hey it's patti scharf CPA and co-founder of catching clouds the leader in
e-commerce accounting today we're going to talk about zero
apparently this week Intuit just raise their prices on everybody again for
QuickBooks Online and the boards were just on fire all week long with people
saying you know maybe I need to give zero a second look so I want to give you
my 5 coolest Xero tips and without further ado let's get started number 5
is depreciation so let's take a look in here they have a fixed assets module in
here when you click in there you can add any of your assets so anything that is
more than roughly $2,500 you really need to capitalize blah blah
blah I'm not going to go over that in this video but I will show you I put in
this fake transaction here where we bought a computer for $2,500 on January
1st and what I want to show you you can go through you can pick declining
balance or blah blah blah whatever you want to actual days are full month
whatever when you register it this is the part that I think is super cool
it is now May no depreciation has been run we put it in place January 1st if
you click on run depreciation and say you know what I want to run that all the
way through May and say confirm it we'll go ahead and create transactions in your
income statement for every single month for depreciation without you having to
use any kind of brain damage at all so if you look here at depreciation see it
posted it for you my fourth coolest tip is Bank rules so
if you go over here to back to the dashboard and you've got some items to
reconcile if you want to see a video on on reconciling items check out my other
video on that here but you just go in to reconcile them and let's say you buy
from Wilson online periodicals all the time you can create a spend money rule
where any time Wilson online periodicals comes up you can have
it automatically go to a particular person say hey this is for some cool
book I don't know what they've got in here let's put it to office expenses
that's fine I usually put a note down here that that says what it's for and
when you save a bankroll what happens is anytime these parameters are set and it
shows up to be reconciled it will automatically create the transaction for
you see everything's all cool in here and everything and you just say ok and
it automatically creates the transaction for you it's really quick and easy
my third cool tip is cache coding so you've got all these transactions you
need to get them in there fast they're actually pretty similar so let's sort
this by payee and you just select all these and you say this is for parking
and you can code it to parking or travel or whatever they have in here give it a
tax rate which is zero and you can record all three transactions at the
same time you just click Save and reconcile and boom all those three are
done it's super quick and fast especially when you have let's say a
hundred transactions two very similar places do them all at once boom done my
second coolest tip is find and recode so let's take a look at your income
statement let's say you've got some stuff that's an automobile that really
should be in travel you can go to your adviser tab go to this cool thing called
find and recode you put in the parameters of what you want to do so
we're gonna say any account that is what did I say autumn automobile we actually
want to move that to travel so it pops up with any of the transactions that are
related to automobile you can click all of them and you can
either recode the source transactions which changes each one of these
individually or you can recoat it with a a journal entry I usually just do the
source code changes change the code to
travel you can even add in a region if you care about that and boom they're all
changed now it may not be a big deal if you have three transactions but if you
have three thousand transactions let me tell you it will save your life so that
brings us to our number one cool trick I love this this is my favorite trick of
all time even seasoned professionals a lot of them don't know about this so I'm
going to go to this little handy dandy download that I got from my bank sort of
I played with it a little bit but you can give it an account code we'll just
call it code and you can give it a tax type and then I'm going to take the CSV
file actually I'm going to download it as a CSV file and I'm going to import
that into Xero okay so I'm going to take this CSV file I'm going to come back to
this checking account which has nothing to be reconciled in here
if you come take a look you'll see the latest transaction is May 7th this is
from another video on clearing accounts that you might want to check out and
we're going to import the CSV file when I import the statement it's going to ask
me where I want things to go I'm going to fill that all out I'm going to have
the account goat I'm going to have the code go to account code the tax type go
to tax type all the rest go the way you would think you can look over here and
make sure that it's all going to come in the way you expect it to and it does so
I'm going to hit save and then watch what happens
all 11 transactions have been entered into Xero and reconcile
so if you have a spreadsheet with all your different if you have a spreadsheet
full of transactions and you just want to go through and code it all in your
spreadsheet and then download it and import it into here it's all done check
it out take a look at the account transactions
and see all those transactions that I just imported pretty cool huh
I hope you liked this video if you did please like it comment share and if you
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