Invoices, statements, PO's

Question 1

PATHWAY: To create the invoice for the group invoices is?

Answer 1

Business tab > Invoices > select Club Members from the New Invoice drop-down list:

Question 2

What can you change on a custom invoice?

Answer 2

1) invoice branding theme name,
2) your logo
3) whole new templates, in any language

Question 3

To edit the branding theme go to?

Answer 3

Company tab > Settings > Features section > Invoice settings. Find the theme you want to change. Select Options > Edit.

Question 4

Edits to branding themes will affect?

Answer 4

all draft documents that use this theme.

Question 5

How many Statement types are there in Xero?

Answer 5

Two. Activity and Outstanding

Question 6

What does an Activity Statement show us?

Answer 6

Activity statement shows us all transactions on accounts whether paid or not. it’s a complete breakdown

Question 7

What does the outstanding statement show us?

Answer 7

Only the amount outstanding that need to be paid. not invoices already paid

Question 8

PATHWAY: To send an individual statement?

Answer 8

Contacts > Customers. Search for your customer then click on their name. Click on Options and then select Send Statement.

Question 9

access the statements section by going to?

Answer 9

Business > Sales overview > Send Statements

Question 10

Once an invoice is approved in Xero, it will move to the?

Answer 10

Awaiting payment tab

Question 11

What colour is the awaiting payment tab usually?

Answer 11

blue to indicate that there are amounts due

Question 12

When you click on the awaiting payment tab, you will see? what

Answer 12

a listing of all the sales invoices outstanding

Question 13

What is the Pathway to overdue accounts list?

Answer 13

PATHWAY: Business > Sales overview > Overdue.

Question 14

To bulk print the overdue invoices, select the invoices from?

Answer 14

the overdue screen and then click the Print button.

Question 15

Three methods for selecting multiple customers are:

Answer 15

1) Tick the top checkbox which will select all invoices.
2) Individually tick the relevant checkboxes on the left-hand side.
3) Tick the checkbox for the first customer, hold the Shift key down and then tick the last customer. This action will select all customers in between.

Question 16

Pathway to create Quote is?

Answer 16

PATHWAY: Business > Quotes > +New Quote.

Question 17

Once a quote is made should you approve the quote?

Answer 17

Do not approve it at this stage in case you need to make alterations to the quote before you finally invoice the customer. only approve once customer agrees to it.

Question 18

Where are a few places in Xero where you can create a credit note from with in Xero?

Answer 18

1 ) An awaiting payment invoice or bill

2) The Sales or Purchases overview
3) A contact’s details
4) By copying an existing credit note.

Question 19

If you haven’t sent the invoice to your customer but need to correct an error what can you do?

Answer 19

you can edit the invoice instead.

Question 20

What should you do If you need to make a correction to an invoice you’ve sent?

Answer 20

Add a credit note to that specific invoice

Question 21

How do you add credit note to invoice awaiting payment (open invoice)

Answer 21

Business>invoices>awaiting payment tab> find invoice> select invoice options>apply credit

Question 22

Pathway to add a credit note to a bill?

Answer 22

Business > Bills to pay > open the bill and under Bill Options, select Add Credit Note.

Question 23

To view the Inventory Item Summary Report go to?

Answer 23

Accounting > Reports > Transactions section > Inventory Item Summary.

Question 24

With tracked inventory, Xero keeps track of?

Answer 24

quantity of items on hand, and calculates their value using the average cost method.

Question 25

With untracked inventory, what does Xero record and not record about these transactions?

Answer 25

purchases and sales, but does not keep track of quantities or values on hand.

Question 26

Once an inventory item is tracked, it cannot be?

Answer 26

Untracked

Question 27

To access the inventory go to?

Answer 27

Business > Products and services.

Question 28

To view the Inventory Item Summary Report go to

Answer 28

Accounting > Reports > Transactions section > Inventory Item Summary.

Question 29

Foreign exchange rates are retrieved from where and when?

Answer 29

XE.com hourly

Question 30

can you Add a default foreign currency to a specific contact, making all your invoices, bills, quotes and purchase orders for that contact default to that currency.

Answer 30

Yes

Question 31

All foreign currency transactions are converted into your local currency when?

Answer 31

in real time.

Question 32

Why do Currency movements display on your transactions and in reports in Xero?

Answer 32

so you can always see how changes affect your company’s cashflow.

Question 33

If you choose a different currency to work in what happens to your reports?

Answer 33

your reports will automatically be revalued using the latest currency conversions and exchange rates.

Question 34

To add a foreign currency you would complete the following:

Answer 34

> Settings > Currencies >Click Add Currency

> Select a currency >Click Add Currency.

Question 35

What are the two approaches to recording inventory?

Answer 35

Perpetual system – a computerised system that allows real-time tracking of inventories.

Periodic system – a system whereby the stock is manually counted before the cost of sales can be calculated.

Question 36

What is a perpetual system for inventory?

Answer 36

Perpetual system – a computerised system that allows real-time tracking of inventories.

Question 37

what is a Periodic inventory system

Answer 37

a system whereby the stock is manually counted before the cost of sales can be calculated.