1240 days ago

Top Tip - Xero's Best Feature - A Best Kept Secret

Kim from Epiphany Accounting Solutions

It is a mystery to me why this feature is not used more often. I have yet to see a new client transfer across to Epiphany Accounting Solutions either as a bookkeeping client or an accounting client with this feature previously used.

GST Reconciliation - In your Xero you will find the tab GST Reconciliation. Here you can enter the amounts you have filed GST for sales and purchases with IRD. It shows you what has been paid, journals that have impacted GST, what GST is held in debtors and creditors and finally how much is owing in GST. You can then use this to reconcile with your GST balance sheet account.

The only reason I can think of as to why this feature is not used is that it has a flaw - in that it is not intuitive. Once you have entered your GST return information and saved, happy with your return. Next return time when you click on GST Reconciliation the information has disappeared. I can only imagine the number of people who give up on this feature at this point. But there is a trick!

Save your GST Reconciliation as published. When you are ready to do your next return go to Reports - Published. Click open your last return and at the bottom left hand side select copy and edit. Extend the date range to include your next return date and update.

Once you have completed your latest GST reconciliation, remember to SAVE as published. So easy. I hope this tip helps you manage your Xero Small Business GST with ease.

Of course if you need any assistance please reach out to me at info@epiphanyaccountingsolutions.co.nz and I am very happy to help you.

More messages from your neighbours
4 days ago

Poll: When should the tree go up? 🎄

The Team from Neighbourly.co.nz

From what we've heard, some Christmas trees are already being assembled and decorated.

What are your thoughts on the best time to get your Christmas tree up?

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When should the tree go up? 🎄
  • 4.8% Second half of November
    4.8% Complete
  • 44% 1st December
    44% Complete
  • 17% A week before Christmas
    17% Complete
  • 33% Whenever you wish
    33% Complete
  • 1.2% Other - I'll share below
    1.2% Complete
2029 votes
9 hours ago

Poll: Should all neighbours have to contribute to improvements?

The Team from Neighbourly.co.nz

An Auckland court has ruled a woman doesn’t have to contribute towards the cost of fixing a driveway she shares with 10 neighbours.

When thinking about fences, driveways or tree felling, for example, do you think all neighbours should have to pay if the improvements directly benefit them?

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Should all neighbours have to contribute to improvements?
  • 82.1% Yes
    82.1% Complete
  • 15% No
    15% Complete
  • 2.9% Other - I'll share below
    2.9% Complete
487 votes
18 hours ago

Neighbourhood Challenge: Who Can Crack This One?

Riddler from The Neighbourly Riddler

This belongs to you, but everyone else uses it.

Do you think you know the answer to our daily riddle? Don't spoil it for your neighbours! Simply 'Like' this post and we'll post the answer in the comments below at 2pm.

Want to stop seeing riddles in your newsfeed?
Head here and hover on the Following button on the top right of the page (and it will show Unfollow) and then click it. If it is giving you the option to Follow, then you've successfully unfollowed the Riddles page.

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