Navigating Xero - Tips From Your Whakatane Accountant

In this video, I’m going to walk you through how to send a remittance advice to your suppliers, which is especially useful for those who may not always ask for it or need clarification on payments. I’ll demonstrate how to batch payments for a supplier,…

In this video, I walk you through navigating Xero, focusing on the reports section. I demonstrate how to access various reports, including your annual accounts and GST returns, and highlight the importance of clicking on blue figures to view detailed transactions. I also explain how…

In this video, I dive into understanding your balance sheet, starting with the published version from your accountant. I highlight the importance of distinguishing between assets and liabilities, particularly focusing on the shareholder’s current account, which can indicate if you owe the company money rather…

In this video, I’m diving into the topic of drawings in your Xero account, which refers to the money you take out that isn’t taxed, unlike your wages. I want you to check your balance sheet to ensure you understand what has been classified as…

In this video, I discuss why there’s a discrepancy between the profit reported on Bob’s Profit and Loss statement, which is $21,000, and the actual amount in his bank account, which is only $17,000. I highlight key factors such as Bob’s drawings of $13,500 and…

In this video, I walk you through understanding your assets, specifically focusing on the depreciation schedule from the report your accountant provided. We look at Bob’s demo accounts, where we see that his new car, purchased for $30,000, is recorded at $26,087 due to GST…