
If your company has international clients, you can add different currencies to your account. To do this:
- Step 1:From theOrganization Settingsscreen, click onCurrencies.
- Step 2:Click onAdd Currency.
- Step 3:Select a currency in the drop-down menu, then click the greenAdd Currencybutton. The most recent exchange rate will be provided by XE.com automatically.
Email Settings
You can also tailor the emails that you send from Xero and specify a reply-to email address. This can be accessed from theOrganization Settingsscreen.
- Step 1:Click onEmail Settings.
- Step 2:Select from the list of eight standard templates by clickingEdit.
- Step 3:Choose the template that you want to change and selectBasic.
- Step 4:This will bring up the template, which allows you to edit the subject line and message.
- Step 5:当你完成了,点击绿色的Savebutton.
Xero allows you to add unlimited users and accountants to your company, free of charge. To do so, your user role must include the Manage Users permission. Once you invite a user, they will be sent an invitation that they need to accept or decline. The invite expires after 14 days, but you can resend it if necessary.
To invite a new user from theOrganization Settingsscreen:
- Step 1:ClickUsers.
- Step 2:Select the greenInvite a userbutton in the upper right corner.
- Step 3:Enter the new user’s first name, last name, and email address. The email address you the send the invite to will be the user’s login email address.
- Step 4:Check theBusiness and Accountingbox and select which features you want them to access, and a user role for each feature.
You will then be asked to specify the permissions for each user you invite. This includes accountants, who will be invited as an Advisor. Available user types include Invoice Only, Standard, Advisor, and Read Only. Here’s a short description of each:
- Invoice Only:This limited role suits users who create quotes and invoices or enter bills, but don’t need access to bank accounts or reports.
- Standard:The standard user has almost full access to Xero, with optional access to cash coding and reports.
- Advisor:Advisors have full access to all areas of Xero. These are the permissions that you will give your accountant. If the advisor is not the subscriber, they will not be able to change the pricing plan or payment details.
- Read Only:These users can view most areas of Xero, but are not able to create or edit transactions, or run new reports.
Once you have specified the user role and permissions, you can add a personal message if you like, and then click the greenSend Invitebutton at the bottom right.
The chart of accounts is a list of all accounts you can use to record your transactions. It helps you categorize your transactions correctly and group similar accounts together to generate reports about your business. When you set up your company, Xero will assign a default chart of accounts. If you prefer, you can import either a chart of accounts from your previous accounting software or your own custom chart.
Add a New Account Manually
To view your chart of accounts, click on theAccountingdrop-down menu at the top of the screen and then selectChart of Accounts.
To add a new account, simply selectAdd Accountand fill out the required information. You can click on any account in the list to learn more detail or click on an account balance to view a list of transactions that use that account. If you have created your own chart of accounts or are using the default Xero chart of accounts, be sure to include all of the active accounts you used in your previous accounting system.
You’ll need to enter the following components to add an account to the Chart of Accounts:
- Account type:Each account has an account type, which Xero uses to determine where the account appears in your financial reports. You can change the account type at any time by editing the account.
- Code:Each account has an account code of up to 10 characters. The code is used to group similar or frequently used accounts together in your chart of accounts. You can use any code for any account as long as it’s unique.
- Name and description:每个帐户鑫元鸿必须有15名0 characters. The account description is optional for all accounts except for bank accounts. Use letters, numbers, or symbols for this account, up to 1,000 characters. You can edit the account name and description if needed.
- Tax:Each account has a default tax rate. When you add an account, you can choose the tax rate for the account. You can change the tax rate on the account at any time by editing the account
Edit an Account
To edit an account, select the account from the chart of accounts that you wish to edit, as shown below. Then, update the information and click theSavebutton to update the data.
Import a Chart of Accounts
If you’re importing a chart of accounts, the file you import must be a comma-separated values (CSV) file. The name of your file should end with .csv or .txt.
When you import a chart of accounts into Xero, it replaces the existing categories exactly as per the import file. It doesn’t allow you to add to Xero’s default chart of accounts with newly imported accounts because all existing accounts will be deleted when you import a new one. If you don’t want to make changes to an account and want it to remain in the company, keep it in the import file. If you delete the account from the file, Xero will archive the account when the files are imported.
You can import a maximum of 1,000 rows, including the column header. Xero recommends a limit of 699 accounts per company to avoid page loading issues. If your file includes account balances, these will overwrite any existing balances or coded transactions you have in Xero. If you don’t want to overwrite them or you’re unsure, leave the Balance column in the import file blank.
To import the file into Xero:
- Step 1:In theAccountingmenu, selectAdvanced, then clickChart of Accounts.
- Step 2:ClickImport.
- Step 3:Since you’re using a Xero accounts template, leaveXeroas the system you’re importing from.
- Step 4:Select whether your file includes balances. If yes, enter your conversion date.
- Step 5:ClickBrowseto locate the saved file on your computer.
- Step 6:SelectImport, then a summary will appear that displays all of the new accounts.
You can also import your contacts—both customers and suppliers—into Xero. Imported contacts are categorized automatically into theAllcontact group when first created. Once you’ve entered an invoice, bill, or credit note transaction for a contact, Xero will assign them into aCustomersorSupplierscontact group. It isn’t possible to move contacts between the default groups manually, but you can create a new contact group besides Customers and Suppliers.
To import contacts into Xero:
- Step 1:In theContactsmenu at the top of the screen, click onAll Contacts.
- Step 2:Click onImport Contacts.
- Step 3:Click onSelect Fileand select your saved file.
- Step 4:UnderOn importing an existing contact(so that empty fields will be ignored), selectBe ignored.
- Step 5:ClickNext.
- Step 6:Review the information you’re importing, and then click Complete Import.
Add a New Contact Manually
When you add a new contact, it displays in the All tab. The same contact also displays in the Customers or Suppliers tab after you enter an invoice, bill, or credit note transaction for them.
To add a new contact to Xero manually:
- Step 1:Click onNew Contact.
- Step 2:Enter your contact’s name. If a contact already exists with that same name, you’ll see it listed here.
- Step 3:Enter your contact’s details, which include the primary point of contact and information, such as phone number, email, website, and street address. You can also enter financial details related to W-9 business classification and a credit limit amount. These details will vary depending on the type of contact.
- Step 4:ClickSavewhen you’re finished.
Bottom Line
You have now set up your company in Xero. Be sure to check out our other four free Xero tutorials. Our next tutorial is “How to Manage Customers and Send Invoices,” which will cover how to adjust settings for your customers and preferences for sending invoices. Read ourXero Reviewto learn more about pricing and features.