Get help with Xero training course practical tasks, assessments and assignments using MYOB, Xero and QuickBooks Online. Your Xero tutor will help you answer all the questions you have at a time that suits you.
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This Xero Accounting Training Course includes
End of Month, Bank Recs and Journal Entries
A bank reconciliation is performed once all of the Data Entry of transactions have been entered into your software (unless you’re doing what is called Rescue Work or Catchup Work). The purpose of this bank reconciliation is to ensure that your software data matches the information in the real world (ie. your bank account). In the Xero Bank Reconciliation and Journal Entry Training Course we profile a small business startup. The business owner lends the company money for cashflow, buys a car that needs to be depreciated, spends money on advertising and marketing to build awareness, makes some small sales and pays themselves a wage on an ad hoc basis depending on their bank balance.
These business include many trades and professional service organisations like Air conditioning, Plumbing, Building, Electricians, tilers, painters, audio visual, security and monitoring, and more
Xero Bank Reconciliation & Journal Entries Training Course
Loans from the business to owners and directors requires it’s own compliance checks, but in this section of the course we’ll include the transactions and code you need to enter to keep a record of funds loaned to the business, The purpose of this workbook is to take students through common entries that occur on a one-off basis and that are not normally part of the quoting, invoicing and payment entries that occur in the Xero Daily Transactions Course. This course contains a bank statement where you’ll need to enter and code the transactions then run a bank reconciliation to discover that there are omissions and errors that you’ll need to fix – you’ll get to see what this looks like and then edit and enter the correct transactions and complete the reconciliation.
It is at this stage that you will enter:
- Direct debits that come out of your account automatically
- Interest charges or payments
- Capital purchases and payments
- Merchant and bank charges
- Find duplicates or omissions
- Correct existing data
- Locate and correct amounts that are a couple of cents or dollars out because they’ve been entered incorrectly
Technically the bank reconciliation stage is also where most strict accountants, bookkeepers or accounts managers will demand to see evidence of your purchases in the form of a receipt or tax invoice.
Bank Reconciliation — Loan Account
- Creating a loan account
- Transferring loan funds
- Transaction details and accounts payable
- Setting up accounts payable
- Linked accounts, and
- Editing or deleting a transaction entry
Bank Reconciliation — Entering Transactions
- Creating customer cards
- Creating inventory items
- Entering a sale and payment
- Spending money
- Receiving money from a client
- Reconciling your bank accounts to your bank statement
Bank Reconciliation – International Credit Card Payments
Often the service in overseas countries is cheaper or better or there simply isn’t an available comparative product in Australia so we pay for overseas services. When we do this we don’t pay GST and we incur credit card charges. You’ll learn how to manage
- journal entries
- GST and tax coding, and
Handling Basic Payroll Transactions
If you are a small business you may pay yourself, your partners or even casual workers adhoc amounts each week or month. These transactions need to capture the right codes and also be included in your bank reconciliations. As long the correct amount of tax is paid and the employers’ obligations are met then the business owner is doing everything right. We’ll show you how some small companies manage these transactions.
Purchasing Assets – Company Asset
There will be times when larger equipment is purchased and it’s paid for from your operating cash flow. In this situation the asset isn’t written off as an immediate expense but depreciated every year for a certain number of years. You’ll learn how to code this type of transaction correctly.
Detailed and Practical Xero Beginners Training Manual
This Xero One to one tutoring and training package includes a training manual that is packed with practical tasks and exercises that you can perform using sample data.
The Xero Rescue Bookkeeping and Bank Reconciliation training manual exercises will give you practice for most of the daily, data entry that accounting staff perform for a business in accounts payable and accounts receivable.