Here are 4 quick Xero tips that you may not already know.
- Xero overpayments. Not sure how to process overpayments from Customers or overpayments made to Suppliers? From the find & match screen, click create new transaction and select spend money (supplier overpayment) or receive money (customer overpayment). Change the ‘received as’ or ‘spent as’ drop down box to overpayment, complete the necessary fields and save the transaction.
- Xero contra’s. If you have a customer who is also a supplier you can process a contra to match the sales and purchase invoices to the receipt/payment as follows. Whilst on the find and match screen there is a tick box on the right hand side to ‘Show Received/Paid Items’. If you select this you can then match both the sales invoice and outstanding invoice to the amount received. An alternative option if you are not using bank feeds is to create a contra account from within the chart of accounts (making sure you select enable payments to this account in the options), and then process a payment and receipt through this account from the payments area on the appropriate invoices.
- Default sales items. Do you find yourself entering the same details on invoice’s for services provided? If so then you can create inventory items from the setting menu. Simply create a new inventory item, adding a code, description and sales account. Then when creating an invoice you can select this item from the item column and it will populate the line for you.
- Cash coding. If you have a lot of transactions on your bank an alternative to using bank rules is to use the cash coding tab. It works like a spreadsheet, so you can sort columns by date, value, payee etc. You can then group transactions together using the shortcut keys to post similar transactions together.
If you have any tips that you would like to share or know a short cut that will help other Xero users save some time then let everyone know below.