5 Coolest Xero Tips | Ecommerce Accounting | Catching Clouds

5 Coolest Xero Tips

My online accounting groups have been on fire this week talking about the latest price increase for QuickBooks Online. As a result, a bunch of accountants have been talking about taking a second look at how to use Xero.

This video gives you 5 of my top Xero tips: Xero Find and Recode, Bank Rules, and… three more of my favorite accounting tips and tricks.

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https://www.youtube.com/watch?v=qbb9qh649e4&feature=youtu.be

Comments

Patti, I think you just saved me hundreds of hours. Where would you like me to mail the check? Importing a categorized statement!? Automated fixed asset depreciation!? I had no idea…

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I KNOW, RIGHT?!! When I hear people complain about the reporting in Xero, I’m just like… man, I can live with not-as-great reporting if my day-to-day work life is amazingly simple and easy. And you’re welcome. Our office address is: 17011 Lincoln Ave 619, Parker, CO 80134. πŸ˜‰

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So true. Great, the checks in the mail ;P

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Luke Frye, CPA – LOL.

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Thanks for watching! Did you find a new trick you didn’t know about? Tell me about it!

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That was awesome, especially tip 5 since I do use spreedsheets often. Thanks Patti!

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The CSV file import with categorization is a super cool trick. This is assuming none of the expenses has been previously entered correct? this is just coding from bank feed.

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Loretta Man Right. This is assuming you’re staying with a clean slate.

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*starting πŸ˜‰

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Depreciation is not need for an asset that low in cost anymore.

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I believe the standard threshold for capitalizing an asset (i.e., depreciating it over time) is $2,500.

Even if you purchase something that’s greater than $2,500, you may be able to accelerate the depreciation (i.e., take the expense faster). When you get to this point, you should probably be talking to a tax CPA about your options and tax strategy.

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I forgot about the cash coding.

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That’s a biggie. πŸ™‚

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Great Help! thank you!

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You’re welcome!

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I want to be a partner of Xero accounting , can you help me ?

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Not really. I don’t work for Xero. πŸ™‚ I would just reach out to them at Xero.com

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I used tip #1 and my import was awesome except they did not import as reconciled?

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Hmmm…. did each line have a tax code? That’s the most common issue I see.

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@Catching Clouds Academy I put an account code on each line, but did not use a tax type

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Nicely explained

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Thank you!

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Hello patti new subscriber here😊 I’m glad I found your channel . Pls upload more videos about e-commerce bookepping using xero . Thank you πŸ™

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Thanks for subbing!

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