sblive Xero Guide

This area allows you to tailor your income, expense and balance sheet accounts to match how your business operates and what you want to report on.

1. Xero has default codes to identify and differentiate between account types. Both this and the account name can be searched when entering an expense. 2. The type of account dictates where it will appear in your reports. Revenue, Direct costs and overheads appear in your profit and loss, whilst other account types appear in your balance sheet. 3. The tax rate is the default VAT code that will appear when allocating a transaction to that account. This should be edited to make entering transactions faster. These can be changed in bulk by ticking the account codes and selecting “Change Tax Rate”. 4. The YTD balance is the value in this account based on the reporting date you have selected in your financial settings. 5. Accounts that are not used can be archived to tidy up the chart of accounts. Archived accounts can be found here. Accounts that have never been used can be deleted permanently and not recovered.

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