Pre-existing expense categories/descriptions don't map 1:1 with IRS definitions, so I'm having to go back to all my receipts to make sure expenses are entered in proper accounts because I didn't realize this when I switched Uses standard importer recognized by the financial institutions instead of just trying to log in remotely (and triggering fraud alerts)Ĭan match multiple invoices to a single deposit transaction imported from bank Links to financial institutions to get transactions Professional double entry software at a very affordable priceĪccommodates both cash and accrual accounting I should probably find an accountant to assist me with this, but I haven't found an accountant who understands both craft businesses and Xero. This will be more valuable as my company grows. I like being able to match multiple invoices to bank deposits because I usually don't run to the bank for each check. I've had a much better experience importing data from financial institutions because Xero uses a well-known importing service that is trusted by the institutions. (I should have checked this more closely when I set up my accounts because it's a New Zealand company, and the previous product was local.) This means I will need to double-check all my transactions for 2018 and the IRS has my vastly overestimated tax payment until I can do that and file my return on an extension. Comments: It's been easier to use Xero than I expected, but I had a nasty surprise at tax time when I realized the default accounts/descriptions for expenses did not correlate 1:1 to IRS categories.
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