Xero Flashcards
How do you access the Demo Company in Xero after clicking My Xero in the to left hand of the screen?
Click on the ‘Try Demo Company’ option.
Other than New Zealand, Australia and the United Kingdom, where else does Xero have offices?
United States.
Who was Xero founded by?
Rod Drury.
Where was Xero founded?
In Wellington
Where are Xero’s Global Headquarters?
Wellington
Where is all financial data in Xero stored?
In the Cloud.
For Xero where is all of the data stored in the Cloud?
In a single ledger.
Other than bank accounts, accounts watchlist, and money coming in, what else is found on the Xero Dashboard?
Money going out.
Other than bank accounts, accounts watchlist, and money going out, what else is found on the Xero Dashboard?
Money Coming In
Other than bank accounts, money coming in and money going out, what else is found on the Xero Dashboard?
Accounts watchlist.
Are bank accounts found on the Xero Dashboard?
Yes.
What is the purpose of bank reconciliations?
To ensure a company’s records and the bank records, are correct.
How can you speed things up in Xero?
By using bank rules
What is the benefit of bank rules in Xero?
To speed things up.
How do you apply a partial payment to an invoice in Xero?
By using the Split link.
What is the first step in setting up bank accounts in Xero?
Create all the bank accounts, credit cards, petty cash accounts, pay pal accounts etc.
Other than bank accounts, credit cards and petty cash accounts, what else are considered bank accounts in zero?
Pay pal accounts
Other than bank accounts, credit cards and Pay Pal accounts, what else are considered bank accounts in zero?
Petty Cash Accounts
How can you set up accounts in Xero using the Settings tab?
Go to the Settings tab, go to chart of accounts, and select ‘Add bank accounts’.
How can you set up accounts in Xero using the Accounts tab?
Go to the Accounts tab, go to bank accounts and select Add Bank Accounts
When adding bank accounts in Xero, what can you do to get bank statements automatically sent to Xero?
Select ‘Get Bank Feeds’ if your bank allows them.
Is use of bank feeds, voluntary of compulsory in Xero?
Voluntary
Why does Xero suggest that use of bank feeds is preferable?
It provides a more cohesive user experience in Xero.
To get bank feeds, if Xero has a direct relationship with your bank, what should you do?
Fill out the relevant bank forms to authorise the bank to send data.
If Xero doesn’t have a direct relationship with your bank, how may you be able to get bank feeds?
By using a third party through Yodlee.
Are bank feeds usually retrospective?
No
How long do bank feeds usually take to activate?
10 days
To import transactions into Xero for periods prior to your bank feeds commencing, what do you need to do?
Import transactions manually by downloading bank statements from your bank’s online bank account through internet banking.
Other than OFX and QIR what other format is available for downloading online bank statements for importing into Xero?
CIV
Which is the most preferable format for importing bank statements into Xero?
OFX
Why is OFX the most preferable format for importing bank statements into Xero?
Because it recognises duplicates.
If OFX is not available, which is the next most preferable format for importing bank statements into Xero?
QIR
What is the maximum number of lines you should export from online bank statements into Xero using OFX?
1,000
What happens if more than 1,000 lines are exported from online bank statements into Xero using OFX?
The import into Xero may fail.
Where should OFX files be downloaded to?
To your computer.
Other than not opening on your computer, what else is it best not to do to OFX files?
Edit them
Other than editing OFX files, what else is it best not to do to OFX files?
Open them on your computer.
What is the first step to import OFX files into Xero?
Select Manage account for the bank account you want to import the OFX file into
After selecting the accounting and importing the OFX file into Xero, what can you next do?
Reconcile the bank statement with the bank account in Xero.
If you have any difficulties with importing OFX files, where should you check.
The Xero Help Centre.
For CSV files to be successfully imported into Xero, what column must there be besides the Date Column?
Amount Column
For CSV files to be successfully imported into Xero, what column must there be besides the Amount Column?
Date Column
How should spent items be shown in CSV files for import into Xero?
As negatives
For CSV files to be imported into Xero, what should be done to empty columns between columns with data?
They should be deleted.
How should you import CSV files into Xero?
Select Manage Account, select the account you want then import into Xero.
After selecting the account, what should you do next for files to be imported into Xero using the CSV file format?
Map the statement date from your file to the field that Xero displays.
After mapping the statement date for CSV files imported into Xero, what should you do?
Check whether other fields have been automatically matched.
For CSV fields for bank statements imported into Xero, that are automatically matched, what should be done?
The fields should be checked for correctness.
For CSV fields for bank statements imported into Xero, that have not been mapped, what should you do?
Map these fields.
Other than checking the Xero Help Centre what else can you do if you are experiencing difficulties importing CSV files into Xero?
Review the Xero Video on troubleshooting CSV bank statements.
Other than reviewing the Xero Video on troubleshooting CSV bank statements, what else can you do if you are experiencing difficulties importing CSV files into Xero?
Check the Xero Help Centre
If you make multiple imports of bank statements into Xero and get the same line imported twice, what can you do other than deleting the imported bank statement?
Delete the imported duplicate lines
In Xero, where does pressing the bank reconciliation page button from the dashboard or tax reconciliation page take you?
To a page with proposed matches in green and other items for reconciliation.
In Xero, what does pressing the OK button next to a green transaction forming part of a tax rec, result in?
The transaction in green besides the OK button disappearing.
What does the Match link do in the Xero Bank Rec?
Takes you to a screen where you can search for possible links.
What link do you use where the bank statement shows a link but there is no corresponding entry in the Xero bank account.
Create
In Xero while doing the bank rec, what link do you click if you wish to transfer funds to a different bank account?
Transfer
What link do you click in the Xero tax rec when you want to leave comments or raise points to discuss?
Discuss
What can you do with the bank statement tab showing statement transactions in Xero?
Delete an entire statement or single line if it as imported in error.
What should you do to correct a transaction in the Account Transactions Tab?
Locate the transaction, tick and click remove and re-do.
What does tick and click remove and re-do do when applied to transactions in the Account Transactions tab in Xero?
This removes the transaction created when you provided a payee name and chart of accounts code at the time you reconciled it. The associated bank statement line still remains.
When matching transactions, what will Xero match on first?
Invoice payments and/or reference – this will be shown in green.
What does Xero match on second?
Bank Rules -If a match is found, the right-hand side of the transaction in the Reconcile screen will show a link that will take you to the rule definition. If necessary, users have the option of not applying the rule; click on the Don’t Apply Rule link.
What does Xero match on third?
Auto suggestion - ie if Payee name has been used before, Xero suggests the same account code that was previously used. If a match is found, the right-hand side of the transaction in the Reconcile screen will display the suggested details (Example of matching on auto – suggestion.
How do you do first to change what is displayed on the dashboard in Xero?
Scroll to the bottom of the Dashboard and click on ’Edit Dashboard’.
After clicking on the ’Edit Dashboard’, what do you do to change the order of items on the Dashboard?
Move, hide or show each of the items on the screen. When you have finished moving the items to where you prefer, you will need to click on “Save Changes” at the bottom of the screen.
How do you change the order that the Bank Accounts display on the Dashboard?
Go to the Accounts tab – bank accounts – then use the up and down arrow keys to change the order of items on the page. Note you can also make bank accounts not display on this page.
Which of these 3 options is the correct matching order for bank reconciliations in Xero?
The first option
