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How much have I spent with a Supplier - Xero Tips and Tricks - Transcript

Hi, my name’s Don, welcome to the Business Boost Centre Xero Tips and Tricks.

In today’s video we’ll be looking at a report, and the question that’s been asked is "how much have I spent with a particular supplier".  You may need this for any number of reasons.

Let’s go into Xero and see how we can get this report.

Well here we are in the Xero dashboard again, and we’re trying to get a report on what we have spent with a particular supplier.

So the best way to do that is go to REPORTS, go to ALL REPORTS, and you’ll see the report listing.  What we’re looking for is PERFORMANCE REPORTS and we’re looking at EXPENSES BY CONTACT, so this will give us a full list of all expenses by all contacts.

Now at this point we want to FILTER this report to a particular period that we’re looking at.  So it’s May, so let’s say we want the report for this month.  We want a monthly report, although in your circumstances you may want a three monthly or six monthly report as you need.  And for us we’re looking at the last three periods, so the three periods prior to this period we’re at.  So we’ll UPDATE that and get our report.

So what we want to find is a specific supplier, and in this case we’re looking for our cleaning services, we want to see how much we’ve spent on cleaning services.

There is our report for the period that we set.

So at this point you can publish, print, or export your report.  And, as per normal, in Xero you can drill down into any of those transactions.

Ok, so there’s our  report for how much you’ve spent with a supplier for a particular period of time.

Thank you for watching and we’ll see you next time.

Reconciling Credit Card Fees - Xero Tips and Tricks - Transcript

Hi, my name’s Don, welcome to the Business Boost Centre Xero Tips and Tricks.

In today’s video we’re looking at a simple one where we’re reconciling credit card and American Express fees.

If you do take American Express you’ll notice that the sale amount does not necessarily equal the amount that comes in through the  bank feed, and that is because AMEX tends to take its fees up front.

So let’s go to Xero and have a look how we can do that.

Well here we are back in the RECONCILE SCREEN for the main bank account.  What we’re looking for today is credit card fees, specifically American Express.

If you accept American Express in your store and you’re trying to reconcile you’ll find that like in this transaction here the AMEX sale was $396 but it’s come through as $384.24, so there’s an adjustment there.

However, American Express fees include GST so you want to account for that.  What I tend to do is set up a new expense account specifically for card and merchant fees, because they both attract GST, and code them to that.

So let’s go ahead and reconcile this transaction.  I’m assuming the sale has been entered in the system through the POS system, so let’s find and match it and see how we go.

Of course Xero won’t match it because it’s not the exact amount, so let’s look for it, and there we go, a few days earlier there was a POS sale through AMEX for $396, so that is the transaction we’re after.  So let’s select that.

But that’s not going to reconcile.  Why?  Of course, adjustments.

So this you can consider it a bank fee, let’s say it goes to American Express, it’s a fee, as I said earlier, we’re putting it to a card and merchant fee account so we’ll put it there, GST and expenses is already set up, and the difference there is $11.76, and that is reconciled.

How hard was that?

Ok, see you next time.

Reconciling odd amounts in bank feeds - Xero Tips and Tricks - Transcript

Hi, welcome to the Business Boost Centre, Xero Tips and Tricks.

In today’s scenario we’re looking at reconciling an odd amount that’s come through to the bank feed.

The background to this is a transaction that has come through and it’s a negative $200 amount, we can’t really see it anywhere.

We know on that day we had a refund to the customer for $300 and we had a sale amount of $100, so the combined bank feed that’s come through is minus $200, but how do we clear this up?

Well let’s go to the Xero RECONCILE SCREEN and work through this.

Ok, well here we are in the Xero reconcile screen for the main bank account, and the transaction we are looking for is a spent amount of $200, and there it is, and there’s some notes from the client.  And this transaction is a combination of a $300 refund and a $100 sale, it’s come through as $200 spent.  So let’s see how we can reconcile this.

We obviously need to try and find the match because Xero’s not finding the match here.

Ok, so this transaction came through in the bank feed on the 29th, so we expect it’s the 28th of April, and there we go, there’s the refund.  We’ve found the refund of $300 but we haven’t found the deposit.

So what we really need to do is go over here and select this button here, it says ‘SHOW RECEIVED ITEMS’.  If you select that and go back down to the 28th, which is the date we expect that transaction to be, there’s that refund we found earlier, there’s the sale amount of $100, so these two will balance that out and we’re able to reconcile the transaction.

That’s is the reconciling tip for odd amounts where you have a deposit and the refund going through and coming through and appearing in one transaction.