How to Setup a Xero File for a Small Business | How to Use Xero
If you’re setting up a new Xero file for your business, there are some key things you need to get right. In this video, I go through the start to finish of setting up Xero for a small business.
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📖 Chapters
0:00 Intro
0:17 Basic Xero Settings
2:51 Chart of Accounts Initial Setup
4:57 Conversion Date & Conversion Balances
6:03 Dashboard
6:38 Setting up a Bank Account
8:11 Chart of Accounts
9:52 Cash Expenses
12:15 Profit & Loss
13:00 Summary
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Ethan 'Rooshock' (Rucioch) is an Australian business owner in his mid 20's. He is the owner and director of Rooshock Accounting, an accounting firm. He is also the creator of an NFT project, Rooshocks. In his spare time, he enjoys travelling as well as watching countless hours of sport. On this channel you will find a range of different content, including personal finance, business advice, tax tips, crypto tax tips, NFT discussions and even some social media marketing content.
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Disclaimer
The information in this video and on this KZread channel is for entertainment and general information purposes only. It should not be taken as constituting professional advice. You should not rely on it as financial advice. There are always risks in any financial decision and all decisions should be made on an individual basis. You should conduct your own research and seek independent professional advice where needed. Some of the links in this video or video description may be affiliate links. Ethan Rucioch, Rooshock Enterprises Pty Ltd, Rooshocks NFT Pty Ltd or any other related party may receive a commission through these.
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#xero #xerosetup #cloudaccounting
Пікірлер: 11
If you need help with your Xero setup, just let me know and I will be happy to have a chat!
Go for it buddy.
@EthanRooshock
Жыл бұрын
Thanks!
I have been loving this series! Are you able to run us through tax as a sole trader (side hustle which is eBay) through MyGov and how to file it yourself. Also if eBay fees, shipping (the buyer pays) could be a deductible. Thanks :)
@EthanRooshock
Жыл бұрын
Glad you've been loving the series. I'll definitely touch on some deduction areas in future videos.
Ethan what are the advantages of Zero? I do bookkeeping part time & have clients that use QB (hate it) & in the past have used MYOB & more integrated systems. I haven't used Zero so would like to know why you choose that one. Thanks
@EthanRooshock
Жыл бұрын
I personally find Xero the easiest to use while also have a great range of features. Therefore I can use it to do bookkeeping or year end reports, plus a small business client can use it to do their invoicing etc.
Great video Ethan. Is there an easier way if I wanted to duplicate an existing Xero file being used by another Xero subscriber (I am buying their business through a new legal entity). That way I could get their history and set-up then just replace bank account/make opening adjustment entries on acquisition date.
@EthanRooshock
Жыл бұрын
Thanks! I don't believe you can duplicate a whole file, I think that goes agains the Xero T & Cs. You could export the chart of accounts and import that. I do also believe you can export contacts but you obviously wouldn't have sales history etc.
I’m in the process of changing our business from sole trader to a trust. Is there a way to change it over or do I need to set up new Xero account with our new business abn from scratch?
@EthanRooshock
4 ай бұрын
New entity = new Xero file is normally the advice